Nevada

Sands Corp. to Sell Off All Las Vegas Assets for $6.2B

by Kristin Harlow March 3, 2021

LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion. Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of Apollo Global Management Inc. (NYSE: APO) will acquire the operating company of the Venetian for $2.2 billion, of which $1.2 billion is in the form of a secured term loan, and the remainder is payable in cash. The closing of the transactions is subject to customary closing conditions, including regulatory approvals. It is expected to be completed by the end of the year. Regarding the sale, Sands says it plans to focus on reinvestment in Asia and pursue new growth prospects. “Asia remains the backbone of this company and our developments in Macao and Singapore are the center of our attention. We will always look for ways to reinvest in our properties and those communities,” says Robert Goldstein, chairman and …

March 3, 2021

Development Industrial Nevada Western

Panattoni Development Breaks Ground on 138,240 SF Building to Complete North Valleys Commerce Center in Reno

by Amy Works March 1, 2021

RENO, NEV. — Panattoni Development has commenced construction of Building J, the 10th and the final building of the North Valleys Commerce Center in Reno. Located at 9575 N. Virginia Road, Building J will add 138,240 square feet of space to the park, which totals nearly 3 million square feet. Current tenants at North Valleys Commerce Center include S&S Activewear, Mary’s Gone Crackers, Mary Kay Corp. and Compass Health. The buildings at the park feature 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample power, standard column spacing, divisibility, quick access to US 395 via the Steade Boulevard and Lemmon Drive interchanges and freeway visibility. CP Logistics NVCC IV LLC owns the center, which Panattoni is developing. Tectonics served as architect and Alston Construction is the builder for the project. Mike Nevis and Shawn Jaenson of Kidder Mathews are handling leasing for the project.

March 1, 2021

Silver-Ridge-Health-Care-Center-Las-Vegas-NV

Loans Multifamily Nevada Student Housing Western

KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas

by Amy Works March 1, 2021

LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy. The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.

March 1, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers Sale of 111-Unit MCR Apartments in Las Vegas

by Amy Works February 25, 2021

LAS VEGAS — Northcap Commercial has arranged the sale of MCR Apartments, a multifamily property located in Las Vegas. Michelas LLC sold the asset to an undisclosed buyer for $6.8 million, or $61,261 per unit. Located at 226 W. St. Louis Ave., the property features 111 apartments. The community was built in 1955. Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial represented the seller in the deal.

February 25, 2021

CapRock-Riley-St-Hacienda-Ave-Las-Vegas-NV

Industrial Market Reports Nevada Western Western Market Reports

Online Shopping Keeps Vegas’ Industrial Market Humming

by Jeff Shaw February 24, 2021

By Amy Ogden, Logic Commercial Real Estate This was an unprecedented year in a multitude of ways. Though the pandemic brought economic hardships — along with the world’s worst health crisis — it also opened our eyes to how quickly life can change overnight. Businesses reacted to the crisis as best and swiftly as they could to comply with state stay at home orders, capacity reductions, and the fear and panic that ensued. Little did we know that we would be desperately seeking toilet paper, cleaning supplies, and embracing online grocery shopping and food delivery with such intensity by early March. The aforementioned, in turn, created a domino effect as the pandemic became the catalyst for a boom in the industrial real estate sector. Ecommerce has grown more over the past year than it ever has. These occupiers have seen their five-year trajectory of forecasted retail sales occur in just six months. The rise of ecommerce has forever altered consumer buying behavior and expectations. With consumers now anticipating fast shipping and deliveries, there is now a strain on the traditional logistics and supply chain models. This has subsequently resulted in a heightened need for warehouse, fulfillment and distribution properties as …

February 24, 2021

Acquisitions Multifamily Nevada Western

Next Wave Investors Purchases Spanish Oaks Multifamily Community in Las Vegas for $28.1M

by Amy Works February 22, 2021

LAS VEGAS — Next Wave Investors has acquired Spanish Oaks, a 216-unit apartment property located at 2301 S. Valley View Blvd. in Las Vegas. The company purchased the asset from an undisclosed seller for $28.1 million in an off-market transaction. Built in 1976, Spanish Oaks features a mix of one- and two-bedroom units offering large closets and private balconies or patios. Community amenities include a fitness center, pool, clubhouse, laundry facilities and a leasing center. Next Wave plans to upgrade all unrenovated units through its value-add program with interior additions, including stainless steel or black appliances, lighting fixtures, vinyl plank flooring in common areas, new carpet in bedrooms, stone countertops, new paint and tile backsplashes in kitchens. Additionally, the company plans to enhance the exterior and amenity spaces with the addition of carports, exterior paint, roofing, and upgrades to the pool area and landscaping.

February 22, 2021

Acquisitions Industrial Nevada Western

WG Holdings Divests of 24,530 SF Industrial Property in Las Vegas for $5M

by Amy Works February 18, 2021

LAS VEGAS — WG Holdings LLC has completed the disposition of a Class A industrial building located at 6561 W. Post Road in Las Vegas. Prologis acquired the single-story asset for $5 million. Built in 2016 on 1.6 acres, the 24,530-square-foot property features dock- and grade-level doors, 30-foot clear heights, an ESFR sprinkler system and 3,567 square feet of office space. Additionally, the asset includes 70 free surface parking spaces and approximately 7,500 square feet of yard space that can be fenced and secured. James Griffis, Tyler Ecklund and Doug Mack of CBRE represented the seller in the deal.

February 18, 2021

Development Industrial Nevada Western

SunCap Property, Diamond Realty Investments to Develop SunPoint West Industrial Campus in North Las Vegas

by Amy Works February 17, 2021

NORTH LAS VEGAS — SunCap Property Group, along with Diamond Realty Investments, has closed on a 39-acre land parcel in North Las Vegas for the development of SunPoint West, a speculative industrial project. Bounded by West Cheyenne and Brooks avenues and Coleman and Clayton streets, the six-building property will offer buildings ranging in size from 55,473 square feet to 238,057 square feet for single or multi-tenant users. Site work is slated to begin in April, with the first building shell scheduled for delivery by the end of the year. Chris Lane, Jerry Doty, Paul Sweetland and Dan Doherty of Colliers International’s Doherty Industrial Team represented the buyers in the land acquisition.

February 17, 2021

Development Nevada Retail Western

Nadel Architecture Completes 155,000 SF Expansion at Showcase Mall in Las Vegas

by Amy Works February 9, 2021

LAS VEGAS — Nadel Architecture + Planning, as architect and designer, has completed the 155,000-square-foot Phase IV expansion of Showcase Mall, a 481,400-square-foot retail and entertainment destination owned by Gindi Capital. Located at 3767 S. Las Vegas Blvd., the 155,000-square-foot phase includes the addition of a 50,000-square-foot Burlington and a 20,000-square-foot Target. Gindi Capital plans to add a rooftop bar and restaurant 75 feet above street level, offering views of the Las Vegas Strip.

February 9, 2021

Market Reports Nevada Office Western Western Market Reports

Sublease Space Stagnates, but 2021 Shows Promise for Las Vegas Office Market

by Jeff Shaw February 9, 2021

By Dan Palmeri, Senior Director, Tenant Advisory Group, Cushman & Wakefield As with most of the country, Las Vegas’ office market has been significantly impacted since COVID-19 restrictions started back in March. While many businesses have been allowed to operate at limited capacities, we’ve also seen many larger office users elect to work from home over the past nine months. This increase in work from home scenarios has naturally created a large increase in sublease availabilities in the market. Prior to March 17, 2020, we were tracking 24 subleases consisting of 555,000 square feet, with two of those spaces being 257,000 square feet and 61,000 square feet, or roughly 57 percent of the overall inventory. Since March, we’ve seen the number of availabilities increase to 70 with a total of more than 1.2 million square feet of space. This represents an increase of 118 percent. We’re tracking an additional 313,000 square feet of pending subleases that have yet to hit the market. This will bring the total to 78 options, with six of the availabilities being 50,000 square feet or larger. Large tenant activity was minimal over the past nine months. The most significant transaction was NYU Grossman School of …

February 9, 2021

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