LAS VEGAS — CommCap Advisors has arranged $7.2 million in refinancing for Spencer Street Industrial in the Las Vegas Airport submarket. The borrower was Spencer Street Investors LLC. The property consists of two single-story multi-tenant warehouse and distribution facilities totaling 162,342 rentable square feet. CommCap Advisors secured the full-term interest-only loan through one of CommCap’s correspondent life insurance companies.
LAS VEGAS AND HENDERSON, NEV. — Colliers has arranged the dual acquisitions of a two-parcel infill logistics portfolio in Henderson and Las Vegas by BKM Capital Partners and an Ares Management Real Estate fund. Michael Kendall, Gian Bruno, Dan Doherty, Paul Sweetland, Jerry Doty, Chris Lane, Brian Riffel and Tyler Jones of Colliers represented the seller, a private institutional investment firm, in the sales. BKM Capital Partners purchased a two-building, 153,368-square-foot property at 6620 Escondido St. in Las Vegas for an undisclosed price. BKM plans to implement a $4.4 million capital improvement program to execute structural and cosmetic improvements to the property, as well as speculative tenant improvements to turn the two large units into nine warehouses ranging in size from 7,000 square feet to 31,000 square feet each. The asset was constructed in 1995. An Ares Management Real Estate fund acquired Airparc Heights, a six-building, Class A business park at 3225-3255 Sunridge Parkway and 1065-1085 Alper Center Drive in Henderson. Ares acquired the park, which will be managed by the Ares Industrial Management team. Spanning 339,214 square feet, the project was delivered in 2022 and gained full occupancy within one month of delivery.
LAS VEGAS — Northmarq has arranged $18 million in refinancing for two-building industrial portfolio, totaling more than 246,000 square feet, in Las Vegas. The portfolio includes an industrial warehouse that was built in 1992 and situated on 7.5 acres along Pilot Road, as well as a property that was built in 2017 on 5.5 acres along East Craig Road. The buildings are occupied by a vitamin and supplements retail and e-commerce store and a fabric/linens supplier. David Blum of Northmarq’s Newport Beach, Calif., Debt + Equity team secured the permanent fixed-rate loan for the undisclosed borrower through a correspondent life company lender. The transaction was structured on a seven-year, interest-only term.
LAS VEGAS — CommCap Advisors has arranged a $23 million bridge loan for the acquisition of Renaissance III, a retail property in Las Vegas, on behalf of an entity doing business as Aspen NV LLC. Situated on 23 acres at 3220-3370 E. Flamingo Road, Renaissance III offers 39 retail units totaling 225,748 square feet. Specific tenants were not released. Provided by Symetra Financial, the loan features a three-year, interest-only term at 8.89 percent. The financing was structured to accommodate the borrower’s plans for property renovations to enhance leasing opportunities.
SPARKS, NEVADA — EQT Exeter has acquired USA Parkway Distribution Center I and II, an industrial park totaling 1.1 million square feet within Tahoe-Reno Industrial Center in Sparks, from an institutional investor for an undisclosed price. Situated on 45.9 acres at 3300 Waltham Way and 201 Ireland Drive, USA Parkway Distribution Center I and II are cross-dock distribution buildings that offer a total of 135 dock-high doors, nine grade-level doors and 120- to 130-foot truck courts with four 60-foot concrete dock aprons. The asset was fully leased to five tenants at the time of sale, including Tesla and The Tire Rack, which occupy 70 percent of the property. Brett Hartzell, Rebecca Perlmutter and Paige Morgan of CBRE National Partners represented the seller in the deal. Erick Bennett, also with CBRE, served as the local market expert.
HENDERSON, NEV. — Prism Multifamily Group has purchased Cascade Apartments, a multifamily property located at 1100 N. Center St. in Henderson. 3D Investments sold the asset for $45.5 million, or $174,330 per unit. Originally constructed in 1982, Cascade Apartments offers 261 one-, two- and three-bedroom apartments, with an average unit size of 949 square feet, spread across the two-story garden-style community. Patrick Sauter, Art Carll-Tangora, Steve Nosrat and Michael Albanese of Avison Young’s Sauter Multifamily Group represented the buyer and seller in the transaction.
NORTH LAS VEGAS, NEV. — NAI Excel has directed the sale of Strongbox Lamb Industrial Center in North Las Vegas. Strongbox Development sold the asset to a national cabinetry manufacturer for $16.5 million. The undisclosed buyer plans to occupy the 89,284-square-foot, Class A warehouse as its primary manufacturing and distribution hub on the West Coast. Situated on 4.5 acres, the property was completed in August 2024. Bryan Houser of NAI Excel represented the seller, while Sean Zaher of CBRE represented the buyer in the transaction.
NORTH LAS VEGAS, NEV. — Agora Realty & Management Inc. has completed the construction of a medical office building within NLV Gateway, a 29-acre master-planned redevelopment of downtown North Las Vegas. Pueblo Medical Imaging Services will occupy 7,500 square feet of the 42,000-square-foot medical office. In total, Agora Realty has invested more than $200 million to support development of NLV Gateway that will add 200,000 square feet of retail and restaurants and 125,000 square feet of office and medical office space, along with public spaces. Construction on the balance of NLV Gateway is scheduled to be completed by 2026.
HENDERSON, NEV. — KemperSports has partnered with the City of Henderson to build and operate West Henderson Fieldhouse, a state-of-the-art athletic and entertainment facility in Henderson, a suburb southeast of Las Vegas. Slated to open in 2026, the public-private development will include capital investment, development oversight and the long-term management of the complex by KemperSports. The 180,000-square-foot facility will feature: West Henderson Fieldhouse is expected to generate $1.5 million in annual tax revenue, $39.1 million in total economic impact annually and $10.7 million in wages and salaries, according to KemperSports.
LAS VEGAS — Denver-based Continental Realty Group, through its subsidiary Continental Realty Assets, has purchased Villa Del Rio Apartments on Nellis Boulevard in Las Vegas for $27 million, or $160,714 per unit. The name of the seller was not released. This marks the buyer’s sixth acquisition in the Las Vegas market since 2015. Built in 1990, Villa Del Rio features 168 apartments in a mix of one-, two- and three-bedroom units in four layouts. Community amenities include a clubhouse/leasing center, swimming pool, fitness center and outdoor lounge and barbecue areas. The previous owner refurbished 38 units, and the buyer plans to spend approximately $2.4 million to complete the renovation of all units, as well as other property improvements.
