HENDERSON, NEV. — Panattoni Development has started construction of Building C and D at South15 Airport Center, an office and industrial park located on Bowes Avenue in Henderson. Delivery is slated for early 2020. Building C will be a 183,560-square-foot, cross-dock industrial facility and Building D will be an 83,000-square-foot single-load distribution building. The 153-acre South15 Airport Center also includes a 310,000-square-foot FedEx Ground facility and a 482,300-square-foot distribution building leased to Smith’s Food & Drug. South15 Airport Center is owned by PDCUSIF South 15, a joint venture between Panattoni Development and Hillwood. Alston Construction is serving as general contractor and Tectonics Design Group is serving as architect for the project.
HENDERSON, NEV. — San Diego-based The ConAm Group has purchased South Valley Ranch, a 292-unit apartment community situated on 17.4 acres at 701 Aspen Peak Loop in Henderson. An undisclosed seller sold the asset for $54.5 million. Built in 1997, South Valley Ranch features 37 two-story buildings offering a total of 104 one-bedroom units, 164 two-bedroom units and 24 three-bedroom units, each with its own patio or balcony. Community amenities include a swimming pool, fitness center, business center, playground, barbecue area, carports and garages.
PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.
HENDERSON, NEV. — RealComm Advisors has arranged the sale of an industrial property, located at 1550 Executive Airport Drive in Henderson. Executive Airport Industrial LLC acquired the asset from DEV Investment for $14.9 million. Situated within AirParc South, the property features 106,680 square feet of industrial space. Greg Pancirov of RealComm Advisors represented the buyer, while Mike De Lew, also of RealComm Advisors, represented the seller in the deal.
LAS VEGAS — MGM Resorts International (NYSE: MGM) has agreed to sell its Bellagio and Circus Circus resort assets on the Las Vegas Strip in two different transactions for a combined price of approximately $5 billion. Blackstone Real Estate Income Trust (BREIT) will acquire Bellagio in a $4.25 billion sale-leaseback deal. As part of the transaction, BREIT and MGM will form a joint venture ownership agreement, with BREIT owning 95 percent. MGM will continue to lease, manage and operate the property, with an initial annual rent of $245 million. MGM also agreed to sell its Circus Circus Las Vegas resort to an affiliate of Treasure Island Hotel and Casino owner Phil Ruffin for $825 million. Both sales are expected to close by the end of 2019. “We will use the proceeds from [these transactions] to build a fortress balance sheet and return capital to shareholders,” says Jim Murren, chairman and CEO of MGM Resorts International. “These transactions enhance the company’s strategic and operational flexibility and reinforce its commitment to targeted new growth opportunities, including securing and investing in one of the integrated resort licenses in Japan and becoming an industry leader in sports betting in the U.S.” The sale-leaseback deal …
SPARKS, NEV. — CIRE Equity has purchased Sparks Galleria, a grocery-anchored retail center located in Sparks, a suburb of Reno. Pine Tree Commercial Realty sold the asset for $40.6 million. Anchored by Sprouts Farmers Market and Marshalls/HomeGoods, Sparks Galleria features 212,647 square feet of retail space. Additional tenants include Starbucks Coffee, Qdoda Mexican Eats, See’s Candies and Kay Jewelers. Colliers International, in collaboration with Newmark Knight Frank, represented the seller in the deal.
LAS VEGAS — Healthcare Transactions Group has arranged the sale of Kindred Transitional Care and Rehabilitation – Spring Valley, a 160-bed skilled nursing facility in Las Vegas. Constructed in 2015, Kindred Spring Valley is a two-story, 90,244-square-foot building. The property is next to Spring Valley Medical Center, a 292-bed acute care hospital. Mark Davis of Healthcare Transactions Group served as advisor to Kindred Healthcare. The buyer was Capital Senior Ventures, which already has a portfolio of skilled nursing properties in the Southwest. Sapphire Healthcare Management will operate the asset. The sales price was not disclosed. Kindred announced in 2016 that it was divesting of all its skilled nursing facilities to focus on other areas of its business.
LAS VEGAS — Colliers International – Las Vegas has arranged the sale of Village at Desert Lakes, an apartment community in Las Vegas. MG Properties acquired the asset from Hamilton Zanze for $36.5 million. Located at 9155 W. Desert Inn Road, Village at Desert Lakes features 184 apartments in a mix of one-, two- and three-bedroom layouts with private patios or balconies. Community amenities include two swimming pools and a fitness center. Christopher Bentley, Jeff Swinger and Shalonda Hughes of Colliers represented the seller in the transaction.
LAS VEGAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has facilitated the sale of Greystone Office Park, a five-building office and retail pad complex on more than 13 acres in Las Vegas. An undisclosed buyer acquired the property for $27 million, or $121 per square foot. Located at 1800-2030 E. Flamingo Road, Greystone Office Park features 222,000 square feet of space. Developed in 1982 and 1986, the asset has a diverse base of long-term tenants, the largest being Clark County Family Services. IPA and Tina Taylor of Marcus & Millichap’s Las Vegas office represented the undisclosed seller and buyer in the transaction.
SPARKS, NEV. — Green Leaf Partners has purchased Waterstone at Kiley Ranch, an apartment community located in the Reno-Sparks area of Nevada. The asset is located at 815 Kiley Parkway within the 800-acre Kiley Ranch master-planned community. Initially developed as a for-sale condominium property in 2007, the community was later converted to 100 percent rental units. Waterstone at Kiley Ranch features 203 units in a mix of four floorplans featuring multi-story one- and two-bedroom apartments. The units include high-end amenities such as stainless steel appliances, granite countertops, full-size washer-dryer sets, high ceilings, premium finishes and direct-access garages. Aiman Noursoultanova of CBRE’s Reno office represented the seller in the deal. Troy Tegeler of CBRE Debt and Structured Finance assisted in financing the deal for the buyer, and Marc Ross of CBRE’s Sacramento office provided advisory assistance on the transaction.