RENO, NEV. — Alston Construction has broken ground on TRIC 688 West Building 3, an 815,360-square-foot speculative tilt warehouse/distribution facility in Reno. The project is the first building for Locus Development Group’s planned 200-acre campus. The project will allow for increased economic activity in an underdeveloped area with unused land. Valued at $47 million, construction on Building 3 is scheduled for completion in January 2024.
LAS VEGAS — DXD Capital has completed development of a 991-unit self-storage facility at 7435 West Sahara Ave. in Las Vegas. The company acquired the 1.7-acre parcel in January 2021. The development features two interior loading bays with room for three trucks in a fully climate-controlled building with two freight elevators, in addition to a storefront with moving supplies. Studio Level 1 designed the property, with Arco Murray as the general contractor. Public Storage is the operator.
RENO, NEV. — Reno-based Bajwa Properties has purchased a two-property hospitality portfolio in Reno. Terms of the transaction were not released. The 229-room portfolio includes a 94-key Staybridge Suites and a 135-key Hilton Garden Inn. Located at 10559 Professional Circle, Staybridge Suites features a 24-hour business center, onsite meeting room with flexible space, an outdoor pool and a fitness center. Hilton Garden Inn, at 9920 Double R Blvd., offers an onsite restaurant, business center, fitness center, indoor pool and event space. Bill Murney and Steve Avanzino of Cushman & Wakefield represented the undisclosed seller in the deal.
LAS VEGAS — MCA Realty has completed the sale of Windy Road Warehouses, a four-building industrial park located at 6460-6478 Windy Road in Las Vegas. A private investor acquired the park for $5.9 million, or $309 per square foot. Built in 1988, Windy Road Warehouse features 19,216 square feet of industrial space with immediate access to interstates 215 and 15. Garrett Toft, Kevin Higgins, Sean Zaher, Jake Higgins and Kelsey Higgins of CBRE represented MCA Realty, while Ed Whittemore of Larem represented the buyer in the transaction.
LAS VEGAS — Dornin Investment Group (DIG) has completed the disposition of City Centre Place, an office building located at 400 S. Fourth St. in downtown Las Vegas. California-based Ally Investments acquired the asset for $15.2 million. The six-story City Centre Place features 109,189 square feet of Class A office space. At the time of sale, the property was 36 percent occupied. Onsite amenities include an atrium, attached parking garage, controlled access, monument signage and security. Marc Magliarditi and Travis Landes of CBRE represented the seller in the transaction.
SPARKS, NEVADA — Lewis Apartment Communities, part of the Lewis Group of Cos., has broken ground on Homecoming at Kiley Ranch, an apartment community situated in the master-planned Kiley Ranch community in Sparks. The first building in the development is slated for completion in June 2023. Located at 1234 Sabata Way, Homecoming at Kiley Ranch will feature 306 apartments in a mix of one-, two-, three- and four-bedroom plans starting at 752 square feet. The three-story townhomes will range in size from 1,225 square feet to 1,518 square feet in a mix of two bedrooms and 2.5 baths, three bedrooms with three baths and four bedrooms with three baths. All townhomes offer attached direct access to two- or three-car garages. The apartments feature quartz countertops, a private balcony or patio, full-size washers/dryers, abundant storage, pantries, walk-in closets and designer kitchens with stainless steel appliances. Additionally, electric vehicle chargers can be integrated into private garage spaces. The community will feature a 5,100-square-foot clubhouse with fitness center, parcel lockers, a pool complex, barbecues, firepits, tot lot, indoor dog spa and dog park. The Lewis Apartment Communities portfolio in northern Nevada also includes Latitude 39, Esprit Townhome Apartments, Harvest at Damonte Ranch and …
LAS VEGAS — Evening Entertainment Group (EEG), in partnership with Creation, has unveiled plans for Bottled Blonde. Slated to open in late 2024, the asset will be a $50 million, four-story, 25,000-square-foot, standalone entertainment venue on the Las Vegas Strip. The full-service restaurant, bar and beer garden will feature an open-air rooftop lounge and a hub for sports, entertainment and nightlife. Bottled Blonde will offer craft cocktails, frozen adult beverages, fine wines, premium beers, a mimosa tower, 128-ounce beer tower and bottle service. Additionally, Bottled Blonde Las Vegas will also feature Zuluma, an all-new concept on the third floor.
By Jared Glover, Director of Investment Sales, Berkadia The Las Vegas multifamily market started to feel the effects of higher interest rates alongside persistent inflation as the third quarter ended. Thankfully, properties still experienced trade-outs and overall in-place rent growth, though year-over-year growth began to moderate, coming in near 8 percent. Loss to lease capture remains, although at a slower pace than prior quarters, with average market rent at $1,515. The third quarter also saw a 3 percent decrease in occupancy, setting at 93.6 percent, after experiencing record occupancy throughout 2021. On the transaction front, we have seen a dramatic shift in cap rates. This is a direct result of the Fed’s tightening. Within a six-month span, cap rates widened upwards of 150 basis points — from low to mid-3s to 5 and trending up, depending on product type. The homogenous nature of national cap rates in 2021, with most markets trading in the 3.5 range, seems to have shifted back to historical norms as the primary/coastal markets once again demanded a premium versus secondary or tertiary markes. Both Monterra and the Boulevard traded north of a 5 cap on in-place numbers, speaking to these latest cap rate trends. Just four months ago, a …
By Dean Willmore, Executive Vice President; Kyle Kirchmeier, Associate; Alex Stanisic, Vice President; and Laura Wilhelm, Senior Field Research Analyst, CBRE Las Vegas’ current industrial market is surprisingly resilient. There is, of course, a possibility of planned projects being put on hold or not moving forward at all due to rising inflation and economic uncertainty, but leasing activity hasn’t slowed. Regardless of never-before-seen rent growth, record-low vacancy and a marked increase in asking lease rates every 60 days, the market still may not have peaked. As of the third quarter of 2022, the average asking lease rate was $1.19 per square foot (triple net), and the overall vacancy rate remained at a very low 1 percent. However, industrial/flex space in the 2,000- to 5,000-square-foot range, which is still dealing with the effects of the pandemic, has shown no noticeable rent growth. Some landlords are even offering leasing incentives to attract tenants. If the market contracts in 2023, smaller tenants in this size range will be the first to see its effects. Nearly half of the 17 million square feet under construction during the third quarter was pre-leased, and nearly 80 percent of those projects were in North Las Vegas. The largest lease of the quarter occurred in the submarket, with …
FERNLEY, NEV. — California-based LRE & Cos. has announced plans to develop Fernley Promenade, a 13-acre mixed-use development along Interstate 80 in Fernley. The project will the first shopping center development in Fernley in over a decade. The first confirmed tenant for Fernley Promenade is a 98-room Home2 Suites by Hilton with a swimming pool and fitness center. The development will also feature three junior retail anchors, as well as various dining and shopping options. Retail space, ranging from 1,200 square feet to 20,000 square feet, is currently available for lease. The property can accommodate freestanding buildings with drive-thru, junior anchor and shop space. Shawn Smith and Sean Retzloff of Kidder Mathews will manage leasing for the property.