Nevada

SLIB Negotiates Sale of 131-Unit Mountain Lakes Estates in Reno, Nevada

by Jeff Shaw June 1, 2023

RENO, NEV. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mountain Lakes Estates, a 131-unit independent living community in Reno. The property was built in 2020 and totals 120,316 square feet on approximately 5.2 acres of land. The seller was a regional owner-operator located in the West. The buyer was a private equity company based in New York that specializes in active adult and independent living communities. The price was not disclosed. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of SLIB handled the transaction.

June 1, 2023

Leasing Activity Nevada Retail Western

Three New Tenants Sign Leases at Lake Mead Crossing in Henderson, Nevada

by Jeff Shaw May 30, 2023

HENDERSON, NEV. — Three tenants have signed leases at Lake Mead Crossing, a retail center located in Henderson, a suburb of Las Vegas. Starbucks Coffee, Sprouts Farmers Market and Chick-fil-A will join the lineup at the property, which Target anchors. Other tenants at the center include Marshalls, Ulta Beauty, PetSmart, Ross Dress for Less, Hibbett Sports and Big Lots.

May 30, 2023

Acquisitions Industrial Nevada Western

Next Century Rebar Buys Las Vegas Warehouse for $3.7M

by Jeff Shaw May 22, 2023

LAS VEGAS — Next Century Rebar LLC has acquired a 19,512-squre-foot industrial warehouse in Las Vegas for $3.7 million. The facility is located at 3020 S. Valley View Blvd. within the West Central submarket. The two-story building features 18-foot clear heights, concrete tilt-up construction, four drive-in doors and Valley View frontage. CBRE’s Tyler Ecklund represented the seller, MSC Valley LLC, in the transaction.

May 22, 2023

Acquisitions Multifamily Nevada Western

Davlyn Investments Acquires Spectrum Apartments in Las Vegas for $67M

by Jeff Shaw May 19, 2023

LAS VEGAS — San Diego-based owner-operator Davlyn Investments has closed on the $67 million purchase of Spectrum, a 252-unit apartment community in the Curve neighborhood of Las Vegas. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the undisclosed seller. Mitch Clarfield and Meghan Varga of Newmark arranged acquisition financing. Spectrum was built in 2010 and offers one- and two-bedroom floor plans. Davlyn Investments has rebranded the property as The Michael B Townhomes and Flats.

May 19, 2023

Development Industrial Nevada Western

Rockefeller Group Buys Development Site in Las Vegas for 145,630 SF Cheyenne Industrial Park

by Jeff Shaw May 19, 2023

LAS VEGAS — The Rockefeller Group has acquired seven acres of land in Las Vegas to develop two speculative industrial buildings totaling 145,630 square feet. R A Plaza LLC sold the land for $8.5 million. The project, Cheyenne Industrial Park, will be located at 3102 N. Lamb Blvd. and is fully entitled. Rockefeller plans to begin construction by the end of year. Rockefeller recently started construction on its first development in the region, Nellis Logistics Center, a 134,100-square-foot speculative distribution facility, at the southwest corner of North Nellis Boulevard and East Carey Avenue in Clark County.

May 19, 2023

Acquisitions California Industrial Nevada Oregon Western

BKM Buys 10 Industrial Properties in Western States for $280M

by Jeff Shaw May 18, 2023

LAS VEGAS; LOS ANGELES; AND PORTLAND, ORE. — BKM Capital Partners has purchased 10 properties in four recent transactions valued at more than $280 million. The deals involve more than 1.1 million square feet of light industrial space across 35 buildings in Las Vegas, Los Angeles and Portland. The bulk of the activity occurred in Las Vegas, where BKM significantly expanded its holdings through two off-market transactions involving eight properties totaling nearly 830,000 square feet. The 22 small-bay industrial buildings consist of 321 units and are located near the Las Vegas Strip and McCarran Airport in Clark County’s Southwest submarket.

May 18, 2023

Acquisitions Multifamily Nevada Western

Berkadia Brokers Sale of 192-Unit Westlook Resort Living in Reno, Nevada

by Jeff Shaw May 17, 2023

RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit, garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, bocce and cornhole courts, pool and dog park.

May 17, 2023

Development Nevada Retail Top Stories Western

Oakland A’s Reach Agreement for $1.5B Ballpark Development Site on Las Vegas Strip

by John Nelson May 16, 2023

LAS VEGAS — The Oakland Athletics have reached an agreement with global casino entertainment company Bally’s Corp. (NYSE: BALY) and Gaming & Leisure Properties Inc. (GLPI) for a nine-acre development site on the 35-acre Tropicana Las Vegas campus. The A’s hope to develop a 30,000-seat ballpark at the site, which is situated along the Las Vegas Strip on Las Vegas Boulevard and Tropicana Avenue. “We are excited about the potential to bring Major League Baseball to this iconic location,” says Dave Kaval, president of the Oakland A’s. “We are thrilled to work alongside Bally’s and GLPI and look forward to finalizing plans to bring the Athletics to Southern Nevada.” Yahoo! Sports is reporting that the baseball club is requesting $395 million in public funds to go toward the estimated $1.5 billion project. The deal is subject to approval by the Nevada Legislature, which could meet to approve funds as early as this week. The project is also dependent on Major League Baseball’s approval of the team’s relocation from Oakland, Calif. Bally’s acquired the building and operations of the Tropicana Las Vegas from GLPI in September 2022 as part of a $148 million transaction. As part of the deal structure, Bally’s entered …

May 16, 2023

Market Reports Multifamily Nevada Western Western Market Reports

Reno Multifamily Market Soars to New Heights in Past Decade

by Jeff Shaw May 12, 2023

— By Aiman Noursoultanova, Senior Vice President, CBRE — Reno has become an increasingly attractive market over the past decade for multifamily investors due to its continued strong performance, fueled by a desirable business and regulatory climate. Rents have doubled since 2013, while vacancy has continued to remain healthy despite robust construction activity. Multifamily investors took notice once noteworthy companies like Apple, Google, Microsoft and Tesla began to increase their investments in the region. Strong Population, Job Growth Fuel Investment Reno’s population grew by 15.3 percent in the past decade. The area is projected to see 51.6 percent population growth by 2060, the 40th highest of all 384 U.S. metro areas, according to Washington D.C.-based economic and demographic data firm Woods & Poole Economics. As a testament to the area’s growth, the Reno-Tahoe International Airport recently announced a $500 million development and expansion project to accommodate airport traffic. The area’s rise in population is attributed primarily to job growth and a desirable quality of life. This started with Tesla’s initial Gigafactory investment in the region, then continued with Apple’s 1.1-million-square-foot data center campus. Google also purchased 1,210 acres and plans for a future data center development. Meanwhile, Tesla announced a $3.6 …

May 12, 2023

Leasing Activity Nevada Office Western

Deloitte Leases 14,000 SF Space at UnCommons in Las Vegas

by Jeff Shaw May 9, 2023

LAS VEGAS — Deloitte has leased a 14,000-square-foot office space in Phase II of UnCommons in Las Vegas. The firm’s space will be on the third floor of the development’s fourth office building, which will be completed this summer. Deloitte will take occupancy in late 2023. Matter Real Estate Group owns the building.

May 9, 2023

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