NORTH LAS VEGAS, NEV. — CBRE has arranged the sale of RDN Mini Storage, a seven-building self-storage facility in North Las Vegas. California-based Watling Street acquired the asset from Nevada-based Piclane for $4.6 million. Located at 725 W. Washburn Road, the 36,520-square-foot property consists of 304 units with 24-hour video surveillance cameras. Nick Walker, Walter Brauer and Trevor Roberts of CBRE represented the seller in the deal.
NORTH LAS VEGAS, NEV. — Northcap Commercial has directed the sale of Pair-A-Dice Mobile Home Park, located at 2067 N. Las Vegas Blvd. in North Las Vegas. An undisclosed buyer acquired the community from Pair-A-Dice Mobile Estates LLC for $5.4 million, or $39,781 per unit. Situated in an opportunity zone, the community features 137 mobile home units. Devin Lee, Jerad Roberts, Robin Willett and Jason Dittenber of Northcap Commercial represented the seller in the deal.
HENDERSON, NEV. — Panattoni Development Co. has purchased 38.8 acres of undeveloped land, located at the southeast corner of Bermuda Road and St. Rose Parkway in the West Henderson submarket, for $25.5 million. Panattoni plans to construct a build-to-suit industrial asset on the property for an undisclosed tenant. The project is located within South 15 Airport Center, a 211-acre industrial complex. Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers International’s Doherty Industrial Group represented Panattoni on the transaction. The name of the seller was not released.
By Kenneth Blomsterberg, Senior Managing Director of Investments, Marcus & Millichap Reno recorded robust job creation last year. This was bolstered by corporate growth at the Tahoe-Reno Industrial Center in Sparks, which houses Tesla’s Gigafactory, Apple and Switch data centers, in addition to a collection of fulfillment and distribution centers. The standout pace of employment growth supported the strongest rates of net migration and household formation this cycle, increasing local housing demand. With an average mortgage payment for a single-family home hovering around $2,100 per month throughout last year, leasing was the preferred choice among new residents despite rapidly rising rents across all apartment classes. In response, developers finalized 1,350 units in 2019, building on the 1,400 rentals delivered in 2018. Completions during the two-year span were concentrated in southern Reno neighborhoods and Sparks. These are areas where new supply has been well received, evidenced by the submarkets’ low 4 and mid-4 percent Class A vacancy rates as we entered 2020. Investors were also active during the past 12 months, motivated by solid economic growth and historically tight Class C vacancy. Significant demand was registered from outside value-add investors, with California-based buyers accounting for roughly half of total deal flow. …
LAS VEGAS — Dermody Properties has acquired a 9.5-acre land site for the development of LogistiCenter at Sunset. Situated at Sunset Road and Bruce Street in Las Vegas, the 151,200-square-foot, e-commerce-ready property is slated for completion in first-quarter 2021. Currently under construction, the building will be divisible to 20,000 square feet and offer build-to-suit office space, 33 dock-high doors, six drive-in doors, 32-foot clear heights, a 135-foot truck court, LED warehouse lighting, tilt-up concrete panel construction and an ESFR fire protection system. LogistiCenter at Sunset will be located approximately one mile from the Interstate 215/Interstate 15 interchange, five miles from the Resort Corridor and within 10 miles of major FedEx and UPS distribution hubs. Additionally, the facility will be adjacent to McCarran International Airport. Kevin Higgins, Garrett Toft, Jake Higgins and Sean Zaher of CBRE represented Dermody in the land acquisition and will be the leasing agents for the completed project. The name of the seller and acquisition price were not released.
LAS VEGAS — MDC, a full-service real estate company, has completed the development of a freestanding industrial building located in Las Vegas’ Southwest submarket. Located at 4525 Wagon Trail within an opportunity zone, the 25,880-square-foot property features 2,500 square feet of office space, 28-foot minimum warehouse clear heights, four dock-high loading doors, two grade-level loading doors and potential outside storage. Xavier Wasiak, Jason Simon and Rob Lujan of JLL are marketing the building for lease or sale.
LAS VEGAS — The Desert West Region of Lincoln Property Co. (LPC) has acquired its first-ever asset in Nevada. The company purchased Hughes Airport Center, a six-building industrial portfolio located in Las Vegas’ airport submarket. An undisclosed seller sold the asset for $72 million. At the time of sale, the 425,752-square-foot industrial complex was 98 percent occupied. The property is part of the larger 3.3 million-square-foot Hughes Airport Center master-planned business park, which includes office and industrial product across 420 acres. Located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road, the portfolio offers unit sizes ranging from 4,352 square feet to 86,674 square feet, with the ability to support a variety of uses including distribution, warehouse, office and flex. The asset also features 3.5 acres of on-site parking with near-immediate access to McCarran International Airport and interstates 215 and 15. Darla Longo and Barbara Emmons of CBRE’s National Partners team represented the seller. Kevin Higgins of CBRE will handle leasing for the property, while LPC, in partnership with its affiliate Lincoln Harris, will lead all property management services. LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico, and the company …
By Scott Shanks, principal, Dickson Commercial Group The Reno/Sparks office market is in a unique position: caught in the throes of a rapidly expanding commercial marketplace and aided by an ever-increasing population base. The most vibrant commercial real estate sectors in our area are industrial and multifamily, and they have been for decades. The office market is also seeing new companies, new developers and new buildings. For the first time in many years, we will see a true speculative office development begin construction this summer. McKenzie Properties will be going vertical with its Skypointe development. Tolles Development Company is in the middle of completing its Rancharrah project, which contains 64,000 square feet of retail space and 36,000 square feet of office space. Last, but certainly not least, Reno Land Inc. and its partner Lyon Living have started the first phase of their Park Lane development, a 46-acre, master-planned development that will include office, retail and multifamily. This new development shows the Reno/Sparks area is on the move, and fast. The area provides for a quality of life that is difficult to find when combining Lake Tahoe, the Sierra Nevada mountains and the Truckee River, which bifurcates the city. In comparison …
RENO, NEV. — SVN | Gold Dust Commercial Associates has arranged the sale of an office property located at 790 Sandhill Road in Reno. An out-of-state buyer acquired the building for $9.1 million. The U.S. General Services Administration occupies the 17,908-square-foot property on a long-term lease. Casey Prostinak of SVN | Gold Dust represented the undisclosed seller in the deal.
NORTH LAS VEGAS — Reno, Nev.-based Dermody Properties has completed the development of LogistiCenter at Speedway, a distribution center located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, LogistiCenter at Speedway features 251,800 square feet of distribution space and immediate access to Interstate 15 via the Speedway Boulevard off-ramp. Dialog Direct, a marketing company offering direct mail, print and fulfillment services, has leased 75,800 square feet at the facility. The remaining 176,600-square-foot space features a 32-foot clear height, 38 dock-high doors, six drive-in doors, a 135-foot truck court, an ESFR fire protection system and tilt-up concrete panel construction. The space is divisible from 31,800 square feet to 112,000 square feet.
