Nevada

Caesars Agrees to Sell Rio Casino, Hotel in Las Vegas for $516.3M

by Jeff Shaw September 23, 2019

LAS VEGAS — Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million. The buyer is a company controlled by a principal of New York City-based investment firm Imperial Cos. The property is located on Flamingo Road, two blocks from the highly concentrated stretch of casinos on Las Vegas Boulevard known as the Las Vegas Strip. The Rio features 117,300 square feet of casino space, over 1,000 slot machines and 2,520 hotel rooms. Caesars will continue to operate the property for a minimum of two years under a triple-net lease, paying annualized rent of $45 million. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term, Caesars will either continue to manage Rio or provide transition services to the buyer. The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and “the transaction is not expected to result in any changes to the guest experience,” according to Caesars. The World Series …

September 23, 2019

Acquisitions Nevada Retail Western

BK National Solutions Sells 25,892 SF Gramercy Commons Retail Center in Las Vegas for $6.3M

by Amy Works September 16, 2019

LAS VEGAS — BK National Solutions LLC has completed the disposition of Gramercy Commons Retail Center, a multi-tenant retail building in Las Vegas. Manjinder Saini acquired the asset for $6.3 million. Located at 5752 S. Fort Apache Road, the property features 25,892 square feet of retail space. Roy Fritz, Cathy Jones, Paul Miachika, Taylor Vasquez and Dylan Heroy of Sun Commercial Real Estate represented the buyer, while Logic Commercial Real Estate represented the seller in the transaction.

September 16, 2019

Acquisitions Nevada Retail Western

K Corp. Acquires Crossing at Meadowood Square Shopping Center in Reno for $4.4M

by Amy Works September 10, 2019

RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.

September 10, 2019

Arrowhead-Valley-Retirement-Resort-Peoria-AZ

Arizona Development Multifamily Nevada Seniors Housing Western

Resort Lifestyle Communities Completes Seniors Housing Projects in Arizona, Nevada

by Amy Works September 9, 2019

PEORIA, ARIZ., AND HENDERSON, NEV. — Resort Lifestyle Communities has completed construction of two independent living communities, Arrowhead Valley Retirement Resort in the Phoenix suburb of Peoria and Cactus Valley Retirement Resort in the Las Vegas suburb of Henderson. A grand opening is being hosted Sept. 12 at Arrowhead Valley, while Cactus Valley has already opened its doors. The Henderson community features 128 units, but the size of the Peoria community was not disclosed. Resort Lifestyle Communities develops all-inclusive resort-style seniors housing communities across the country, with 45 properties open or under construction.

September 9, 2019

Acquisitions Industrial Nevada Western

Invesco, TA Realty Acquire 10 Industrial Buildings in Las Vegas for $117M

by Amy Works September 6, 2019

LAS VEGAS — Invesco Real Estate and TA Realty Advisors have purchased 10 fully leased industrial buildings in Las Vegas from a private family trust for $117 million. Atlanta-based Invesco acquired four of the buildings, totaling 651,210 square feet, in North Las Vegas, while Boston-based TA Realty purchased the remaining six buildings, totaling 350,000 square feet in Southwest Las Vegas. Michael Kendall, Gian Carlo Bruno, Spencer Pinter, Dan Doherty, Paul Sweetlands, Chris Lane and Jerry Doty of Colliers International represented the seller in the deal.

September 6, 2019

Acquisitions Multifamily Nevada Western

Haven Realty Capital Sells Mountain Vista Apartments in Las Vegas for $17.7M

by Amy Works August 27, 2019

LAS VEGAS — Haven Realty Capital has completed the disposition of Mountain Vista, an apartment community located in Las Vegas. An undisclosed buyer acquired the property for $17.7 million. Located at 3950 S. Mountain Vista St., the community features 178 apartments in a mix of one-, two- and three-bedroom layouts. Units offer walk-in closets, balconies, storage space and high-speed internet access. The two-story property was built in 1979. Community amenities include a business center, breakfast/coffee concierge, grills, fitness center, laundry facilities, pool and a picnic area. Taylor Smith and Carl Sims of Cushman & Wakefield represented the seller in the deal.

August 27, 2019

Development Loans Multifamily Nevada ORIX Seniors Housing Western

Propero Provides Equity Investment for $22M Independent Living Community in Reno

by Amy Works August 26, 2019

RENO, NEV. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno. A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership. Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.

August 26, 2019

Loans Multifamily Nevada Western

Greystone Provides $7.9M in Green Financing for Las Vegas Multifamily Property

by Amy Works August 20, 2019

LAS VEGAS, NEV. — Greystone has provided a $7.9 million Freddie Mac Green Advantage loan for the refinancing of Nottingham Gardens, a multifamily property located at 2165 E. Rochelle Ave. in Las Vegas. The fixed-rate loan carries a 10-year term with three years of interest-only payments and a 30-year amortization. Ana Ramos of Greystone’s Los Angeles office originated the loan, with Andy Bratt of Newmark Realty Capital acting as correspondent. Built in 1974, the property features 92 garden- and townhome-style apartments. The borrower has invested in numerous interior and exterior capital improvements at the property since acquiring it in 2015.

August 20, 2019

Development Industrial Nevada Western

Panattoni Development Completes 270,975 SF Longley Commerce Center in Reno, Nevada

by Amy Works August 19, 2019

RENO, NEV. — Panattoni Development Co. has completed the construction of Longley Commerce Center, a Class A industrial building located at 6550 Longley Lane in Reno. Built on the last large industrial site in south Reno, the asset features 270,975 square feet of flex units ranging in size from 8,400 square feet to 16,800 square feet, as well as bulk industrial units from 24,000 square feet to 218,775 square feet. The project features 30-foot clear heights in all suites, ESFR sprinkler systems, LED lighting and build-to-suit office space. Additionally, the property’s location allows access to Interstate 580, a variety of amenities and the Reno-Tahoe International Airport. Longley Commerce Center is owned by Longley Commerce Center LLC, a joint venture between Markaz and Panattoni Development. Alston Construction served as general contractor for the project, which began in July 2018. Kidder Mathews is providing brokerage services for the project.

August 19, 2019

Central-Seven-Commerce-Center-Las-Vegas-NV

Acquisitions Industrial Nevada Western

MCA Realty Buys 357,608 SF Equus Business Center in Las Vegas for $42M

by Amy Works August 14, 2019

LAS VEGAS — Orange County, Calif.-based MCA Realty has acquired Equus Business Center, a multi-tenant industrial property located at 3400 Desert Inn Road, 3110-3230 Polaris Ave. and 3401 Sirius Ave. in Las Vegas. A private investor sold the asset for $42 million in an off-market transaction. MCA Realty plans to rebrand the 357,608-square-foot property as Central Seven Commerce Center. At the time of sale, the property was 89 percent occupied by more than 170 tenants. The buyer plans to implement interior and exterior renovations to the property, including new paint, landscaping and improved signage. Dan Doherty of Colliers International, along with Gabe Telles and Ali Roesener of Gatski Commercial, represented the buyer. Frank Gatski of Gatski Commercial represented the seller in the transaction.

August 14, 2019

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