Nevada

Stonestream Properties Divests of Four-Building Industrial Property in Las Vegas for $4.7M

by Amy Works June 3, 2021

LAS VEGAS — Stonesteam Properties has completed the disposition of a four-building industrial campus located on 6.4 acres at 12885 S. Las Vegas Blvd. in Las Vegas. Vegas Ranch LLC acquired the asset for $4.7 million. Star Nursery will utilize the property to service its nine retail locations in Nevada. The asset includes a 12,500-square-foot warehouse, one storage warehouse and two additional buildings totaling 3,200 square feet. The site offers quick access to Interstate 15 via Saint Rose Parkway or Starr Interchange. James Griffis, Tyler Ecklund and Britney Arredondo of CBRE represented the seller in the deal.

June 3, 2021

Acquisitions Net Lease Nevada Office Western

CBRE Arranges $2.6M Sale of Single-Tenant Office Building in Las Vegas

by Amy Works June 2, 2021

LAS VEGAS — CBRE has brokered the sale of a single-tenant office building located at 7408 W. Sahara Ave. in Las Vegas. A private investor acquired the property for $2.6 million. Bertoldo, Baker, Carter & Smith Attorneys at Law occupy the free-standing, 11,604-square-foot building under a triple-net lease. Tyler Ecklund, James Griffis, Britney Arredondo and Randy Broadhead of CBRE represented the undisclosed seller in the deal.

June 2, 2021

Development Multifamily Nevada Seniors Housing Western

Oakmont Finishes 31-Unit Memory Care Expansion at Seniors Housing Community in Las Vegas

by Amy Works May 28, 2021

LAS VEGAS — Oakmont Senior Living has completed an expansion and renovation project at Oakmont of Las Vegas, which included the new construction of 31 memory care units. “Memory care is an essential part of continuity of care and important to families who don’t want to uproot their loved ones should they need to transition to this type of care,” says Melon Rivera, executive director at Oakmont of Las Vegas. The community already offered independent living and assisted living. In addition to the new memory care neighborhood, the multi-million-dollar renovation project at Oakmont of Las Vegas included the addition of a movie theater, bistro and wellness center. The on-site beauty salon received its own makeover with upgraded and new equipment. Other community-wide enhancements included new carpeting, tile flooring, fresh paint, a refinished roof and new fire-alarm system.

May 28, 2021

Acquisitions Multifamily Nevada Western

Camino Verde Group Acquires Sherwood Palms Apartment Property in Las Vegas

by Amy Works May 25, 2021

LAS VEGAS — Camino Verde Group has purchased Sherwood Palms, a multifamily property located at 2635-2655 Sherwood St. within the Convention Center District of Las Vegas. Built in 1963, the 24-unit property features two levels of two- and three-bedroom floor plans. The community offers an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.

May 25, 2021

Loans Multifamily Nevada Western

KeyBank Arranges $58.5M in Financing for Tanager Apartments in Las Vegas

by Amy Works May 17, 2021

LAS VEGAS — KeyBank has arranged a $58.5 million fixed-rate, investor-placed loan for the refinancing for Tanager, an apartment community in Las Vegas. The borrower is Texas-based The Howard Hughes Corp. Built in 2019, Tanager features 267 one- and two-bedroom apartments spread across three three-story residential buildings on nine acres. Amenities include a fitness center, game room, pool, spa, courtyard and outdoor kitchen with television lounge. Trevor Ritter of KeyBank Real Estate Capital’s Commercial Mortgage Group and Dan Silbert of KeyBank’s Institutional Real Estate Group structured the 10-year financing with full-term interest-only payments and a 30-year amortization schedule.

May 17, 2021

Acquisitions Nevada Office Western

Barker Pacific Acquires 274,565 SF Bank of America Office Tower in Downtown Las Vegas

by Amy Works May 6, 2021

LAS VEGAS — Barker Pacific Group, in a joint venture with Positive investment Group, has purchased Bank of America Tower, an office complex located at 300 S. 4th St. in Las Vegas. The acquisition marks Barker Pacific’s entry into the Las Vegas market. The joint venture will rebrand the 274,565-square-foot building as Tower 300 and implement an upgrade program to the common areas. Terms of the acquisition were not released. Mike Tabeek, Larry Singer and Christopher Crooks of Newmark will handle leasing for the building.

May 6, 2021

Acquisitions Multifamily Nevada Western

Hamilton Zanze Sells 426-Unit Norterra Canyon Apartments in North Las Vegas

by Amy Works May 4, 2021

NORTH LAS VEGAS, NEV. — San Francisco-based Hamilton Zanze, in partnership with Cantor Fitzgerald Investors, has completed the disposition of Norterra Canyon, an apartment community located at 5005 Losee Road in North Las Vegas. Terms of the transaction were not released. Built in 2007, Norterra Canyon features 426 one-, two- and three-bedroom units averaging 1,076 square feet. Apartments feature granite countertops, Energy Star appliances, walk-in closets, patios or balconies, and washers and dryers. Community amenities include a resident lounge, business center, bocce ball court, two resort-style pools with cabanas, putting green and fitness center.

May 4, 2021

Development Industrial Nevada Western

Mark IV Capital Breaks Ground on 815,000 SF Building at Victory Logistics District in Northern Nevada

by Amy Works April 28, 2021

FERNLEY, NEV. — Newport Beach, Calif.-based Mark IV Capital has broken ground on Victory Logistics District, a 4,300-acre, master-planned industrial district in Fernley. Mark IV Capital acquired the land in July 2019 and has since designed the multi-phased development, including infrastructure, rail facilities and industrial buildings ranging in size from 170,000 square feet to 1.5 million square feet. Slated for completion in the first quarter of 2022, Building A will offer 815,000 square feet of cross-dock industrial space designed by HPA Architects. The building will feature 40-foot clear heights, 160 dock positions measuring 9-foot by 10-foot, four 12-foot by 14-foot drive-in doors, 451 auto parking spaces, 371 trailer parking spaces, three access points (two off of Duffy Road and one off of Nevada Pacific Parkway) and 11.4 acres of additional land available for expanded parking.

April 28, 2021

Acquisitions Multifamily Nevada Western

Tower 16 Capital Sells Three-Asset Apartment Portfolio in Las Vegas for $182M

by Amy Works April 21, 2021

LAS VEGAS — San Diego-based Tower 16 Capital has completed the sale of a three-asset multifamily portfolio in Las Vegas. An undisclosed buyer acquired the portfolio for $182 million. Tower 16 assembled the portfolio over the last 2.5 years and repositioned all the assets. Totaling 1,165 units, the portfolio includes Accent on Rainbow, Accent on Decatur and Accent on Sahara. All three received recent improvements including upgraded leasing offices, outdoor amenity areas and interior unit renovations to more than 40 percent of the units. Tower 16 acquired the assets for $112 million and spent roughly $10.3 million on improvements. The buyer plans to continue the renovation efforts. Located at 6666 W. Washington Ave., Accent on Rainbow features 540 apartments, three pools, a new clubhouse, leasing office and gym. Accent on Decatur, located at 2950 S. Decatur Blvd., features 313 apartments, two pools, a new clubhouse and gym, two outdoor amenity areas and barbecues. Located at 4801 E. Sahara Ave., Accent on Sahara offer 312 apartments, a renovated clubhouse, two pools, a new gym, kids’ play area, barbecues and a dog park. Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover of Berkadia represented Tower 16 in the deal.

April 21, 2021

Acquisitions Nevada Retail Western

Black Lion Investment Divests of Cheyenne Plaza in Las Vegas for $6.5M

by Amy Works April 13, 2021

LAS VEGAS — An affiliate of Black Lion Investment Group has completed the disposition of Cheyenne Plaza, located at the intersection of Cheyenne Avenue and Jones Boulevard in Las Vegas. The $6.5 million sale of the remaining 18,615 square feet of retail space was the culmination of Black Lion’s renovation and full lease-up of the property. The name of the buyer was not released. Current tenants include Cricket Wireless, Dotty’s sports bar, Aria Nails, La Michoacana Plus ice cream, 7 Plus Agua and Toro Taxes.

April 13, 2021

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