Nevada

MCA Realty Repositions, Sells Walnut Business Park in Las Vegas for $7.8M

by Amy Works December 10, 2019

LAS VEGAS — MCA Realty has completed the disposition of Walnut Business Park, a two-building, multi-tenant industrial park in Las Vegas. CapRock Partners acquired the asset for $7.8 million. Located at 3020-3060 N. Walnut Road, Walnut Business Park features 94,808 square feet of industrial space spread across two buildings. MCA Realty originally purchased the asset in 2016 for $5.1 million and implemented a repositioning plan that allowed the company to stabilize and sell the property for an approximate 52.4 percent increase three years later. Interior and exterior renovations included new exterior paint, upgrades to the parking lot, new signage and deferred maintenance repairs. Additionally, MCA individually subdivided the property into 16 units, averaging 5,700 square feet, that can be sold off separately as individual condominiums. Dan Doherty, Chris Lane, Paul Sweetland, Mike Kendall and Jerry Doty of Colliers International represented the seller in the deal.

December 10, 2019

Market Reports Nevada Western Western Market Reports

Henderson Readies for an Even Larger Influx of California Companies

by Taylor Williams December 7, 2019

Once a bedroom community largely overshadowed by its Las Vegas neighbor, the City of Henderson is thriving. With a population of more than 300,000, Henderson recently surpassed Reno to become the second-largest city in Nevada. Henderson’s employment rates have been steadily rising, according to the city’s latest economic update. The city’s employment was at 144,000 last year and has risen to 153,800 in 2019. Henderson accounted for about 11 percent of all jobs in the Las Vegas Valley in 2018, according to labor market analytics company Emsi. Company leaders are also seeing the competitive advantage of growing a presence in Henderson. This has spurred relocations and start-ups in the area. Vinotemp, a leading wine storage solutions and appliance provider, recently relocated its Southern California headquarters to Henderson. The company’s new headquarters is more than 118,000 square feet, making Vinotemp the largest wine cabinet and cooling solutions provider in the nation. A major element in the high cost of doing business in California is the cost of operating in an office space. There is a stark contrast in the price per square foot for office spaces when comparing Southern California and Henderson. For example, the average per square foot for office …

December 7, 2019

Acquisitions Healthcare Nevada Office Western

Marcus & Millichap Brokers $1.6M Sale of Medical Office Building in Las Vegas

by Amy Works December 2, 2019

LAS VEGAS — Marcus & Millichap has arranged the sale of a medical office property located at 8678 Spring Mountain Road. A limited liability company sold the property to an undisclosed buyer for $1.6 million. Southwest Neck & Back Clinic occupies the 9,672-square-foot building. Ray Germain and Austin Lee of Marcus & Millichap’s Las Vegas office represented the seller in the deal.

December 2, 2019

Acquisitions Multifamily Nevada Western

Compass Acquisition Partners Buys 488-Unit Sandpiper Apartments in Las Vegas for $66M

by Amy Works November 21, 2019

LAS VEGAS — Los Angeles-based Compass Acquisition Partners, a private real estate investment company, has purchased Sandpiper Apartments, a multifamily property at 4650 W. Oakey Blvd. in Las Vegas. Apple Management sold the property for $66 million in an off-market transaction. Situated on 20 acres, the property features 61 two-story buildings offering a total of 488 apartments in a mix of one- and two-bedroom units, with an average unit size of 950 square feet. Built in 1988, Sandpiper Apartments offers three resort-style pools, tennis courts, a clubhouse and fitness center. Compass plans to invest approximately $7.5 million in an extensive program of capital improvements, including completion of the unit renovations, as well as common area and exterior renovations. The buyer plans to upgrade the clubhouse and fitness center, refresh the pool areas, paint and implement new signage. Additionally, Compass plans to add dog parks, a multi-sport court and an outdoor community space with barbecues, outdoor kitchen and seating.

November 21, 2019

Development Industrial Nevada Western

Plumbing Manufacturer Opens 148,000 SF Distribution Center in North Las Vegas

by Amy Works November 18, 2019

NORTH LAS VEGAS — Oatey Co., a plumbing manufacturer since 1916, has opened a new distribution center in North Las Vegas. The 148,000-square-foot facility features high efficiency LED lighting and HVLS fans, and meets LEED Silver requirements. The distribution center will stock thousands of residential and commercial plumbing products across the company’s 23 categories and sold under the Oatey family of brands. The new facility will further enhance Oatey’s ability to service its customers in the West.

November 18, 2019

Industrial Market Reports Nevada Western Western Market Reports

Tenants, Developers Remain Bullish on Northern Nevada Industrial Market

by Taylor Williams November 15, 2019

Northern Nevada’s industrial market remains strong with more than 3.2 million square feet of new speculative space under construction and slated for delivery in 2020. These new projects will push the market well above the 90-million-square-footmark. The vacancy rate is a low 5.56 percent and continues to trend slightly upward. There have been some significant lease transactions in the market. Prologis is building a 598,901-square-foot facility for Makita Tools; Scannell just finished a 200,200-square-foot built-to-suit facility for OnTrac; and 1A Auto recently leased 149,196 square feet at 9175 Moya Blvd. All of these transactions occurred in the North Valleys submarket. The new 270,975-square-foot Longley Commerce Center by Panattoni leased up a majority of its space in the third quarter. This project is a mix of flex and bulk spaces, and is the last viable industrial development in the South Meadows submarket. Polaris completed its 514,555-square-foot BTS in Fernley in the second quarter, while a confidential user just leased 266,000 square feet in the I-80 East submarket. There have also been some significant portfolio sales to institutional buyers. The 1.4-million-square-foot Lear Industrial Center is slated to trade hands in the fourth quarter. Northwestern Mutual sold its 1,776,805-square-foot portfolio to Link Industrial …

November 15, 2019

Acquisitions Multifamily Nevada Western

NAI Vegas Arranges $47.6M Acquisition of 212-Unit Las Vegas Grand Apartments

by Amy Works November 15, 2019

LAS VEGAS — NAI Vegas has arranged the purchase of Las Vegas Grand Apartments, a multifamily complex in Las Vegas. 3D Investments acquired the property from 818 Flamingo Co. for $47.6 million, or $224,528 per unit. Located at 818 E. Flamingo Road, Las Vegas Grand Apartments features 212 units. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the deal.

November 15, 2019

Acquisitions Nevada Retail Western

Canon Commercial Buys 214,127 SF Westland Fair Retail Asset in Las Vegas

by Amy Works November 13, 2019

LAS VEGAS — Houston-based Weingarten Realty Investors has completed the sale of Westland Fair, a shopping center in west Las Vegas. Southern California-based Cannon Commercial acquired the asset for an undisclosed price. The transaction included seven parcels totaling 214,127 square feet of retail space. Rob Ippolito and Michael Zobrist of Newmark Knight Frank represented the seller in the deal. Located at 1251 S. Decatur Blvd., Westland Fair is anchored by regional and national tenants, including Smart & Final Extra!, Michaels and PetSmart. Additional tenants include Raising Cane’s Chicken Fingers, Freddy’s Frozen Custard, Applebee’s, Panda Express, Jamba Juice and Office Depot.

November 13, 2019

Acquisitions Nevada Office Western

PREH Paseo Verde Acquires 60,499 SF Office Building in Nevada for $19.4M

by Amy Works November 12, 2019

HENDERSON, NEV. — PREH Paseo Verde LLC has purchased 2200 Paseo Verde, a Class A office building located at 2200 Paseo Verde Parkway in Henderson. Pacific Oak SOR II sold the asset for $19.4 million. Situated within The District at Green Valley Ranch, the 60,499-square-foot property features 24-hour access, a courtyard, balcony and on-site property management. At the time of sale, the building was 94 percent leased to a variety of tenants, including Berkadia Real Estate Advisors, Ticor Title, Umpqua Bank, Michaelson & Assoc. LTD and Ford & Friedman. Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield brokered the transaction. Cushman & Wakefield also handles leasing and property management for the building.

November 12, 2019

Development Industrial Nevada Western

Bass Cap, LM Construction Complete 195,947 SF Industrial Asset in Las Vegas, Sell to EastGroup for $25.5M

by Amy Works November 12, 2019

LAS VEGAS — EastGroup Properties has acquired a Southwest Commerce Center, a newly constructed industrial asset in Las Vegas, for $25.5 million. Brass Cap Development and LM Construction Co. collaborated on the project. The property consists of three concrete tilt-up buildings offering a total of 195,947 square feet of industrial space. Situated on 11 acres at the northwest corner of Russell Road and Decatur Boulevard, the asset’s three buildings range from 23,000 square feet to 101,000 square feet. Two of the buildings were pre-leased during construction. Rentex, an audio visual and computer rentals company, will occupy the 71,000-square-foot Building B. Ghost, a sports supplement company, will occupy the 23,546-square-foot Building C for its West Coast manufacturing and distribution facility. Dan Doherty, Chris Lane and Jerry Doty of Colliers International | Las Vegas represented the buyer in the deal. This is EastGroup Properties’ third industrial asset in Las Vegas.

November 12, 2019

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