HENDERSON, NEV., AND AURORA, ILL. — PGIM Real Estate, on behalf of its U.S. core-plus debt fund, has provided a $41 million loan facility to Dalfen Industrial for the acquisition of a Class A industrial portfolio in the Las Vegas and Chicago metro areas. Totaling 438,000 square feet, the portfolio includes AirParc South and Suncrest Commerce Center in Henderson, plus Butterfield Logistics Center in Aurora. The loan features a three-year term with two one-year extension options. Trevor Arnholt of PGIM Real Estate originated the loan on the firm’s behalf.
NORTH LAS VEGAS, NEV. — VanTrust Real Estate has purchased a 350-acre land site north of the Interstate 15 and Speedway Boulevard interchange in North Las Vegas. VanTrust plans to develop 4.5 million square feet of distribution facilities on the site, which is between the new City of North Las Vegas water line and the Union Pacific Rail line. Construction of utility and roadway improvements is slated to begin in the third quarter of 2021, with building construction following shortly thereafter. This land purchase comes on the heels of the VanTrust’s acquisition of 16 acres for the development of a 246,000-square-foot speculative industrial distribution building at the northwest corner of Tropical Parkway and Nicco Way in North Las Vegas. The building is slated for completion in March 2022 and will be VanTrust’s 11th building developed in North Las Vegas in the past five years.
LAS VEGAS — Colliers International has arranged the sale of an industrial property located at 6280 Annie Oakley Drive in Las Vegas. 1201 American Pacific LLC acquired the asset from JPFH II LLC for $4.7 million. The property features 23,604 square feet of industrial space. Suzette LaGrange and Kara Walker of Colliers represented the seller, while Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the buyer in the deal.
LAS VEGAS — Dapper Cos. has purchased the historic Huntridge Theater in Las Vegas for $4 million. The company plans to renovate the theater, which is on the National Register of Historic Places. The theater originally opened in 1944 and shuttered after nearly 60 years of operation on July 31, 2004. The theater was originally operated by the Commonwealth Theater Company of Las Vegas and in 1951, was taken over by the Huntridge Theater Company of Las Vegas, partially owned by actresses Loretta Young and Irene Dunne. J Dapper, head of Dapper Cos., has also invested in the redevelopment of five other commercial proeprties in downtown Las Vegas, including Huntridge Shopping Center, 630 S. 11th Street, The Herbert at 801 S. Main St., 608 S. Maryland Parkway and 201 S. Las Vegas Boulevard.
NORTH LAS VEGAS, NEV. — Colliers International has brokered the sale of an industrial building located within Civic Center Freeway Industrial Park at 3679 N. Civic Center Drive in North Las Vegas. Civic Center Industrial Owner LLC sold the asset to Sage Harbor Exchange Inc. for $14.5 million. The property features 118,021 square feet of industrial space. Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers International represented the seller in the deal.
RENO, NEV. — Haley Real Estate Group has completed the sale of Sundance West Apartments, a multifamily property located at off Moana Lane in Reno. Priderock Capital Partners acquired the asset for an undisclosed price. Built in 1974 on seven acres, Sundance West Apartments features 350 units, three swimming pools with sundecks, open greenbelts, two gazebo areas with barbecues and picnic areas, a fitness center and five laundry facilities. Kenneth Bloomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction. The acquisition was financed via a government agency loan.
LAS VEGAS — Nigro Construction has started construction of Mountain West Industrial Park in southwest Las Vegas. The 252,900-square-foot warehouse project is located at 7210 W. Post Road. The first phase consists of three industrial shell buildings on 16.5 acres, with completion slated for third-quarter 2021. The first phase will offer units ranging from 6,400 square feet to 71,500 square feet with 30-foot minimum clearance heights in the warehouse areas, 10-foot glass storefront office entries and metal canopies. The second phase includes an additional 45,000 square feet of industrial space on the remaining acres of the property.
LAS VEGAS — Dwight Capital has closed $30.2 million in HUD financing for Cabrillo Apartments in Las Vegas. The loan includes a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property is Energy Star certified. Brandon Baksh of Dwight Capital originated the transaction. Built in 2008, Cabrillo Apartments features six residential buildings offering a total of 242 units, a leasing office/clubhouse and four garage buildings. Community amenities include a pool, spa, business center, fitness room and common lounge area.
LAS VEGAS, NEV. — Northcap Commercial has arranged the sale of Hilltop Villas and Stewart Villas, two multifamily properties in Las Vegas. Hilltop LLC sold the assets to an undisclosed buyer for $22.1 million, or $98,009 per unit. Located at 600 N. 12th St., 600 N. 13th St., 601 N. 13th St., 2640 Marlin Ave and 2601 Stewart Ave., the properties offer a total of 226 units. The communities were built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the deal.
RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity. Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and retail space. The existing 6.3-acre, 15-building property comprises approximately 1.4 million square feet of gross building area, including three hotel towers rising 17, 24 and 26 stories; a seven-story parking garage with additional parking on the top of the structure; casino and sports book; convention and meeting areas; multiple restaurants and coffee shops; retail sales areas; administrative offices; back-of-house support areas; and maintenance and storage areas. Luxe General Consulting is performing the renovation, which is slated for completion by summer 2022. Upon completion, the residential component will feature a rooftop pool, amenity deck, outdoor plaza, fountain, fitness center, theater room, bar and game room. The 538 units will feature a home office alcove, full kitchen with stainless steel appliances and quartz …