LAS VEGAS — RealComm Advisors has arranged the acquisition of an industrial property located at 7175 Belcastro St. and 7255 W. Arby Ave. in Las Vegas. Credi Gramercy LLC, Reinhardt LLC, Roman Crescentini Family Trust and Chiara Crescentini Family Trust purchased the asset for $13.9 million. The facility offers 73,468 square feet of industrial space. Greg Pancirov, Mike De Lew and Paul Hoyt of RealComm Advisors represented the buyer in the deal.
NORTH LAS VEGAS, NEV. — Applied Medical Resources Corp. has purchased an industrial facility located at 3955 N. Pecos Road in North Las Vegas. Aria Investments sold the asset for $5.3 million. Dean Willmore, Alex Stanisic, Mike Willmore and Lauren Willmore of CBRE represented the seller in the deal. Built in 2006, the 33,787-square-foot warehouse features 24-foot clear heights, seven private offices, two dock-high loading doors, three grade-level loading doors, a paved, fenced yard and a 50-stall parking lot.
LAS VEGAS — The Bascom Group has purchased ReNew at Decatur, a multifamily community in Las Vegas, for $49.6 million, or $229,630 per unit in an off-market transaction. Built in 1988, ReNew at Decatur features 216 apartments with private patios or balconies, with 78 percent of the floorplans two- or three-bedroom layouts. The community features a fitness center, resident clubhouse, business center, pool and barbecue area. Bascom plans to upgrade the property’s unrenovated units and enhance its exteriors and community amenities. Jamie Kline and Annie Rice of JLL Capital Markets sourced the acquisition loan from Bridge Investment Group for Bascom Group. Apartment Management Consultants will provide property management services for the asset and SD CAP will provide construction management.
LAS VEGAS — A joint venture between Shopoff Realty Investments and Contour has secured entitlements for the full development of Dream Las Vegas, a previously announced resort and casino on the Las Vegas Strip. Situated on 5.2 acres at 5051 S. Las Vegas Blvd., the 19-story development will feature 526 guest rooms and suites, gaming, dining and nightlife venues, a pool deck, retail experiences, meeting rooms, and a fitness center. Completion is slated for third-quarter 2024. The property will be branded and managed by Dream Hotel Group. McCarthy Construction will manage the design and construction of the resort and casino, with excavation for the project set to start in the second quarter of 2022.
LAS VEGAS — Coldwell Banker Commercial has arranged the purchase of Silver Creek Apartments, a multifamily property located at 6170 Boulder Highway in Las Vegas. A Southern California-based investment firm acquired the asset from an undisclosed seller in an off-market transaction for $35 million. Built in 2002, Silver Creek Apartments features 224 units in a mix of one-, two- and three-bedroom layouts. Garry Cuff and Tom Naseef of Coldwell Banker Commercial Premier represented the buyer in the deal.
LAS VEGAS — CBRE has arranged the sale of Phase I of PSi Commerce Center, a two-building flex industrial property in Las Vegas. Credi Gramercy acquired the asset from Parting Seas Investments for $13.9 million. Tyler Eckland of CBRE represented the seller in the transaction. The buyer plans to use the 73,247-square-foot property as a bakery and food preparation facility. The first phase of PSi Commerce Center comprises a 48,568-square-foot warehouse at 7175 Belcastro St. and a 24,679-square-foot industrial/flex warehouse at 7255 W. Arby Ave.
SPARKS, NEV. — DCG has arranged the sale of an industrial portfolio located at 1610 and 1630 Kleppe Lane in Sparks. An undisclosed buyer acquired the portfolio for $5.4 million. Situated in the Sparks industrial submarket, the two-building asset also included an adjacent three-acre yard for a total of six acres of occupied space. At the time of sale, the property was fully occupied by Herc Rentals, Vertical Iron Works and Drake Anthony Co. Joel Fountain, Baker Krukow, Nick Knecht and Tom Fennell of DCG represented the seller, Community Foundation, in the deal.
Newport Beach, Calif.-based CapRock Partners was busy before the pandemic, but shows no signs of slowing down even as brick-and-mortar retail reopens. The industrial investor, developer and asset manager’s newest venture is also its biggest: a 183-acre infill project in Phoenix where it plans to build an eight-building industrial complex that totals more than 3.4 million square feet. “Several years prior to the pandemic, we recognized the ecommerce trends along with the demand for larger logistics facilities and subsequently made investments in buildings and land positions in order to capture a segment of that demand,” says Bob O’Neill, CapRock’s senior vice president of acquisitions. “In the 16 months since the onset of the pandemic, our growth has accelerated.” Phoenix’s Industrial Market Rises CapRock has added about 4.8 million square feet of Phoenix-area industrial product to its portfolio since the pandemic’s onset. Its total pipeline in the Valley is now close to 6 million square feet, with its Phoenix-area acquisition closing in 2017. Aside from CapRock, Cushman & Wakefield also appears to be bullish on Phoenix’s industrial market. The firm projects Phoenix’s preliminary industrial absorption to be about 12 million square feet for the first half of 2021. This compares to …
LAS VEGAS — DraftKings Inc., a fantasy and digital sports betting company based in Boston, plans to open its second largest office hub within UnCommons, a $400 million mixed-use development underway in southwest Las Vegas. DraftKings will occupy 90,000 square feet and ultimately house more than 1,000 employees at the new offices. Matter Real Estate Group, a San Diego-based developer, broke ground on the 40-acre project last summer and plans to deliver the first phase of the campus in early 2022. “Our goal is to create another world-class workplace environment that will foster DraftKings’ innovation, further bolster our local presence and deepen community involvement,” says Matt Kalish, co-founder and president of the North America division of DraftKings (NASDAQ: DKNG). “With these lofty aspirations, we were thrilled to discover that UnCommons mirrors these high standards.” Designed by IA Interior Architects, DraftKings’ new space will mirror its Boston headquarters with 130 sports trading desks surrounded by multimedia walls. The property will also include collaborative work spaces, a cafeteria, putting green, custom casino training pit, private and public outdoor spaces, mothers’ rooms, prayer suites and salons for haircuts and manicures/pedicures. UnCommons will comprise more than 500,000 square feet of modern office space; more …
LAS VEGAS — Blackstone (NYSE: BX) has entered into an agreement to sell The Cosmopolitan hotel and casino in Las Vegas to locally based hospitality and entertainment owner-operator MGM Resorts International (NYSE: MGM) for $5.6 billion. Blackstone originally acquired The Cosmopolitan in 2014 for approximately $1.6 billion, according to The Wall Street Journal. The firm subsequently invested more than $500 million in capital improvements to renovate the property’s 3,000 existing hotel rooms; add 67 new rooms and suites; enhance and expand the food and beverage offerings; and upgrade common areas and amenity spaces. Under the terms of the agreement, MGM will acquire the operations of The Cosmopolitan and sign a long-term net lease with a partnership between Cherng Family Trust, alternative investment firm Stonepeak Partners and Blackstone Real Estate Income Trust Inc. The deal is expected to close in early 2022. The Journal also reported that as of Friday, Sept. 24, The Cosmopolitan’s hotel rooms had been 87 percent occupied during the current month, with an average daily room rate of $448. The Cosmopolitan originally opened in 2010. In addition to its 3,000-plus hotel rooms, the development features a 110,000-square-foot casino; 300,000 square feet of retail and restaurant space; 150,000 …