Nevada

Emerald-Island-Rainbow-Club-Casino-Henderson-NV

LOGIC Commercial Real Estate Brokers Sale of Emerald Island, Rainbow Club Casino in Henderson, Nevada

by Amy Works January 16, 2024

HENDERSON, NEV. — LOGIC Commercial Real Estate has arranged the sale of Emerald Island and Rainbow Club Casino in downtown Henderson. An affiliate of ECL Water Street LCC, a Las Vegas-based company with 45 properties in three states, acquired the assets from Tim Brooks for an undisclosed price. The buyer company is led by Ron Winchell and Marc Falcone. Tim Brooks, former owner, will continue overseeing both properties’ day-to-day operations as general manager. Covering approximately 2.7 acres, the portfolio features a combined gaming machine count of approximately 768 and each property holds a Nevada non-restricted gaming license. Vincent Advisory Group of LOGIC represented the seller in the transaction.

January 16, 2024

Market Reports Nevada Western Western Market Reports

Steady Activity Continues in the Las Vegas Market, Despite 2024 Headwinds

by Jeff Shaw January 12, 2024

— By Paul Sweetland, SIOR, Vice Chairman, Colliers Doherty Industrial Group — Throughout 2023 we were often asked if the Las Vegas industrial market had “missed the memo” on the slowdown since other western markets were experiencing a slowdown that we had yet to see. With record under-construction numbers and net absorption numbers being on pace to finish the year with the second highest total of the last five years, Las Vegas didn’t appear to be slowing down. However, there are certain sectors that show initial signs of a pending change. Land Sales: Land sale transactions have seen a 75 percent drop from the prior year. Peak land pricing was $36.00 per land square foot in the summer of 2022, and by the fourth quarter of 2023 it had dropped 25 to 35 percent as demonstrated in the limited closings that occurred. Although lease rates continued to increase, developer underwriting had seen significant changes in exit CAP rates along with debt, equity and construction financing due to an unstable interest rate environment with the Feds continued rate increases at the fastest pace in 40 years. Lower land pricing or significant lease rate increases are going to be necessary for the …

January 12, 2024

Acquisitions Nevada Office Western

Las Vegas Valley Water District Acquires 166,409 SF Office Building in Central Las Vegas

by Amy Works January 8, 2024

LAS VEGAS — Las Vegas Valley Water District (LVVWD) has purchased a vacant office building, located at 330 S. Valley View Blvd. in Las Vegas, from a private seller for $21.2 million. Built in 1983 on 10 acres, the two-story building offers 166,409 square feet of office space. The property, as it currently stands, features an atrium, open floor plan with HVAC control systems, controlled access at exterior and major interior doorways, and 870 parking spaces. Additionally, the facility features call-center-quality networking, including redundant fiber optics, Cat6 ethernet cabling and a backup generator servicing the building’s critical systems. LVVWD currently owns 251.5 acres of property directly across the street from the acquisition. The existing portfolio includes administrative buildings, operations support, utility infrastructure, public education buildings and special land preservation area. Marlene Fujita Winkel, Emily Brun and Cody Seager of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the private seller in the transaction.

January 8, 2024

SpringHill-Suites-Las-Vegas-Convention-NV

Acquisitions Hospitality Nevada Western

Apple Hospitality REIT Acquires 299-Room SpringHill Suites by Marriott Las Vegas Convention Center

by Amy Works January 2, 2024

LAS VEGAS — Apple Hospitality REIT has purchased Springhill Suites by Marriott Las Vegas Convention Center, located at 2989 Paradise Road in Las Vegas, for approximately $75 million, or $251,000 per key. The name of the seller was not released. Opened in October 2009, the hotel features 299 rooms, more than 10,000 square feet of flexible indoor and outdoor meeting space, a rooftop pool with views of the Las Vegas Strip, and a seven-story parking garage and surface lot with a combined total of 244 spaces. The surface lot is zoned and master planned for future development of additional hotel rooms. With this acquisition, the Apple Hospitality hotel portfolio includes 225 hotels with 29,900 guest rooms spread across 38 states.

January 2, 2024

Development Mixed-Use Multifamily Nevada Restaurant Retail Western

Agora Realty Receives Financing for 73-Acre Hylo Park Mixed-Use Project in North Las Vegas, Nevada

by Amy Works December 15, 2023

NORTH LAS VEGAS, NEV. — Agora Realty & Management has received an undisclosed amount of financing for the development of Hylo Park, a 73-acre mixed-use project at the corner of Rancho Road and Lake Mead Boulevard in North Las Vegas. Construction is slated to begin in June 2024. The planned development includes entitlements for 1,300 residential units spanning a 37-acre residential component, a grocery-anchored retail center, restaurants and commercial services. The project will also include Champion Square, a sports village and public plaza. The sports-anchored center will serve the community and traveling teams. The center of Hylo Park will be a multi-purpose sports rink and separate field house. The development will anchor a community village featuring public space and an outdoor digital video screen for sports watch parties, as well as other local programming and events. The square will also include shops, restaurants and service-oriented retail in proximity to an extended-stay hotel. The city’s National Hockey League team, the Las Vegas Golden Knights, will provide management and programming for the existing ice arena at the property.

December 15, 2023

Market Reports Nevada Retail Western Western Market Reports

Job Growth, Tourism Create Opportunities for Northern Nevada Retail

by Jeff Shaw December 8, 2023

— By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial Inc. — The Northern Nevada retail sector has made quite a comeback post-pandemic as both the population and job market expand. The retail vacancy rate ended last year at 4.7 percent and increased 20 basis points to a current level of 4.9 percent, while market rent increased from $1.70 to $1.83 on a monthly basis for the same period. South Virginia, Meadowood, South Reno and the North Valleys are all recipients of a thriving market. Tenants that have recently entered the region or are expanding in Northern Nevada include Petco, Panera Bread, Colombia Sportswear, Voodoo Brewing Company, the Human Bean, Starbucks, Cracker Barrel, Mountain Mike Pizza, Take 5 Oil Change, AutoZone and Five Below. Tenants with recent closures include Bed Bath & Beyond, Lucky Brand Jeans, Tuesday Morning, Steak ‘n Shake, Sizzler Steakhouse and Claim Jumper. Unemployment in Nevada increased to 4.4 percent in July 2023 from 3.5 percent in December 2022. Even though there was an increase, this continued low unemployment rate has created a challenging labor market with employers lacking the necessary labor pool to grow. Unfortunately, this shortage has led to some prospective new businesses …

December 8, 2023

Industrial Market Reports Nevada Western Western Market Reports

Tourism to Operations: Reno’s Robust Industrial Market

by Jeff Shaw December 1, 2023

— By Justin Basie President of Real Estate, Mark IV Capital — While the Reno-Sparks Metropolitan Statistical Area (MSA) is best known for its gaming-tourism industry, its location in Northern Nevada also appeals to fans of the outdoors. In addition, Reno’s diversified economy readily attracts Fortune 500 companies that are targeting the area for their manufacturing and distribution efforts. This, in turn, drives the massive growth of Northern Nevada’s industrial sector, generating overwhelming demand for warehouse, logistics and manufacturing space in the region. The following fundamentals have positioned Northern Nevada and the Reno-Sparks MSA as ideal destinations for logistics, manufacturing and other industrial activities: • Population Proximity The MSA is conveniently located within a one-day trip of major West Coast cities like Los Angeles, San Francisco and Portland, Ore. Thanks to an efficient infrastructure network that includes major highways, two railways and the Reno-Tahoe International Airport, companies can reach a vast 80 percent of the Western U.S. population in less than 24 hours. • Business-Friendly Climate Nevada is consistently ranked as a top 10 state for conducting business because of its pro-business regulatory environment, low-cost start-up fees, and streamlined licensing and approval processes. Nevada also offers a favorable tax environment for …

December 1, 2023

Acquisitions Loans Nevada Retail Western

Calmwater Capital Funds $23.2M Acquisition Loan for Decatur 215 Plaza in Las Vegas

by Amy Works November 30, 2023

LAS VEGAS — Calmwater Capital has provided $23.2 million in short-term, first-mortgage debt to a Los Angeles-based private investor for the purchase of Decatur 215 Plaza, a shopping center in northwest Las Vegas. Built in 2013, the 126,678-square-foot property is fully leased to a mix of national and regional tenants including Petco, Hobby Lobby, Ulta Beauty, Sprouts Farmers Market, Sleep Number and Blaze Pizza. Approximately 90 percent of the tenants have occupied the center since 2016. Zachary Novatt, Larry Grantham and DaJuan Bennett of Calmwater originated the loan for the borrower.

November 30, 2023

Development Industrial Nevada Western

Miltson Consulting Receives Approval for Second Phase of Mountain West Industrial Park in Las Vegas

by Amy Works November 30, 2023

LAS VEGAS — Miltson Consulting has received approval from Clark County to proceed with the second phase of Mountain West Industrial Park in southwest Las Vegas. The second phase of the project will add 19.3 acres and 352,000 square feet of industrial space to the overall project. Construction is slated to start in late 2024, with completion scheduled for late 2025. Phase II will offer spaces ranging from 7,150 square feet to more than 110,000 square feet. When complete, Mountain West Industrial Park will feature more than 605,000 square feet of multi-tenant light distribution space on 36 acres. Buildings at the park will offer dock-high and grade-level loading doors, 24-foot to 30-foot clear heights, abundant parking, heavy power and an ESFR sprinkler system. CBRE’s Willmore Industrial and Logistics Team is overseeing the marketing and leasing of the industrial park.

November 30, 2023

Acquisitions Nevada Retail Western

CTO Sells Eastern Commons Shopping Center in Henderson, Nevada for $18.2M

by Amy Works November 28, 2023

HENDERSON, NEV. — CTO Realty Growth has sold Eastern Commons, a 129,600-square-foot shopping center located in Henderson, roughly 15 miles southeast of Las Vegas. An undisclosed buyer acquired the property for $18.2 million. The seller plans to utilize proceeds from the sale for a 1031-exchange transaction.

November 28, 2023

Newer Posts

Older Posts