Nevada

Reno Retail Makes a Favorable Comeback After a Devastating 2020

by Jeff Shaw January 4, 2022

By Tad Loran, Vice President, Retail Specialist, Avison Young | Western Alliance Commercial Inc. The Reno retail market was hard hit overall by the pandemic, with the service industry at the top of the list. Some notable businesses that closed in Reno last year include Santa Fe Basque Restaurant, Truckee River Bar & Grill, An — Asian Kitchen & Bar, Little Nugget Diner, True NY Pizza Co., Rounds Bakery Storefront, Jos A. Bank, St. James Infirmary, 24 Hour Fitness and Pier 1 Imports. Big box national retailers picked up virtually no new space in 2020. The good news is retail demand and leasing activity has rebounded this year. Northern Nevada’s retail vacancy rate saw positive absorption. It currently sits at 5.8 percent, while asking rental rates have increased. They are currently at $19.08 per square foot (triple net) on an annual basis for second-generation space and $42 per square foot (triple net) on an annual basis for new construction. Notable business openings this year include Sport Clips, the Human Bean, C-A-L Ranch, In-N-Out Burger, Starbucks, Chipotle, Firehouse Subs, Truckee Bagel, Base Camp Pizza, SUP and Chase Bank. Commercial sales in Northern Nevada were nominal in 2020. This was driven by the pandemic, a lack of …

January 4, 2022

Acquisitions Multifamily Nevada Western

Kennedy Wilson Acquires 528-Unit Apartment Community Near Las Vegas for $155M

by Amy Works January 3, 2022

HENDERSON, NEV. — Kennedy Wilson (NYSE: KW) has purchased 3001 Park, a multifamily property located in Henderson, for $155 million, excluding closing costs. The company invested $56 million of total equity in the acquisition of the property and secured a $102 million loan. At the time of sale, the 528-unit community was 95 percent occupied. This acquisition brings Kennedy Wilson’s Las Vegas multifamily presence to more than 2,300 market-rate units. The name of the seller was not released.

January 3, 2022

Acquisitions Multifamily Nevada Western

Bascom Group Buys Sun Chase Apartment Community in Las Vegas for $40.5M

by Amy Works December 22, 2021

LAS VEGAS — The Bascom Group has purchased Sun Chase, an apartment property in Las Vegas, in an off-market transaction for $40.5 million, or $202,500 per unit. The name of the seller was not released. Annie Rice and Jamie Kline of JLL Capital Markets sourced the acquisition loan from ACRE Credit for the purchase. Scott McClave and Tom Gilfillan of Bascom oversaw the acquisition for Bascom. Constructed in 1984/1985, Sun Chase features 200 apartments in a mix of one- and two-bedroom floor plans. Community amenities include a fitness center, resident clubhouse, pool, barbecue area and putting green. Bascom plans to modernize the fitness center, clubhouse and pool areas while repurposing the putting green into a central park with a play structure, barbecue station, seating areas and landscaping.

December 22, 2021

Acquisitions Industrial Nevada Western

Brass Cap Development Sells 70,000 SF Executive Airport Crossing Industrial Project Near Las Vegas

by Amy Works December 17, 2021

HENDERSON, NEV. — Brass Cap Development has completed the disposition of Executive Airport Crossing, a nearly complete industrial project in the West Henderson area near Raiders Way and Volunteer Boulevard. Terms of the transaction were not released. Totaling 70,000 square feet, the property features two buildings that are divisible from 14,446 square feet to 40,000 square feet. The buildings also offer dock- and grade-level loading areas. Executive Airport Crossing provides access to Interstate 15 and 215 Beltway. Las Vegas-based LM Construction designed and built the project.

December 17, 2021

Acquisitions Nevada Retail Western

Brixton Capital Divests of Rainbow Plaza Shopping Center in Las Vegas for $63.7M

by Amy Works December 16, 2021

LAS VEGAS — Brixton Capital has completed the sale of Rainbow Plaza, a dual grocery-anchored shopping center in Las Vegas. An undisclosed buyer acquired the asset for $63.7 million. Rob Ippolito of Newmark represented the seller in the deal. Located on the corner of Rainbow Avenue and Charleston Boulevard, Rainbow Plaza features 259,980 square feet of retail space. At the time of sale, the property was 94 percent occupied by credit, internet-resistant tenants, including Albertsons, Ross Dress for Less, The Home Depot, Sprouts Farmers Market, Goodwill, EOS Fitness and Chase Bank. The weighted average tenture of Rainbow Plaza tenants exceeds 15 years with more than 37 percent of the existing tenants having been at the center for more than 25 years.

December 16, 2021

Acquisitions Hospitality Nevada Top Stories Western

Hard Rock Agrees to Acquire The Mirage in Las Vegas for $1B, Plans Guitar-Shaped Hotel

by Kristin Harlow December 15, 2021

LAS VEGAS — Hard Rock International has agreed to acquire the operations of The Mirage Hotel and Casino in Las Vegas for more than $1 billion. The transaction is expected to close in the second half of 2022. Hard Rock also revealed that it plans to build a guitar-shaped hotel, which will be located on the Las Vegas Strip. When complete, Hard Rock Las Vegas will be a fully integrated resort welcoming meetings, groups, tourists and casino guests across its nearly 80-acre location, according to Jim Allen, chairman of Hard Rock. The seller, MGM Resorts International (NYSE: MGM), acquired The Mirage in 2000. The property originally opened in 1989 and is known for its 90-foot volcano. MGM is selling to focus on other opportunities, such as sports betting and expansion in Asia. “This announcement marks the culmination of a series of transformational transactions for MGM during the last several years,” says Paul Salem, chairman of the board of directors for MGM. “The monetization of our entire real estate property portfolio, together with the addition of CityCenter and our agreement to acquire The Cosmopolitan of Las Vegas, will position the company with a fortress balance sheet, premier portfolio and significant financial …

December 15, 2021

Market Reports Nevada Office Western Western Market Reports

Reno’s Office Market Continues to Outperform Out West

by Jeff Shaw December 14, 2021

By Evan Meyer, Senior Office Specialist, Kidder Mathews The business climate continues to thrive in Reno as the regional economy quickly rebounded from the pandemic-fueled recession of 2020. Reno performed far better than most markets on the West Coast with a low unemployment rate (4.2 percent in August) and expanding job growth (+7.2 percent year over year). The region’s rapid growth persists as new businesses continue to move into the area, a trend that accelerated over the past few years. Most relocations are coming from California, attracted by the strong economic environment and business-friendly policies in Northern Nevada. As one of the fastest-growing regions in the U.S., expansion is occurring across multiple industries, including technology, manufacturing, distribution, financial and healthcare. The diverse and dynamic nature of the regional economy has driven the overall performance of the office market. This has produced continuous years of declining vacancy and a decade of rising rents, even through the peak levels of the pandemic. At the end of the third quarter, the vacancy rate was 7.7 percent, a 130-basis point drop compared to the previous quarter. Vacancy rates continue to decline across all submarkets due to strong demand and tenant expansion. Net absorption also gained momentum …

December 14, 2021

Acquisitions Industrial Nevada Western

RealComm Arranges $10M Sale of Industrial Building in Henderson, Nevada

by Amy Works December 7, 2021

HENDERSON, NEV. — RealComm has brokered the sale of an industrial property located at 7735 Commercial Way in Henderson. Yukon Waters LLC acquired the asset from BS Holdings for $10 million. The property features 42,311 square feet of industrial space. Greg Pancirov, Mike De Lew and Paul Hoyt of RealComm represented the seller and buyer in the transaction.

December 7, 2021

Acquisitions Affordable Housing Multifamily Nevada Western

Kairos Investment Acquires 195-Unit Siena Townhomes Affordable Community in Las Vegas

by Amy Works November 30, 2021

LAS VEGAS — Kairos Investment Management Co. has purchased Siena Townhomes, a 195-unit affordable multifamily property in Central Las Vegas. Terms of the off-market transaction were not released. Built in 2001, Siena Townhomes features 82 two-bedroom townhomes and 113 three-bedroom townhomes with full-size washers/dryers, walk-in closets and a private balcony or patio with extra storage. Community amenities include a clubhouse, pool and spa, fitness center, barbecue area, basketball court, business center, children’s play area and carports.

November 30, 2021

Acquisitions Multifamily Nevada Seniors Housing Western

SLIB Negotiates Sale of 65-Unit Seniors Housing Property in Gardnerville, Nevada

by Amy Works November 30, 2021

GARDNERVILLE, NEV. — Senior Living Investment Brokerage has arranged the sale of Carson Valley, a 65-unit seniors housing community in Gardnerville, approximately 50 miles south of Reno. The facility was built in 1997 and totals 40,610 square feet on 2.5 acres of land. After a slight occupancy decrease in 2020, Carson Valley increased occupancy to over 90 percent. The seller was a regional owner-operator and will continue to operate the community. The buyer is a private equity group based in the West looking to expand its portfolio. The price was not disclosed. Vince Viverito, Jason Punzel and Brad Goodsell of SLIB handled the transaction. “Carson Valley is a desirable property located near Lake Tahoe with incredible views of Heavenly Mountain,” says Viverito. “The property is a consistent performer with great cash flow.”

November 30, 2021

Newer Posts

Older Posts