Nevada

CIM Group Adds 495 New Hotel Rooms to Downtown Grand Hotel & Casino in Las Vegas

by Amy Works September 16, 2020

LAS VEGAS — Los Angeles-based CIM Group has completed Gallery Tower, an eight-story expansion at Downtown Grand Hotel & Casino in Las Vegas. The 495-room Gallery Tower is the first new ground-up hotel constructed in more than 10 years in downtown Las Vegas, according to CIM. Set to debut on Sept. 22, Downtown Grand Hotel & Casino will now offer guests a total of 1,124 rooms in an assortment of configurations, including three new 1,500-square-foot penthouse suites. The hotel and casino property spans two full city blocks between Casino Center Boulevard and North Fourth Street, and East Ogden and East Stewart avenues. The 250,000-square-foot Gallery Tower features Downtown Grand’s industrial chic aesthetic and derives its name from the property’s art collection, featuring works by local and national artists. Gallery Tower guests have direct access to Downtown Grand’s rooftop pool deck and the hotel’s ground-floor casino, dining and entertainment venues. CIM Group redeveloped and repositioned Downtown Grand Hotel & Casino to offer a boutique hotel experience when the property opened in 2013.

September 16, 2020

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $20M Sale of Cypress Springs Apartments in Las Vegas

by Amy Works September 15, 2020

LAS VEGAS — Northcap Commercial has negotiated the sale of Cypress Springs Apartments in Las Vegas. AWI Cypress Springs LP sold the asset to an undisclosed buyer for $20 million, or $138,889 per unit. Located at 3651 N. Rancho Drive, the property features 144 apartment units. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the transaction.

September 15, 2020

Development Mixed-Use Nevada Top Stories Western

Matter Real Estate Begins Construction of $400M UnCommons Mixed-Use Project in Las Vegas

by Taylor Williams August 24, 2020

LAS VEGAS — San Diego-based developer Matter Real Estate Group has started construction of UnCommons, a $400 million mixed-use project in Las Vegas. Designed by Gensler, the development is located on a 40-acre site at Interstate 215 and Durango Drive on the city’s southwest side. Plans currently call for 500,000 square feet of Class A office space and 830 multifamily units, as well as retail and restaurant space. Completion of Phase I is scheduled for early 2022. The Las Vegas Review-Journal reports that construction on the project was delayed due to COVID-19. Subsequently, the development team has pivoted to “near hospital-quality” HVAC systems and interior finishes made of materials designed to limit the spread of diseases like the novel coronavirus. “We recognized with COVID-19 that a fundamental shift was taking place that would render many office structures as unsafe and therefore obsolete practically overnight,” says Jim Stuart, partner at Matter Real Estate Group. “With the adjustments we made to our building systems, plus additional design attributes, we believe we have unlocked the answer for employee safety that will serve as the preferred model moving forward.” The retail and restaurant component will take the form of a public outdoor venue that …

August 24, 2020

Development Multifamily Nevada Seniors Housing Western

Investcor, Integral to Build 90-Unit Seniors Housing Community in Sparks, Nevada

by Amy Works August 20, 2020

SPARKS, NEV. — Operator Integral Senior Living (ISL) and owner Investcor Development plan to break ground this month on an assisted living and memory care community in Sparks, a suburb of Reno. Spanning 74,000 square feet, the property will feature 66 assisted living units and 24 memory care units. While the development has not yet been named, it will be located within Kiley Ranch, 675-acre master-planned development that includes a business park, retail/commercial district and residential neighborhoods surrounding a village center. The seniors housing development is scheduled for completion in early 2022.

August 20, 2020

Acquisitions Multifamily Nevada Western

Next Wave Investors Sells Harlow Luxury Apartments in Las Vegas for $21.5M

by Amy Works August 18, 2020

LAS VEGAS — Next Wave Investors has completed the disposition of Harlow Luxury Apartments, a Class A multifamily property located in Las Vegas. A Southern California-based private equity firm acquired the property for $21.5 million. Next Wave originally acquired the property in March 2019 for $17.1 million and increased its value by more than 25 percent in less than 16 months of ownership. The seller implemented major interior renovations at the 98-unit property including the installation of new countertops, flooring, appliances, lighting and fixtures and paint in nearly 30 units.

August 18, 2020

Acquisitions Nevada Office Western

Spectrum Purchases Office Property in Las Vegas for $1.6M

by Amy Works August 11, 2020

LAS VEGAS — Spectrum Realty has acquired an office building located at 7560 W. Sahara Ave. in Las Vegas. GHV Group sold the 11,322-square-foot property for $1.6 million. Alexia Crowley, Al Twainy and Jennifer Lehr of Colliers International | Las Vegas represented the seller in the deal.

August 11, 2020

Development Mixed-Use Multifamily Nevada Retail Western

TRU Development, MultiGreen Properties to Build 336-Unit Apartment Community Near Las Vegas

by Amy Works July 31, 2020

HENDERSON, NEV. — TRU Development, in partnership with capital partner and real estate operating company MultiGreen Properties, has acquired a 19-acre land parcel at the southeast corner of Galleria Drive and Boulder Highway in Henderson. Terms of the acquisition were not released. The partnership plans to develop theAPEX @galleria, a 336-unit apartment community with 3.8 acres of retail development available for sale, ground lease or build to suit. Apartments will be available for lease in March 2021. The Henderson development is the first of many planned theAPEX-branded communities throughout Nevada. In the next 12 months, TRU is slated to break ground on a total of 670 units under theAPEX brand in southern Nevada, 358 units under the KAKTUSlife brand and more than 600 units under theAPEX brand in northern Nevada.

July 31, 2020

Acquisitions Loans Nevada Office Western

Moonwater Capital Receives $35M in Equity for Purchase of NV Energy Pearson Office Building in Las Vegas

by Amy Works July 28, 2020

LAS VEGAS — Los Angeles-based Dekel Capital has arranged $35 million in debt equity on behalf of Moonwater Capital for its acquisition of the NV Energy Pearson Building, an office building in Las Vegas. Located at 6226 W. Sahara Ave., the four-story property features 262,000 square feet of office space. NV Energy has been the sole tenant of the corporate headquarters building since it was constructed in 1983. The public utility, wholly owned by Berkshire Hathaway Energy, provides a wide range of services throughout the state of Nevada. In additional to raising joint venture equity for the Las Vegas-based borrower, Dekel arranged $23.8 million in long-term, fixed-rate, first mortgage debt from a West Coast-based regional bank. The borrower acquired the property as a core-plus asset to add to its office portfolio in the Las Vegas market, which totals approximately 700,000 square feet of commercial office space.

July 28, 2020

California Loans Multifamily Nevada Western

NorthMarq Arranges $31M Refinancing for Multifamily Portfolio in Nevada, California

by Amy Works July 28, 2020

LAS VEGAS AND LAKESIDE, CALIF. — NorthMarq has arranged a $31 million refinancing for a three-property multifamily portfolio in Las Vegas and Lakeside. The portfolio includes a combined 924 units. Gardiner Champlin of NorthMarq’s San Diego office secured the refinancing that was structured with 10-year, interest-only terms. The firm arranged the permanent-fixed loan for the borrower, a San Diego-based client, through its in-house Fannie Mae team. The two Las Vegas properties are Silverado Village at 3750 Arvill St. and Summerlin Entrada at 1701 Rock Springs Drive. Built in 1981, Silverado Village features 440 units, a clubhouse, two pools, an indoor spa, two dry saunas, three tennis courts and six laundry facilities. Summerlin Entrada, which was constructed in 1987, offer 352 units, a gated entrance, clubhouse, two pools, a spa, tennis court, basketball courts, fitness center, business center, tot lot and three laundry facilities. Located at 12840 Mapleview St. in Lakeside, Stoneridge Apartments features 132 units, tuck-under private garages, a pool and five laundry facilities. The property was built in 1986.

July 28, 2020

Acquisitions Industrial Nevada Western

GLM Cabinets Acquires Industrial Property in Las Vegas for $2.1M

by Amy Works July 22, 2020

LAS VEGAS — GLM Cabinets has purchased an industrial building located within Matter Business Park @ Warm Springs in Las Vegas. Matter Business Park @ Warm Springs sold the asset for $2.1 million. Located at 7930 W. Warms Springs, Suite 170, the property features 12,878 square feet of industrial space. Dan Doherty, Paul Sweetland, Jerry Doty and Chris Lane of Colliers International represented the seller in the deal.

July 22, 2020

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