LAS VEGAS — The Ensign Group, through its Bridgestone Living portfolio company, has acquired Villa Court Assisted Living and Memory Care in Las Vegas. The community features 53 units of assisted living and 20 units of memory care. Villa Court had an occupancy rate of approximately 74 percent at the time of acquisition. This acquisition brings Ensign’s portfolio to 186 skilled nursing operations (22 of which also include assisted living), 52 assisted and independent living operations, 21 hospice agencies, 22 home health agencies and six home care businesses across 16 states. Ensign owns the real estate at 69 of its 237 healthcare operations.
LAS VEGAS — RealComm Advisors has arranged the purchase of an industrial property located within the Martin Hinson Business Center at 6683 Schuster St. in Las Vegas. Tabs Realty acquired the property for $1.7 million. Greg Pancirov and Mike De Lew of RealComm Advisors represented the buyer in the deal.
LAS VEGAS — California-based Westland Real Estate Group has purchased a two-property multifamily portfolio in Las Vegas for $60.3 million. Totaling 1,129 units, the portfolio includes Liberty Village Apartments at 4870 Nellis Oasis Lane and Village Square at 5025 Nellis Oasis Lane. Both communities offer one-, two- and three-bedroom floor plans with updated kitchens, air conditioning, Roman bathtubs and private balconies and patios. Community amenities include dog parks, mature landscaping, covered parking, tennis courts and swimming pools. Robin Willett and Devin Lee of Northcap Commercial represented the buyer, while Spence Ballif of CBRE represented the sellers, Shamrock Properties VI LLC and Shamrock Properties VII LLC in the transaction.
LAS VEGAS — San Diego-based Tower 16 Capital Partners has purchased Cornerstone Crossing Apartments, a multifamily property located at 6666 W. Washington Ave. in northwest Las Vegas. An undisclosed seller sold the 540-unit property for $49.7 million. Built in 1984, the two-story complex features studios, one-, two- and three-bedroom apartments, ranging from 440 square feet to 1,000 square feet, with private patios and balconies. Community amenities include landscaped courtyards, three pools and spas, a barbecue area, business center, fitness center, basketball courts and sports courts. Tower 16 plans to invest $6.5 million in renovations and upgrades to the property. This is the company’s third acquisition in Las Vegas. Earlier this year, Tower 16 acquired Altura on Duneville and Altura on Tropicana in Spring Valley, Nev.
The Las Vegas industrial sector set records in 2017, with more new construction and higher net absorption than any other time in the market’s history. New construction was dominated by pre-leased space primarily driven by transportation and logistics companies, namely ecommerce and retail-related businesses. As a result, the overall vacancy rate decreased to the second lowest level in market history. As a percentage of overall market size, Las Vegas led the country in both new construction and net absorption. The significant momentum of 2017 did carry over to the first quarter of 2018, albeit at a relatively slower rate. New construction totaled 1.3 million square feet and net absorption lagged deliveries at a positive 1 million square feet, marking the 22nd consecutive quarter of positive net absorption. The overall direct vacancy rate in the first quarter of 2018 was 4 percent, an increase of 50 basis points over the previous quarter. This provided much-needed inventory for tenants looking to enter or expand into the Las Vegas market. While the North Las Vegas submarket dominated 2017, accounting for nearly 70 percent of total net absorption, it is the Southwest submarket that is surging in 2018 with 53 percent of net absorption …
RENO, NEV. — S&S Activewear has signed a lease for an industrial facility at North Valleys Commerce Center in Reno. The national wholesaler of imprintable apparel will occupy the 802,113-square-foot property located at 9550 N. Virginia St., Building D. The company also plans to hire approximately 350 employees for the facility, which is owned and operated by CP Logistics NVCC II, a joint venture between CALSTERS and Panattoni Development Co. Michael Nevis, Michael Hoeck, Steve Kucera and Tim Gunsten of Kidder Mathews represented the landlord in the lease transaction.
Some of the larger companies with long-term growth forecasts are focusing on expansion and amenity-rich office environments for recruiting purposes. However, more people in less space continues to be the trend for companies with slower growth opportunities that are focused on efficiencies and overhead costs. The average standard amount of office space per employee dropped from 225 square feet per person to between 150 square feet and 175 square feet per person in the past couple years. That being said, occupancy cost is not always the main driver in choosing an office location. There seems to be much more emphasis now on quality, functionality and conveniences. In many cases, this is based more on how we work rather than just cost savings. Open work spaces, perks like on-site dining and retail, and providing collaborative environments that foster employee interaction have proven to increase employee productivity significantly. Design is a critical component of this type of work space. Companies are looking for workplace designs and furniture systems that offer flexibility and adaptability as technology evolves. Technological infrastructure enhances the culture and efficiency of a business and protects the security of a company’s trade information. It also saves resources like …
LAS VEGAS — Colliers International – Las Vegas has brokered three sales of properties in Las Vegas for a total consideration of $19 million. In the first deal, Dan Gluhaich of Colliers represented Green Circle Foundation in the purchase of a retail property located at 3815-3835 Blue Diamond Road. An undisclosed seller sold the 24,447-square-foot property for $9.1 million. In the second transaction, 325 SW LLC purchased a 70,000-square-foot office property located at 325 E. Warm Springs Road within Park Place. GCCFC 2005-GGC Warm Springs Office sold the property for $8.7 million. Taber Thill and Patti Dillon of Colliers represented the seller. In the final deal, Thill and Dillon represented Nemo Inc. in the disposition of an office property located at 229 S. Las Vegas Blvd. Green Unicorn LLC acquired the 8,250-square-foot property for $1.2 million.
Las Vegas continues to benefit from a strong labor market, which is driving demand and strong fundamentals in the multifamily sector. Employment in Southern Nevada increased by 3.4 percent over the past year, reaching one million workers, while the total population in Southern Nevada increased 2.2 percent, surpassing more than 2.2 million people. With a well-documented shortage in housing, developers added more than 3,200 new apartment units during the year and still saw vacancies decrease 30 basis points to 5.2 percent. Part of what is driving the tremendous growth in Las Vegas is the billions of dollars in commercial developments. This includes several major resort renovations (Palms, Monte Carlo, Caesars), several new resort developments (Paradise Park, The Drew, Resorts World), and the $1 billion expansion of the Las Vegas Convention Center. There is also the $1.9 billion football stadium that is helping usher the city into a new era of professional sports. On the capital side, multifamily properties continue to be highly sought after by both private and institutional buyers. Although transaction volume slowed in the first quarter of 2018 compared to the same period a year ago, total volume was more than $350 million in the first quarter, marking …
RENO, NEV. — NAI Alliance has arranged the sale of Locust Apartments, a two-parcel multifamily property located 1700 Locust St. and 520 Colorado River Blvd. in Reno. A Reno-based private developer and investor sold the community to an undisclosed buyer for $2.4 million. Built in 1986 and renovated in 2016 and 2017, the property features 17 garden-style apartment units with granite countertops, stainless steel appliances, Tahoe wood-style cabinetry and all new blinds, windows, doors, roofs and water heaters. The community offers a mix of studio, one- and two-bedroom units, a laundry room and a manager’s quarters. At the time of sale, the property was 100 percent leased. Benjamin Nelson of NAI Alliance represented the seller in the deal.