Nevada

Speedway-Commerce-Center-IV-North-Las-Vegas-NV

Harsch Investment Completes 168,000 SF Speedway Commerce Center IV in North Las Vegas

by Amy Works February 18, 2020

NORTH LAS VEGAS — Portland, Ore.-based Harsch Investment Properties has completed the development of Speedway Commerce Center IV, a 168,000-square-foot industrial building located at 6101 N. Hollywood Blvd. in North Las Vegas. The facility is the latest addition to the existing 2.6 million-square-foot Speedway Commerce Center. This development brings Harsch’s holdings in North Las Vegas to 4 million square feet. Speedway Commerce Center IV features office build-outs in each unit, 32-foot minimum warehouse clear heights, 1.4/1,000-square-foot parking ratio, 50-foot concrete aprons and LED warehouse and office lighting. The property also offers ample dock-high and grade-level loading, ESFR sprinklers with K17 rating, 60-foot speed bays and energy-efficient evaporative coolers. Jason Simon, Rob Lujan and Xavier Wasiak of JLL negotiated three leases, totaling 76,926 square feet, for the property, bringing it to 46 percent occupancy. Q Corp. will occupy 37,918 square feet, Proslat will utilize 15,738 square feet and Vogue Tyres will take 23,270 square feet at the facility.

February 18, 2020

Acquisitions California Multifamily Nevada Seniors Housing Washington Western

Welltower Agrees to Sell Western Seniors Housing Portfolio for $740M

by Amy Works February 17, 2020

TOLEDO, OHIO — Welltower (NYSE: WELL) has agreed to sell a portfolio of seniors housing properties in California, Nevada and Washington for more than $740 million. The announcement was made on the company’s fourth-quarter earnings call on Wednesday, Feb. 12. Very few details have been released, however, with Welltower not disclosing the names, locations, buyers or number of properties. The portfolio was 97 percent occupied with a net operating income of $36.7 million in 2019.

February 17, 2020

Acquisitions Nevada Office Western

Positive Investments Sells Bonneville Square Office Building in Downtown Las Vegas for $14.9M

by Amy Works February 14, 2020

LAS VEGAS — Positive Investments, a Southern California-based real estate investment and management company, has completed the sale of Bonneville Square, a five-story office building in downtown Las Vegas. An undisclosed buyer acquired the asset for $14.9 million. Located at 411 E. Bonneville Ave., the property features 92,402 square feet of office space and is within walking distance of more than 40 law firm offices, 16 government offices and six courthouses. The Federal Public Defender’s office anchors the building, which was 79 percent occupied at the time of sale. Mark Schuessler and Mike Tabeek of Newmark Knight Frank represented the seller in the deal.

February 14, 2020

Acquisitions Multifamily Nevada Western

Next Wave Investors Buys 88-Unit Villaggio Di Murano Multifamily Asset in Las Vegas

by Amy Works February 11, 2020

LAS VEGAS — Next Wave Investors has acquired Villaggio Di Murano, an apartment community located at 9475 W. Tompkins Ave. in Las Vegas. A Southern California-based multifamily investment group sold the asset for $14.5 million in an off-market transaction. Built in 2005, Villaggio Di Murano features 88 units in a mix of one-, two- and three-bedroom floor plans. Community amenities include a business center, fitness center, swimming pool and spa/hot tub. Next Wave plans to implement a series of capital upgrades, including exterior paint and signage, new landscaping, interior unit enhancements and pool area improvements. Additionally, the new owner plans to add new community amenities including collaborative outdoor barbecue and gathering spaces.

February 11, 2020

Acquisitions Net Lease Nevada Restaurant Retail Western

Marcus & Millichap Brokers $3.8M Restaurant Property Sale in Las Vegas

by Amy Works February 11, 2020

LAS VEGAS — Marcus & Millichap has arranged the sale of a restaurant asset located in Las Vegas. A private family trust acquired the asset from a private investor for $3.8 million. Todd Manning of Marcus & Millichap’s Las Vegas office represented the seller in the deal. IHOP occupies the 4,700-square-foot building, which is located at 9480 W. Sahara Ave., on a net-lease basis.

February 11, 2020

Lone-Mountain-Distribution-Center-I-Las-Vegas-NV

Acquisitions Industrial Nevada Western

Dermody Properties Buys Two Logistics Centers Totaling 158,166 SF in Las Vegas

by Amy Works January 30, 2020

LAS VEGAS — Dermody Properties has acquired two logistics centers in Las Vegas for an undisclosed price. The properties are Pama Distribution Center I at 1385 E. Pama Lane and Lone Mountain Distribution Center I at 2628 E. Lone Mountain Road. The two multi-tenant, concrete tilt-up buildings offer a combined total of 158,166 square feet, ample dock-high and grade-level doors, and abundant parking. At the time of acquisition, both buildings were fully leased. Additional terms of the transaction were not disclosed.

January 30, 2020

Acquisitions Industrial Nevada Western

Solar Company Acquires Two Warehouses in Las Vegas for $5.6M

by Amy Works January 28, 2020

LAS VEGAS — A solar company has purchased two industrial properties located in Las Vegas for $5.6 million. The undisclosed company acquired a 17,720-square-foot asset at 3570 W. Post Road for $3.5 million, or $198 per square foot; and a 10,484-square-foot building at 3583 Birtcher Drive for $2.1 million, or $200 per square foot. Situated on a combined a 1.9 acres, the 3570 W. Post Road property features three grade-level doors, one dock door and a large fenced yard, while the building at 3583 Birtcher Drive offers two grade-level doors, solar panels and a fenced yard. Cathy Jones, Paul Miachika, Art Farmanali, Michael Hsu and Schane Cabatu of the Investment Services Group of Sun Commercial represented the undisclosed seller in the transaction.

January 28, 2020

Acquisitions Multifamily Nevada Western

Waterton Purchases 456-Unit Vegas Towers Apartment Asset in Las Vegas

by Amy Works January 17, 2020

LAS VEGAS — Waterton has acquired Vegas Towers, a multifamily property located at 1061 E. Flamingo Road in Las Vegas. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1974, Vegas Towers consists of two 10-story towers featuring a total of 264 one-bedroom/one-bath units and 192 two-bedroom/two-bath apartments, as well as a two-story clubhouse. Community amenities include an outdoor courtyard space with cabanas, grilling areas, pool and hot tub. Additionally, the property features laundry rooms on every floor, gathering spaces with a variety of seating options for group entertaining, workspaces for business needs and a fitness center. The buyer plans to implement a combination of renovation strategies that will include interior renovations to upgrade living rooms and bathrooms throughout the property. Select residences will receive quartz countertops, upgraded lighting and plumbing fixtures, new hardware, two-inch blinds and ceiling fans. CBRE represented the undisclosed seller in the deal.

January 17, 2020

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Growth Properties, Blackstone REIT to Buy MGM Grand, Mandalay Bay Casinos in Las Vegas for $4.6B

by John Nelson January 14, 2020

LAS VEGAS — MGM Growth Properties has agreed to form a joint venture with Blackstone Real Estate Income Trust Inc. to acquire the Las Vegas real estate assets of the MGM Grand and Mandalay Bay casinos and resorts for $4.6 billion. MGM Growth (NYSE: MGP) will own 50.1 percent of the joint venture, and Blackstone Real Estate, a non-traded REIT managed by Blackstone (NYSE: BX), will own 49.9 percent. The MGM Grand and Mandalay Bay comprise 9,743 hotel rooms combined, as well as approximately 3 million square feet of meeting space and approximately 300,000 square feet of casino space across 226 acres on the Las Vegas Strip. MGM Growth currently owns the Mandalay Bay’s real estate, and MGM Resorts International (NYSE: MGM) currently owns the MGM Grand’s real estate. At closing, which is expected to occur this quarter, MGM Resorts will enter into a long-term, triple-net master lease with the new ownership for both properties and provide a full corporate guarantee of rent payments. MGM Resorts’ initial annual rent for both venues will be $292 million. MGM Resorts will continue to manage and operate all aspects of the properties on a day-to-day basis, with the joint venture owning the properties …

January 14, 2020

Acquisitions Nevada Retail Western

Passco Sells Silver City Plaza Retail Center on Las Vegas Strip for $59.2M

by Amy Works January 3, 2020

LAS VEGAS — California-based Passco Cos. has completed the disposition of Silver City Plaza, a retail center situated on the northern end of the Las Vegas Strip. Regal Acquisition acquired the property for $59.2 million. Located at 3001 S. Las Vegas Blvd., Silver City Plaza features 41,583 square feet of retail space. Current tenants include Ross Dress for Less, Walgreens, Denny’s and 7-Eleven. Rob Ippolito and Frank Volk of Newmark Knight Frank represented the seller in the transaction.

January 3, 2020

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