LAS VEGAS — Northcap Commercial has arranged the off-market sale of La Paloma Apartments, a multifamily building in Las Vegas. The property traded for $2 million, or $117,647 per unit. Built in 1978, La Paloma Apartments features 17 residences. The property is located at 1509 E. Harmon Ave. Jerad Roberts, Devin Lee and Robin Willett of Northcap Commercial handled the transaction. The names of the buyer and seller were not released.
Rockefeller Group to Redevelop Former Walmart Site in North Las Vegas into Craig Road Logistics Center
NORTH LAS VEGAS, NEV. — Rockefeller Group has acquired a former Walmart Supercenter site for the development of Craig Road Logistics Center, an industrial project at the intersection of Craig Road and North Nellis Boulevard in North Las Vegas. Terms of the transaction were not released. Situated on 19 acres, Craig Road Logistics Center will feature two speculative building offering a total of 369,198 square feet of industrial space. The 227,660-square-foot building will feature 36-foot clear heights, 176 auto parking stalls and 29 dock doors. The 141,538-square-foot facility will offer 32-foot clear heights, 219 auto parking stalls and 18 dock doors. Additionally, both buildings will offer a variety of state-of-the-art features to ensure the project is a Class A facility. Lee & Sakahara Architects will design the project, TWC Construction will serve as general contractor and Taney Engineering will serve as civil engineer. Rockefeller Group represented itself in the land purchase. Jason Simon and Rob Lujan of JLL’s Las Vegas office will be listing brokers for the project.
LAS VEGAS — Alston Construction, as general contractor, has started construction of Simmons Airpark, located at 2880 Simmons St. in Las Vegas. Situated on 9 acres, Simmons Airpark will feature a 182,184-square-foot warehouse with 36-foot clear heights, concrete tilt walls and a panelized roof structure. The project team includes Panattoni Development as owner and developer, Lee & Sakahara Architects as architect and Taney Engineering as civil engineer. The $18 million project is slated for completion in June 2024.
HENDERSON, NEV. — Diversified Partners has completed the construction of a single-tenant building at 892 Sunset Road in Henderson. The project team includes Kitrell Jenson Contractors and RKAA Architects. Starbucks Coffee will occupy the 2,573-square-foot standalone building, which features a double drive-thru and 900-square-foot outdoor patio space. The building features the latest Starbucks prototype.
HENDERSON, NEV. — A joint venture between Los Angeles-based Partners Capital Inc. and Las Vegas-based CNR Retail has purchased Green Valley Corporate Center South, an office complex located at 2500 and 2550 Paseo Verde Parkway in Henderson. JMA Ventures and Blue Vista Capital Management sold the asset for $17.2 million, or $188 per square foot. Tyler Ecklund, Marc Magliarditi, Travis Landes, Michael Hsu, Brad Peterson, Darren Lemmon and Justin Witt of CBRE represented the sellers, while Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyers in the transaction. Built in 2000 and 2002, the two-building Green Valley Corporate Center South offers 91,742 square feet of Class A office space and is part of an eight-building office portfolio within the master-planned Green Valley corridor. At the time of sale, Green Valley Corporate Center South was 81.6 percent occupied. Current tenants include GK Properties Real Estate & Management, Thrive Aviation and Village Capital & Investment. The buyer plans to convert the existing single-story office buildings into a lifestyle center with a focus on crafted dining, retail, design, entertainment, health and wellness uses.
NORTH LAS VEGAS, NEV. — MCA Realty has completed the disposition of Northport Business Center, a six-building industrial park in North Las Vegas, to Rising Realty Partners for $23 million. MCA Realty originally acquired the business park in September 2021 and spend approximately $2 million in capital improvements, converting functionally obsolete office space to warehouse space. Located at 3825-2985 Cheyene Ave., Northport Business Center offers 127,132 square feet of industrial space. At the time of sale, the property was fully leased to a variety of tenants. The industrial park was built in 2000. Dan Doherty, Jerry Doty and Chase Pavlov of Colliers represented MCA Realty and the buyer in the transaction. Northport Business Center is the fourth property sold within the MCA Realty Industrial Growth Fund.
LAS VEGAS — Realty Income Corp. has signed a definitive agreement to acquire common and preferred equity interests from Blackstone Real Estate Income Trust Inc. (BREIT) for $950 million. The transaction forms a new joint venture that owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas, a luxury hotel and casino on the Las Vegas Strip. Upon closing, Realty Income will invest approximately $300 million of common equity in the joint venture to acquire a 21.9 percent indirect interest in the property. BREIT will retain a 73.1 indirect interest. The operator of the property, MGM Resorts International (MGM), will retain a 5 percent indirect interest. Realty Income will also acquire a yield-bearing preferred equity interest in the joint venture for $650 million. The transaction is expected to close in the fourth quarter of 2023. The Bellagio features approximately 4,000 guest rooms and suites across two towers, as well as 157,000 square feet of gaming space and 200,000 square feet of meeting and event facilities. The 77-acre campus also includes the Fountains of Bellagio and multiple Michelin Star restaurants. MGM operates The Bellagio on a triple-net lease with approximately 26 years of remaining term. The existing lease …
By Dan Spiegel of Coldwell Banker Commercial As we enter an age where online shopping dominates the retail landscape, a recurring discussion in commercial real estate is what part malls play in this new world, if any part at all. More and more malls are “dying out,” which creates a difficult challenge for property owners as conventional indoor malls are no longer a commodity due to constantly evolving shopping trends. My team and I work with retail property owners and buyers at Coldwell Banker Commercial to address these difficulties and help build a new future for successful mall properties. Thankfully, there are a few key strategies property owners can implement to save their shopping centers from becoming obsolete. One of these strategies includes renovating a mall to create new stores and experiences, repositioning the space as a social destination for recreation. Another involves transforming shopping centers into mixed-use spaces, adding apartments and multifamily units to increase foot traffic and provide people with access to shopping, housing and other essential services. Older Properties, New Market The Reno Public Market in Reno, Nev., is a great case study that demonstrates one of the ways in which property owners can adapt to current …
NORTH LAS VEGAS, NEV. — Panattoni Development has started construction on Simmons Airpark, a Class A industrial facility at 2880 Simmons St. in North Las Vegas. The asset is valued at $18 million. Completion is slated for April 2024. The 182,184-square-foot building will feature 36-foot clear heights, a full concrete truck court and drive aisles, potential for evaporative cooling or full HVAC and the potential for a fully secured truck court. Panattoni Development will own the property.
PHOENIX AND LAS VEGAS — Marcus & Millichap has brokered the sale of six Ultra Clean Express Car Wash net-leased properties located across Phoenix and Las Vegas. The portfolio sold for $41.4 million. Chris Lind, Zack House and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller, a limited liability company. Ryan Sarbinoff served as Marcus & Millichap’s Arizona broker of record and Drank Cameron Glinton served as Marcus & Millichap’s Nevada broker of record. The buyer was not disclosed. Each asset includes a new 20-year, triple-net lease with corporate guarantee and a 10 percent rental increase every five years. Ultra Clean operates under multiple brands, including Ultra Clean, 3 Minute Car Wash, Rinse N Ride, Sparkle and Fast & Friendly.