Nevada

Moonwater Capital Sells 58,950 SF Las Vegas Office Property for $19.9M

by Amy Works April 19, 2019

LAS VEGAS — TSSP – Moonwater Capital has completed the disposition of an office property within the Summerlin master-planned community in Las Vegas. A California-based private investment entity acquired the property for $19.9 million, or $338 per square foot. Located at 1451 Center Crossing Road, the building features 58,950 square feet of Class A office space. An undisclosed Fortune 500 company occupies the single-tenant property. Tivon Moffitt, Peter Bauman and Bret Davis of JLL represented the seller, while Kase Abusharkh of The Kase Group represented the buyer in the deal.

April 19, 2019

Development Industrial Nevada Western

Panattoni Development Completes Centennial Commerce Center in North Las Vegas

by Amy Works April 16, 2019

LAS VEGAS — Panattoni Development Co. has completed the construction of Centennial Commerce Center, a speculative industrial facility in North Las Vegas. Located at 6405 E. Centennial Parkway on 10.4 acres, the cross-docked 213,000-square-foot facility features 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Valued at $16 million, the project will designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, owns the industrial asset. Alston Construction served as general contractor, and Greg Tassi and Donna Alderson of CBRE are handling the leasing of the property.

April 16, 2019

Acquisitions Multifamily Nevada Utah Western

Next Wave Investors Acquires Two Multifamily Properties in Nevada, Utah Totaling 188 Units

by Amy Works April 9, 2019

WEST VALLEY CITY, UTAH, AND LAS VEGAS — Next Wave Investors has purchased two multifamily communities in Nevada and Utah totaling 188 units for an undisclosed price. Additional details of the acquisitions were not released. Next Wave acquired Harlow Apartments, a 98-unit property located at 10602 W. Alexander Road in Las Vegas, with units averaging 1,061 square feet. The resort-style, Class A property was built to condominium specifications and was more than 95 percent occupied at time of sale. Unit amenities include walk-in closets, USB ports, vinyl-plank flooring, nine-foot ceilings and smart-technology package that includes Alexa devices, Nest thermostats, lighting and locks, as well as the smart apartment Dwelo app. The company also purchased Aspen Village Apartments, a 90-unit property located at 3043 W. 3500 S in West Valley City, near the 215 Beltway and Bangerter Highway. As of January, the property was 96.7 percent leased with units averaging 950 square feet. Situated near Fairbourne Station, a new mixed-use development, Aspen Village is in its original condition, which allows Next Wave to add value to the property with unit and amenity upgrades.

April 9, 2019

Development Nevada Retail Western

Albertsons Cos. Acquires Site in Reno for 63,000 SF Safeway Store

by Amy Works March 27, 2019

RENO, NEV. — Albertsons Cos. has closed escrow on a 5.4-acre land site at the Damonte Ranch Town Center In Reno. Kelly Bland of NAI Alliance assisted in the sale of the property. The seller and terms of the transaction were not disclosed. The buyer plans to build a 63,000-square-foot Safeway store on the site by 2021. The store will be the fourth anchor tenant in the 50-acre shopping center. Other tenants include The Home Depot, RC Willey and Office Depot. Safeway Northern California is a division of Albertsons Cos., which operates more than 280 stores across northern California, Nevada and Hawaii under four banners: Andronico’s, Safeway, Safeway Community Markets and Vons.

March 27, 2019

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Breaks Ground on Mountain Lakes Estates Retirement Community in Reno

by Amy Works March 26, 2019

RENO, NEV. — Carson City, Nev.-based Mission Senior Living has broken ground on Mountain Lakes Estates Retirement Community in Reno. The 121,000-square-foot, four-story building will feature 130 active adult apartments for residents of at least 55 years of age. The project is scheduled for completion in spring 2020. The new property will be one of six Mission Senior Living communities, with additional locations in Nevada, Arizona and Oregon.

March 26, 2019

Acquisitions Nevada Retail Western

Marcus & Millichap Negotiates $5.2M Sale of 10,500 SF Retail Building in Las Vegas

by Amy Works March 21, 2019

LAS VEGAS — Marcus & Millichap has arranged the sale of Mountain’s Edge Pad E, a retail property in Las Vegas. An undisclosed seller sold the property for $5.2 million. Located at 8085 Blue Diamond Road, the property features 10,500 square feet of retail space. Dustin Alvino and Jake Wasserkrug of Marcus & Millichap represented the seller and undisclosed buyer in the deal.

March 21, 2019

Acquisitions California Nevada Retail Western

Treehouse REIT Acquires Retail Assets in Las Vegas, California for $33.5M

by Amy Works March 15, 2019

DESERT HOT SPRINGS, CALIF., AND LAS VEGAS — Treehouse Real Estate Investment Trust has completed the purchase of two retail properties for a combined total of $33.5 million. Terms of the sales were not released. The properties are a retail storefront development on Highland Drive in Las Vegas and a 45,000-square-foot Dutch greenhouse in Desert Hot Springs.

March 15, 2019

Acquisitions Nevada Office Retail Western

Colliers Negotiates $11.5M Purchase of 85,134 SF Retail, Office Asset in Las Vegas

by Amy Works March 14, 2019

LAS VEGAS — Colliers International has arranged the acquisition of a retail and office property, located within Scottsdale Plaza at 8716 S. Maryland Parkway in Las Vegas. SREF Scottsdale Plaza LLLP sold the 85,134-square-foot property to Highland and Sterling LLC for $11.5 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyer in the deal.

March 14, 2019

Acquisitions Multifamily Nevada Western

PacifiCap Properties Sells 332-Unit Multifamily Asset in Reno for $35.3M

by Amy Works March 7, 2019

RENO, NEV. — Portland, Ore.-based PacifiCap Properties has completed the disposition of Southwest Village, a multifamily property located in Reno’s Old Southwest Reno neighborhood. A New York-based company acquired the property for $35.3 million, or $106,476 per unit. Constructed in 1972, the 14-building, controlled-access community features 332 apartments averaging 852 square feet, two swimming pools, three laundry facilities and 500 parking spaces. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction.

March 7, 2019

Acquisitions Multifamily Nevada Top Stories Western

Shopoff Realty Sells Apartment Community in Las Vegas for $100M

by Alex Tostado March 7, 2019

LAS VEGAS — Shopoff Realty Investments has sold Pointe at Centennial, a 624-unit apartment community in Las Vegas, to The Calida Group for $100 million. Pointe at Centennial is situated at 5850 Sky Pointe Drive, about 11 miles northwest of downtown Las Vegas. The community offers one-, two- and three-bedroom floor plans ranging from 740 to 1,121 square feet per unit. Shopoff purchased the property in September 2016 as a value-add acquisition when roughly 25 percent of the units were updated. At the time of the most recent sale, Shopoff said 50 percent of the units are currently updated. “By bringing the percentage of renovated units at the property up to 50 percent, we captured significant rent increases, approximately 20 percent higher than the property’s average rental rate at the outset of the renovation plan,” says Shopoff CEO William Shopoff. Irvine, Calif.-based Shopoff also made investments to community-wide amenities such as adding new entry gates, remodeling the leasing office, upgrading lighting, improving landscaping, and implementing roof repairs, exterior painting and gym upgrades. Other amenities include a swimming pool, basketball court, tennis court, grilling area, playgrounds, covered parking and a clubhouse. Shopoff has invested in value-add properties across the United States for …

March 7, 2019

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