Nevada

Camino-Al-Norte-Office-Park-North-Las-Vegas-NV

CBRE Arranges $5M Sale of Six Camino Al Norte Office Park Buildings in North Las Vegas

by Amy Works September 19, 2022

NORTH LAS VEGAS, NEV. — CBRE has arranged a $5 million sale of six grey shell office buildings within Camino Al Norte Office Park in North Las Vegas. Totaling 33,800 square feet, the assets were sold to five private buyers. Michael Hsu, Roy Fritz and Kellie Ortiz-Thompson of CBRE represented the Las Vegas-based seller and developer, NDL Group, in the transactions. The sales included six single-story, freestanding buildings at 5115, 5119, 5145, 5155, 5191 and 5195 Camino Al Norte. The properties were designed for medical and professional use. The buildings at 5115 and 5119 Camino Al Norte were completed in 2020 and offer approximately 5,000 square feet each. The remaining four buildings were completed in 2022 and offer approximately 6,000 square feet each.

September 19, 2022

Acquisitions Multifamily Nevada Seniors Housing Western

ESI Brokers Sale of TLC Care Center Skilled Nursing Facility in Henderson, Nevada for $50M

by Amy Works September 12, 2022

HENDERSON, NEV. — Evans Senior Investments (ESI) has arranged the sale of TLC Care Center, a 255-bed skilled nursing facility in Henderson. An independent owner-operator sold the asset to Hill Valley Healthcare for $50 million, or $196,000 per bed. Built in 1999, TLC Care Center is located just 10 miles south of the Las Vegas strip. The facility features 35 private and 112 semi-private rooms, which includes 42 ventilator-equipped beds in a designated wing. Prior to the COVID-19 pandemic, the facility exhibited over 90 percent occupancy levels and produced over $24 million in annual revenue. However, because of the pandemic, occupancy was only 58 percent at the time of marketing. “The competitive bidding and record-breaking price per bed for a community whose census was below stabilized levels showcases the strength of the skilled nursing market today,” says Brendan DeSilvia, associate at ESI. The acquisition was Hill Valley Healthcare’s first in Nevada.

September 12, 2022

Development Industrial Nevada Western

VanTrust Real Estate Completes 246,400 SF Industrial Building at Tropical Distribution Center in North Las Vegas

by Amy Works September 1, 2022

NORTH LAS VEGAS, NEV. — VanTrust Real Estate has completed construction of a fourth building at the 120-acre, 1.6 million-square-foot Tropical Distribution Center in North Las Vegas. Designed by HPA Architecture, Tropical IV totals 246,400 square feet of Class A industrial space with convenient access to interstates 15 and 215 via Tropical Parkway. The building features 36-foot clear heights with 43 dock-high doors and two grade-level doors, as well as a large truck court, 51 trailer parking spaces and 203 automobile parking spaces. Martin-Harris Construction served as general contractor for the project.

September 1, 2022

Development Industrial Nevada Western

Lincoln Property Plans 1.6 MSF Windsor Commerce Park in North Las Vegas

by Amy Works August 19, 2022

NORTH LAS VEGAS — LPC Desert West, the Southwest division of Dallas-based Lincoln Property Co., has acquired an 86-acre land parcel in North Las Vegas for the development of Windsor Commerce Park, a nearly 1.6 million-square-foot industrial development. Totaling eight buildings, Windsor Commerce Park is LPC’s first-ever ground-up industrial development in Nevada. At completion, Windsor Commerce Park will offer buildings ranging from 49,920 square feet to 397,440 square feet. The buildings will feature up to 36-foot clear heights, 24-foot-tall glass entries, touchless technology and large clerestory windows providing sky views and natural light. Construction is scheduled to begin in first-quarter 2023, with completion slated for fourth-quarter 2024. LPC plans to build all eight buildings in one phase. Lee & Sakura will serve as architect for the project. A general contractor will be selected in mid-October.

August 19, 2022

Acquisitions Multifamily Nevada Western

Davlyn Investments Acquires Rancho Destino Apartments in Las Vegas for $65.5M

by Amy Works August 4, 2022

LAS VEGAS — Davlyn Investments has purchased Rancho Destino, a multifamily community in Las Vegas, for $65.5 million. The buyer rebranded the 184-unit property as Aviara. Constructed in 1998 on 9.1 acres, the community features central heating and air conditioning, in-unit laundry, vaulted ceilings, fireplaces, arid landscaping, plentiful parking and an expansive amenity package. Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the undisclosed seller in the deal. Torrey Pines Bank provided acquisition financing for the buyer. The transaction marks Davlyn’s second acquisition in Nevada.

August 4, 2022

Acquisitions Multifamily Nevada Western

Davlyn Investments Acquires Rancho Destino Apartments in Las Vegas for $65.5M

by Amy Works August 4, 2022

August 4, 2022

Acquisitions Nevada Office Western

Greenlite Partners Sells 67,145 SF Office Building in Las Vegas for $26M

by Amy Works July 27, 2022

LAS VEGAS — Greenlite Partners, an affiliate of WG Group, has completed the disposition of an office building located at 9075 W. Diablo Drive in Las Vegas. KB Acquisitions, part of Kingsbarn Realty Capital, acquired the property for $26 million, or $387 per square foot. Originally constructed in 2008, the three-story, multi-tenant property features 67,145 square feet of Class A office space. At the time of sale, the property was 97 percent leased. Marlene Fujita Winkel, Emily Brun and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal.

July 27, 2022

Acquisitions Nevada Office Western

Dornin Investment Group Sells Marnell Corporate Center 3 Office Building in Las Vegas for $23.2M

by Amy Works July 25, 2022

LAS VEGAS — Dornin Investment Group has completed the sale of Marnell Corporate Center 3 (MCC3), a three-story, Class A office building in Las Vegas. A private investor acquired the asset for $23.2 million, or $325 per square foot. Located at 6725 Via Austi Parkway, MCC3 features 71,378 square feet of multi-tenant office space. The seller originally purchased the building in early 2014 for $222 per square foot as part of a portfolio that consisted of three multi-tenant office buildings totaling 176,960 square feet, all located within the master-planned Marnell Corporate Center. This is the third and final disposition of the portfolio. Marlene Fujita Winkel, Charles Moore and Alex Casingal of Cushman & Wakefield’s Private Capital Group in Las Vegas represented the seller in the deal. Charles Van Geel, also of Cushman & Wakefield, provided leasing advisory for the property.

July 25, 2022

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Shows No Signs of Stopping

by Jeff Shaw July 19, 2022

By Paul Sweetland, Senior Vice President, Colliers After a record year in 2021, Southern Nevada’s industrial market does not appear to be slowing down. The first-quarter vacancy decreased to 1.7 percent with 2.9 million square feet of net absorption. This is the lowest vacancy rate we have ever recorded in Southern Nevada. For comparison, vacancy only went as low as 3.1 percent during the boom that preceded the Great Recession. Demand was positive for all industrial subtypes for the first quarter, while rents for warehouse and distribution space increased 46 percent year over year. All industrial sectors added jobs on a year-over-year basis, with the largest increase being in logistics, which added 8,100 jobs. The current industrial boom has been driven by the influx of relocations and expansions from all over the U.S., but primarily from California. Southern Nevada’s strategic location, with its ability to service 12 markets within one day, has also made it an ideal location for regional and national distribution. New industrial completions totaled 2.1 million square feet this quarter, almost all of it being warehouse/distribution product. Southern Nevada is in its third major wave of post-Great Recession industrial development, with more than 8 million square feet now under …

July 19, 2022

Market Reports Multifamily Nevada Western Western Market Reports

Luxury Dominates Vegas’ Multifamily Market

by Jeff Shaw July 12, 2022

By Adam Schmitt, First Vice President, CBRE | Multifamily Investment Properties The multifamily construction pipeline in Las Vegas has ramped up in recent years and continues to be robust. Apartment developers have long capitalized on the growth of the Las Vegas market, and with the vast potential remaining in the city, multifamily builders are continuing to place their bets in Vegas. Our team at CBRE tracked a total of 4,317 multifamily units constructed in 2021, and are projecting more than 8,000 in 2022, with at least 16,000 in 2023 and beyond. For reference, over the past 10 years, the Las Vegas multifamily market has delivered about 3,700 annual units on average. The projects being built in Las Vegas are predominately luxury, Class A developments that tend to cater to the lifestyle renter or renter-by-choice demographic. The locations of these developments are mostly concentrated in the Southwest and Henderson submarkets, comprising 62 percent of the construction pipeline. Developers have historically flocked to these submarkets because of the areas’ respective demographics, perpetual growth and strong multifamily fundamentals. More recently, multifamily developers have found opportunities in the Northwest and North Las Vegas submarkets as those regions have seen years of high rent growth, and the rent …

July 12, 2022

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