Nevada

DG Design + Development Receives $44.8M in Refinancing for Dual-Flagged Hotel in Las Vegas

by Amy Works February 4, 2022

LAS VEGAS — DG Design + Development, a Las Vegas-based hotel developer, has obtained a $44.8 million bridge loan to refinance the recently opened, dual-flagged Hampton Inn and Home2 Suites by Hilton – Las Vegas Convention Center. Dallas-based Hall Structured Finance provided the bridge loan for the borrower. The six-story, 250-room hotel offers both a select-service and extended-stay option, as well as a fitness center; business center; 1,000 square feet of meeting and event space; dining facilities; and an outdoor pool and spa. Jay Miller of BayBridge Real Estate Capital brokered the deal.

February 4, 2022

Acquisitions Industrial Nevada Western

MCA Realty Purchases Two Industrial Properties in Las Vegas for $5.6M

by Amy Works February 4, 2022

LAS VEGAS — Orange County, Calif.-based MCA Realty, through its MCA Realty Industrial Growth Fund, has acquired two industrial assets in Las Vegas for a total of $5.6 million. In the first transaction, MCA Realty purchased Windy Road Warehouse, a seven-building industrial project in Las Vegas, for $3.4 million in an off-market transaction. At the time of sale, the 19,901-square-foot campus was fully occupied. The asset includes seven separate parcels. MCA plans to implement capital upgrades to the property, including a new paint scheme, roofs, and upgraded parking lot and landscaping. The asset is located at 6460, 6466, 6472 and 6478 Windy Road. Kevin Higgins and Sean Zaher of CBRE represented the buyer and undisclosed seller in the deal. In the second transaction, MCA Realty acquired 3.6 acres of land at the northeast corner of Sunset Road and Warbonnet Way in Las Vegas. The firm plans to develop two single-tenant, 40,000-square-foot industrial buildings on the parcel. The two buildings will each feature approximately 1,500 square feet designated for office, 28-foot clear heights and ESFR sprinklers. Dan Doherty, Jerry Doty, Chris Lane and Paul Sweetland with Colliers International represented the buyer and undisclosed seller in the deal.

February 4, 2022

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $9.1M Sale of Pine Vista Apartments in Las Vegas

by Amy Works January 31, 2022

LAS VEGAS — Northcap Commercial has arranged the sale of Pine Vista Apartments, a multifamily community in Las Vegas. Pine Vista Apartments LLC sold the asset to an undisclosed buyer for $9.1 million, or $114,375 per unit. Located at 1536 N. 22nd St. and 1537 N. 23rd St., Pine Vista Apartments features 80 units. The property was built in 1963. Jason Dittenber, Jerad Roberts, Devin Lee and Robin Willet of Northcap Commercial represented the seller in the off-market, all-cash transaction.

January 31, 2022

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada: Where Industrial Real Estate Matters

by Jeff Shaw January 31, 2022

WREB recently sat down with Tom van Betten, vice president of Matter Real Estate Group. The San Diego-baseed real estate development company currently has 2.5 million square feet of industrial projets either in development or owned by Matter. One of those four projects is Matter Logistics @ North 15, a 930,000-square-foot warehouse/distribution project in North Las Vegas that spans two buildings. Below, Van Betten discusses the firm’s attraction to the Las Vegas Valley, where he sees the industry heading and how Matter is able to find developable land in tight markets. WREB: What about the North Las Vegas submarket is attractive to Matter? Van Betten: Right now, Matter is focused on scale and land availability. North Las Vegas is currently where the larger available land parcels are — or were. I say “were” because there is a real shortage of land that has the infrastructure to develop, such as power and water. On the scale size, the tenants moving to Las Vegas continue to grow in size. To accommodate that demand, we are focused on larger sights. WREB: How were you able to acquire more than 42 acres for the new Matter Logistics @ North 15? As you mention, transactions of that size are …

January 31, 2022

Acquisitions Nevada Retail Western

DCG Arranges $34M Acquisition of South Meadows Promenade Shopping Center in Reno

by Amy Works January 24, 2022

RENO, NEV. — DCG has brokered the purchase of South Meadows Promenade, a retail center located on the corner of South Meadows Parkway and Double R Boulevard in Reno. An investor in a 1031 exchange acquired the property for $34 million. The name of the seller was not released. At the time of escrow, the 80,000-square-foot shopping center was 100 percent occupied. Current tenants include Sprouts Farmers Market, Marshalls, Pet Station, The Joint Chiropractic, Chase Bank, Chipotle, Panda Express, Starbucks Coffee, Blaze Pizza, Jersey Mike’s Subs and Sports Clips. Truckee Meadows Construction built the asset in 2017. Tom Fennell, Chris Shanks and Matt DeRicco of DCG represented the buyer in the deal.

January 24, 2022

Market Reports Nevada Retail Western Western Market Reports

Vegas Shows Resilience with Strong Economic Growth in Retail

by Jeff Shaw January 18, 2022

By Jeffrey Mitchell, Principal Broker, Mountain West Commercial Real Estate Las Vegas experienced the second largest unemployment rate at the start of the COVID-19 pandemic in April 2020. Since then, the Las Vegas Metro has come a long way in recovering economically. It continues to see growth, particularly in the retail sector. Some key factors as to why Las Vegas has been on a continued trajectory of growth include the migration of residents, capital from across the country (with California being the primary source) and substantial tourism to the Vegas Strip. This has all fueled the flames for a hot Las Vegas that’s attracting investors, big box tenants and franchises looking to expand with a fury. The migration of California residents has helped increase residential growth by 2.2 percent in Clark County. California residents typically have a higher disposable income, which has flooded the housing market with prices increasing by 20.9 percent. New residents translate to new sales, which have also bolstered the food and beverage and retail markets by creating demand for more retail tenants around them. Ironically, high-end retailers have set records throughout the pandemic with their sales on the Strip. Other business owners have strategically managed PPE from the government or capital …

January 18, 2022

Acquisitions Mixed-Use Nevada Office Restaurant Retail Western

3D Investments Acquires Tivoli Village Mixed-Use Development in Las Vegas for $216M

by Amy Works January 13, 2022

LAS VEGAS — Beverly Hills, Calif.-based 3D Investments has purchased Tivoli Village, an open-air, mixed-use property located at 400 S. Rampart Blvd. in Las Vegas. Property and Building Corp. and IDB Group USA sold the asset for $216 million. Built in 2009 and 2016, Tivoli Village features 669,406 square feet of Class A office, retail and restaurant space across 28 acres. Additionally, the property includes an 8.3-acre development parcel entitled for more than 300 residential units. Marlene Fujita Winkel of Cushman & Wakefield’s Las Vegas office represented the seller in the deal. Dave Alleman of Marquis Aurbach Coffing served as counsel for the seller.

January 13, 2022

Acquisitions Multifamily Nevada Western

Avison Young Negotiates $105.9M Sale of AYA Apartments in Las Vegas

by Amy Works January 13, 2022

LAS VEGAS — Avison Young has arranged the sale of AYA Apartments, a multifamily property in Las Vegas. The community traded for $105.9 million, or $190,126 per unit. The names of the seller and buyer were not released. Built in 1973 and renovated in 2019, AYA Apartments features 557 apartments in a mix of studio, one-, two- and three-bedroom layouts spread across 42 two-story, garden-style buildings. The property was previously an affordable housing community. However, restrictions expired several years ago and the three-year tail period that required keeping tenants in place expired in March 2021. As a result, the units are transitioning to market-rate apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young represented the seller and facilitated the sale of the property.

January 13, 2022

Market Reports Nevada Office Western Western Market Reports

Southern Nevada Suburban Office Market Demand Improves

by Jeff Shaw January 12, 2022

By Wes Drown, Broker Associate, REMAX Commercial The Las Vegas Valley continues to see growth in the demand, velocity, rates and a decline in incentives as Vegas bounces back. This is led by the return of our entertainment industries, which are almost to pre-COVID levels, in addition to the massive demand for housing and commercial construction. All you have to do is take a drive around the 215-Beltway to see that activity is everywhere. The news-grabbing projects that are seemingly announced weekly are once again turning heads. They’re attracting young college graduates and stimulating the needs for goods and services, almost to a pre-COVID level. Office construction is underway in earnest, with expansion in Summerlin, the SW “Curve” and West Henderson. High- and mid-rise office with parking structures are being leased up in the Westside areas, with predominantly single-story popping up in Henderson. Rates for suburban office products are pushing over $2.10 per square foot, per month, including operating costs. The spread between asking price and closed deals is shrinking significantly. Incentives are back to “normal” with landlords offering new carpet and paint, or maybe a partial month early occupancy rather than the free rent or step-up rents we’ve seen in the past. …

January 12, 2022

Acquisitions Multifamily Nevada Student Housing Western

MJW, Artisan Capital Acquire 508-Bed Student Housing Community Near the University of Nevada, Reno

by Amy Works January 11, 2022

RENO, NEV. — A joint venture between MJW Investments and Artisan Capital has acquired a 508-bed student housing community located near the University of Nevada, Reno. Built in 2020, the property offers units with bed-to-bath parity alongside shared amenities including study rooms, a fitness center, lounge, game room, pet care station, rooftop courtyard and indoor bike and ski storage. Barings provided financing for the acquisition. “The property’s close proximity to the new developments on campus as well as the City of Reno’s economic development plan for the area are just a few reasons we’re excited to own this property,” says Mark Weinstein, president and founder of MJW investments.

January 11, 2022

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