Nevada

MCA Realty Sells 127,132 SF Northport Business Center in North Las Vegas to Rising Realty Partners

by Amy Works August 30, 2023

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.

August 30, 2023

Acquisitions Hospitality Nevada Top Stories Western

Realty Income Acquires 21.9 Percent Stake in Bellagio Las Vegas from Blackstone for $950M

by Jeff Shaw August 25, 2023

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 …

August 25, 2023

Features Nevada Retail Western Western Feature Archive

Owners Need Creativity, Adaptation and Capital to Keep Malls Alive in 2023

by John Nelson August 25, 2023

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 …

August 25, 2023

Development Industrial Nevada Western

Panattoni Begins Construction of 182,184 SF Simmons Airpark Industrial Building in North Las Vegas

by Amy Works August 22, 2023

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.

August 22, 2023

Acquisitions Arizona Nevada Retail Western

Marcus & Millichap Arranges $41.4M Sale of Six-Property Car Wash Portfolio in Phoenix, Las Vegas

by Amy Works August 16, 2023

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.

August 16, 2023

Acquisitions Industrial Nevada Office Western

Avison Young Brokers $4.7M Sale of Office/Warehouse Building in Henderson, Nevada

by Amy Works August 16, 2023

HENDERSON, NEV. — Avison Young has arranged the sale of an office and warehouse property located at 7440 Commercial Way in Henderson. Diamond Mountain Properties sold the asset to R.E. Michel Co. for $4.7 million. Built in 2001 on 1.2 acres, the 17,776-square-foot property features just under 4,000 square feet of office space, 28-foot clear heights, one dock-level door, one grade-level door and 31 parking stalls. The buyer, a wholesale distributor of HVAC/R equipment, parts and supplies, will occupy the entire building. Joe Leavitt, Chris Lexis and James Griffis of Avison Young represented the seller, while the buyer was self-represented in the deal.

August 16, 2023

Development Mixed-Use Nevada Western

Red Ridge Underway on Mixed-Use Project in Downtown Las Vegas

by Amy Works August 3, 2023

LAS VEGAS — Red Ridge Development is underway on Origin at Symphony Park, a 6-acre mixed-use project located in downtown Las Vegas. The development will feature 100,000 square feet of retail space, a 32-story residential tower, mid-rise apartment building, outdoor promenade and office space upon completion, which is scheduled for 2026. The McGarey Group, a division of the Divaris Group, will manage leasing for the retail space at the project in partnership with Paragon Commercial Group.

August 3, 2023

Acquisitions Hospitality Nevada Utah Western

Braintree Group Buys Three Hotels in Utah, Nevada

by Amy Works August 2, 2023

LEHI, UTAH, AND HENDERSON, NEV. — Boise, Idaho-based Braintree Group has acquired three hotel properties adding a total of 330 rooms to its hospitality portfolio. Resolute Road Hospitality, a national third-party management company, will manage all three assets. The properties are the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point in Lehi and the Hilton Garden Inn Las Vegas/Henderson in Henderson. Opened in 2014, the four-story, 97-room Courtyard by Marriott Lehi at Thanksgiving Point features an indoor swimming pool, hot tub, fitness center, business center and bistro. The four-story, 94-room SpringHill Suites by Marriott Thanksgiving Point, which opened in 2008, offers a complimentary breakfast, indoor pool, hot tub, fitness center, business center, meeting rooms, guest laundry and an outdoor barbecue area. Renovated in 2020, the three-story, 139-key Hilton Garden Inn Las Vegas/Henderson features an outdoor pool, business center, fitness center, meeting rooms and the Garden Grille & Bar.

August 2, 2023

Development Net Lease Nevada Restaurant Retail Western

Bojangles Signs Development Agreement for 20 Restaurants in Las Vegas

by Amy Works August 2, 2023

LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.

August 2, 2023

Development Nevada Office Western

Montane Building Group Begins Renovations at HDR Headquarters in Reno, Nevada

by Jeff Shaw July 31, 2023

RENO, NEV. — Montane Building Group has commenced tenant improvements at the headquarters of HDR, a company owned by NevDex Properties. The project, located at 10615 Professional Circle, Suite 201, will span 3,882 square feet and include a modern office space featuring open work areas, private offices, a conference room, a mothers’ room and a break room. HDR, known for its engineering, architecture, environmental and construction services, employs more than 11,000 people across 200 offices worldwide. The tenant improvement project is scheduled for completion in mid-August.

July 31, 2023

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