NORTH LAS VEGAS, NEV. — Panattoni Development, serving as developer, has commenced work on North 15 Logistics Center, building on a 29.9-acre land parcel located at the intersection of Interstate 15 and Speedway Boulevard in North Las Vegas. Slated for completion in first-quarter 2020, the $47 million project will feature two buildings offering a total of 550,024 square feet of industrial space. The facilities will feature up to 36-foot clear heights, ESFR sprinkler systems, R-30 roof batt insulation and concrete truck courts. LIT Industrial Limited Partnership, a Clarion Partners company, owns North 15 Logistics Center. Alston Construction is serving as contractor and HPA Architects is proving architectural services.
HENDERSON, NEV. — KeyBank Real Estate Capital has secured $65 million in Fannie Mae financing for Maxx Properties’ previously announced acquisition of Villas at Green Valley in Henderson. Built in 1984 and 1986, the community features 609 garden-style apartment units across 38 two- and three-story apartment buildings, a clubhouse and fitness center on 21 acres. Alan Isenstadt of KeyBank Real Estate Capital’s Income Property Group and Erik Storz of Key’s Commercial Mortgage Group arranged financing for the project.
NORTH LAS VEGAS, NEV. — Dermody Properties has broken ground on LogistiCenter at Speedway, a distribution facility located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, the 251,800-square-foot building will feature 32-foot clear heights, 52 dock doors, eight grade-level doors and 182 car parking spaces. The building is currently available for pre-leasing and is divisible to 24,300 square feet. Garrett Toft and Sean Zaher of CBRE Las Vegas is representing the property. United Construction Co. is serving as general contractor.
HENDERSON, NEV. — MAXX Properties has purchased Villas at Green Valley, a multifamily property located in Henderson, for an undisclosed price. The name of the seller was not released. Developed in 1984 and 1986, Villas at Green Valley features 609 apartments spread across 38 buildings. The community offers one-, two- and three-bedroom floor plans with an average unit size of 781 square feet. Community amenities include two swimming pools, a spa, fitness center, playground, sports court, two dog parks, picnic pavilions with barbecue grills, parcel lockers, business center and resident lounge with game room. MAXX plans to complete a modernization program at the property, including improvements to the clubhouse, all common areas and unit interiors. The acquisition was partially capitalized through the sale of Cedar Run Apartments in Denver. Additionally, MAXX entered into a long-term, fixed-rate mortgage loan with Fannie Mae. KeyBank served as the originator and placement agent for the transaction.
LAS VEGAS AND LITHIA SPRINGS, GA. — TruAmerica Multifamily, in partnership with an institutional partner, has purchased a two-property apartment portfolio in an off-market transaction valued at $97 million. The properties are Vintage Pointe, a 368-unit community in Las Vegas, and Sweetwater Creek, a 240-unit asset in Lithia Springs, a suburb of Atlanta. Neither property—Vintage Pointe built in 1994, nor Sweetwater Creek built in 2003—have undergone significant renovations. The new ownership plans to invest in a multi-million dollar capital improvement program to reposition both properties.
HENDERSON, NEV. — Denver-based Continental Realty Advisors (CRA) has completed the disposition of Tesoro Ranch Apartments, a multifamily property in Henderson. CRA improved the property with upgrades to common areas and amenities, as well as a light renovation to most of the units. Constructed in 2007, Tesoro Ranch Apartments features 400 multifamily units and is adjacent to the $1.4 billion Union Village Integrated Health Village development along Boulder Highway in Henderson. CRA renovated the community’s clubhouse/leasing center, fitness center and pool area. Additional details of the transaction were not released.
The Las Vegas Valley’s multifamily market is at an interesting crossroads, according to panelists at InterFace Las Vegas Multifamily. Hosted by InterFace Conference Group and Western Real Estate Business, the half-day conference was held April 24 at the Four Seasons Hotel in Las Vegas. The metro area’s population is growing at a rapid pace, with a net migration of 45,000 new residents in 2018, according to research from Marcus & Millichap. This is the largest annual total for Las Vegas since 2007, right before everything went south for the Southwest. “We started to recover later,” said Stephen Miller, professor and director of the Center for Business and Economic Research at the University of Nevada, Las Vegas (UNLV), who gave the conference’s special lunch presentation. “The recession here was deeper than the national average. It has been a slow slog, but in the last couple of years we’ve been growing more rapidly than any other state in the union in terms of employment.” He’s not wrong. Companies have already added 33,000 new positions to the Las Vegas Valley in 2019. This is a 3.2 percent gain that exceeds the previous five-year average, noted Marcus & Millichap. Most of these jobs were …
RENO, NEV. — NAI Alliance has negotiated sales of two properties totaling 21,072 square of industrial and office space in Reno. Prices were not disclosed. In the first transaction, The Carle & Anne Conway Family Trust acquired a 19,222-square-foot office building located at 140 Washington St. Dan Oster and Chase Houston of NAI Alliance represented the seller, TDC Reno Office 1-DE SPE LLC, while Avison Young Western Alliance Commercial represented the buyer. In the second deal, Nevada Outdoors purchased a 1,850-square-foot industrial building, located at 5115 Sun Valley Blvd. Oster and Bryce Wiele of NAI Alliance represented the buyer, while DCG Commercial Group represented the seller, David Muskin.
A stable economy, lower unemployment rate and diversification of industries are bringing more overall investment activity to Southern Nevada’s industrial real estate scene, noted panelists at InterFace Las Vegas Industrial. Hosted by InterFace Conference Group and Western Real Estate Business, the half-day conference was held April 24 at the Four Seasons Hotel in Las Vegas. Using the terms “investment” and “Las Vegas” in the same sentence can cause many veteran decision-makers to pause as they remember the state that this city was in 10 years ago. During the Great Recession, Las Vegas was struggling to survive and many were uncertain about the city’s long-term future as visitors shunned Vegas hotels and casinos as they went into self-preservation mode. “There was nothing more depressing here than the recession when you could drive from one side of town to the other in half an hour because no one was going to work,” said Larry Monkarsh, owner of LM Construction and moderator of the conference’s Developers/Owners panel. Times have certainly changed, ushering in a new era of investment, commerce and development that has brought a renewed sense of confidence to Las Vegas. Though market players will always have varying opinions, one word reigned …
NORTH LAS VEGAS, NEV. — Harsch Investment Properties has completed the development of two industrial buildings at Speedway Commerce Center III, located at 6255-6335 N. Hollywood Blvd. in North Las Vegas. Building A features 390,904 square feet and is currently 92 percent leased to several tenants, including Matheson Trucking, Progressive Alloy, Everypet and Artesian Spa. The property has one remaining unit that can accommodate a 30,000-square-foot tenant. Building B features 333,704 square feet and is currently 34 percent leased to several tenants, including Valuepart, 2020 Exhibits and Scholastic Books. The property can accommodate a variety of tenant requirements ranging from 25,000 square feet to 85,000 square feet. Jason Simon, Rob Lujan and Xavier Wasiak of JLL are overseeing the leasing at the property.