Nevada

For Las Vegas Retail Investment, The House Always Wins

by John Nelson January 28, 2025

— By Roy Fritz, First Vice President, CBRE Retail Investment Properties – West — Las Vegas’s retail investment market continues to hit the jackpot, mirroring the lucky winners that visit the city every week. The Valley remains a magnet for growth, attracting new investors who would never have considered Las Vegas in the past. High-profile recent additions like the state-of-the-art, 70,000-seat Allegiant Stadium, Formula 1 Las Vegas Grand Prix race, MSG Sphere and the Fontainebleau luxury resort and casino have retailers and investors drawn to the city’s bright lights as they seek out that next big win. Major League Baseball is also making its mark in Las Vegas with the Oakland Athletics’ planned move to the city. The new stadium, set to open in 2028, will feature a 33,000-seat capacity and state-of-the-art amenities. It will also further cement Las Vegas as a premier sports and entertainment destination. This growth is supported by strong underlying fundamentals and economic diversification. The sentiment across the Valley’s business landscape is that the area has clearly transitioned from a tertiary market, which was highly dependent on Southern California capital just a few years ago, to a solid secondary market. This transformation has attracted investments from all …

January 28, 2025

Development Industrial Nevada Western

Rockefeller Group Completes 145,630 SF Industrial Park in North Las Vegas

by Amy Works January 24, 2025

NORTH LAS VEGAS, NEV. — Rockefeller Group has completed the construction of Cheyenne Industrial Park, a 145,630-square-foot complex located at 3130 N. Lamb Blvd. and 4375 E. Cheyenne Ave. in North Las Vegas. Cheyenne Industrial Park features two buildings. The 104,440-square-foot building offers a clear height of 32 feet, 18 dock-high doors, two grade-level doors, a 135-foot gated truck court, 105 auto parking stalls, 2,000 amps of power and 2,528 square feet of office space. The 41,190-square-foot facility features a clear height of 30 feet, four dock-high doors, one grade-level door, a 135-foot gated truck court, 62 auto parking stalls, 1,200 amps of power and 1,995 square feet of office space. Both buildings feature six-inch slab thickness, LED lighting, TPO roofing, ESFR sprinklers and evaporative coolers. HPA Architecture served as architect and Martin Harris Construction served as general contractor for the project. Rob Lujan, Jason Simon and Danny Leanos of JLL are marketing the buildings for lease or sale.

January 24, 2025

Acquisitions Industrial Nevada Western

Cryogenic Industries Buys Industrial Building in North Las Vegas for $10.3M

by Amy Works January 23, 2025

NORTH LAS VEGAS, NEV. — Cryogenic Industries has acquired an industrial building located at 4620 Eaker St. in North Las Vegas from APG Eaker LLC for $10.3 million. CBRE’s Tyler Ecklund represented the seller in the transaction. Built in 2016 on 2.9 acres, the building features 50,504 square feet of industrial warehouse space, two dock-high doors, one grade-level door, a clear height of 24 feet and 7,658 square feet of two-story office space.

January 23, 2025

Industrial Market Reports Nevada Western Western Market Reports

Las Vegas Industrial Market Seeing Slowdown Heading Into 2025

by John Nelson January 21, 2025

— By Amy Ogden, Partner, Industrial, LOGIC Commercial Real Estate — With the presidential election barely in our rearview mirror, many are taking a moment to assess how the outcome might impact (positively or negatively) their operations. On the one hand, this has been a resilient year for Las Vegas’ industrial market, which tracked close to 4.5 million square feet of net absorption. On the other hand, we are beginning to see a slowdown in momentum. The uncertainty of potential changes has left decision-makers hesitant, preferring to avoid any premature moves until after the holiday season. Nevertheless, the market is far from idle. The recent rate cut of 50 basis points, along with expectations of an additional reduction at the upcoming November meeting , has set a quiet hum of activity in motion. Investors and key players are discreetly exploring opportunities, positioning themselves strategically for when the time is right to act. Local industrial vacancy rates have also jump to about 7 percent as an influx of new deliveries come online. Vacancy rates are projected to hit double digits, considering an additional 4 million square feet is expected to deliver by year’s end. This is something we haven’t seen within …

January 21, 2025

Acquisitions Development Industrial Nevada Western

Visionary III, Matterhorn Venture Partners Buy Land for Spec Industrial Development in Las Vegas

by Amy Works January 17, 2025

LAS VEGAS — Visionary III and Matterhorn Venture Partners have acquired a 6.5-acre development site in the North Las Vegas Valley industrial submarket for the development of North & North Business Park, a speculative industrial project in Las Vegas. Located at the southwest corner of North Nellis and North Las Vegas boulevards, North & North Business Park will offer three industrial buildings for lease for sale to individual users. Construction is slated to begin this summer.

January 17, 2025

Acquisitions Nevada Retail Western

Remington Nevada Sells 115,037 SF Shopping Center in Las Vegas for $50.3M

by Amy Works January 15, 2025

LAS VEGAS — Remington Nevada has completed the sale of Mountain’s Edge Marketplace, a neighborhood shopping center in Mountain’s Edge, a master-planned community in Las Vegas. An out-of-state investor acquired the asset for $50.3 million, or $37 per square foot. Roy Fritz and Preston Fetrow of CBRE’s National Retail Investment Partners-West represented the seller, a Las Vegas-based private investment firm. The purchase includes the assumption of a $33 million CMBS loan requiring the new borrower to engage a loan expeditor to facilitate the process. Situated on 14.7 acres at 7975 Blue Diamond Road, Mountain’s Edge Marketplace offers 115,037 square feet of retail space, which is 98 percent leased to 40 national and local retailers. Current tenants include Ross Dress for Less, Planet Fitness, Starbucks Coffee, Supercuts, The UPS Store, China A Go Go and T-Mobile. The property is shadow anchored by an Albertsons-occupied property, which was not included in the sale.

January 15, 2025

Nellis-Commerce-Center-North-Las-Vegas-NV

Development Industrial Nevada Western

Panattoni Development Completes 228,760 SF Nellis Commerce Center in North Las Vegas

by Amy Works January 14, 2025

NORTH LAS VEGAS, NEV. — Panattoni Development Co. has completed Nellis Commerce Center in North Las Vegas. The 228,760-square-foot, Class A industrial building features 17 dock doors, 18 additional knock-out panels and 48 trailer parking stalls. The facility also features 36-foot clearance, ESFR fire sprinklers and the ability to accommodate up to two tenants with square footage divisible to approximately 105,700 square feet. Nellis Commerce Center is situated 12 miles from Harry Reid Airport, less than five miles from the I-15 interchange and seven miles from US Highway 95. Panattoni Development Co. developed Nellis Commerce Center, which is being marketed by Sean Zaher, Garrett Toft and Jake Higgins of CBRE.

January 14, 2025

Market Reports Nevada Office Southeast Market Reports Western

Vegas’ Office Market Balances Growth, Resilience Amid Challenges

by John Nelson January 14, 2025

— By Patti Dillon, Executive Vice President, Colliers — Las Vegas’ office market is at a critical juncture as shifting dynamics could shape its future for years to come. New developments like the anticipated 30-acre studios development project in discussion with Howard Hughes Corporation present opportunities, though second-generation office space is expected to dominate over the next three to five years. This shift is driven by cost efficiency, evolving tenant demands and the higher expenses tied to new construction. Though new builds offer state-of-the-art facilities, the adaptability and affordability of second-generation spaces make them a practical solution for many businesses. Las Vegas continues to attract high-profile corporate tenants from out of state. These companies are drawn to flexible office spaces that feature modern technology and proximity to mixed-use developments that support the evolving hybrid work model. The increasing demand for live-work-play environments has placed a premium on mixed-use developments that combine residential, office and retail spaces. Despite ongoing demand, the market faces significant challenges. Investor confidence has been impacted by broader economic factors, including the U.S. elections, geopolitical tensions and inflationary pressures. Supply chain disruptions, rising construction costs and higher interest rates also create barriers for developers and limit financing options …

January 14, 2025

Acquisitions Industrial Nevada Western

Avison Young Brokers $17.3M Sale of Industrial Building in North Las Vegas

by Amy Works January 7, 2025

NORTH LAS VEGAS, NEV. — Avison Young has arranged the sale of Cartier Industrial Center, an industrial asset in North Las Vegas. A California-based private investor purchased the asset from a local development group for $17.3 million, or $232 per square foot. Located at 2635 Lamb Blvd., Cartier Industrial Center offers 74,700 square feet with eight dock-loading doors, two grade-level doors, a clear height of 30 feet and 81 parking spaces. The property was built in 2024. The single-tenant building is fully occupied by a beauty supply company. Chris Lexis, James Griffis and Joe Leavitt of Avison Young represented the buyer in the deal.

January 7, 2025

Loans Multifamily Nevada Western

MMCC Arranges $11.4M in Refinancing for Two Apartment Properties in Las Vegas

by Amy Works December 23, 2024

LAS VEGAS — Marcus & Millichap Capital Corp. (MMCC) has arranged separate refinancing transactions totaling $11.4 million for two multifamily communities in Las Vegas. Michael Derk of MMCC secured the loans for the private clients. MMCC arranged a $6.2 million loan for the refinancing for Maryland Park, a 135-unit apartment property at 1101 Dumont Blvd. The community offers a pool, laundry facilities, a courtyard, grill and picnic area. A local credit union provided the 10-year loan, which includes a 6 percent interest rate with a 30-year amortization and a loan-to-value ratio of 50 percent, to the undisclosed borrower. The firm also arranged $5.2 million for the refinancing of Katie Court Apartments, a 107-unit community at 3890 S. Cambridge St. On-site amenities include a pool and laundry facilities. A local credit union provided the 10-year loan, which includes a 6 percent interest rate with a 30-year amortization and a loan-to-value ratio of 50 percent, to the undisclosed borrower.

December 23, 2024

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