LAS VEGAS — US Storage Centers has purchased a self-storage facility located at 8470 W. Charleston Blvd. in Las Vegas. Durango Mini Storage & Charleston Mini Storage sold the property for an undisclosed price. The 177,955-square-foot property features 1,269 self-storage units, video monitoring, gated access and RV/boat/auto storage. US Storage Centers, which was self-represented in the acquisition, currently owns and operates five self-storage facilities in the Las Vegas area.
LAS VEGAS — City Sunstone Properties has completed the sale of Blue Diamond Marketplace, a neighborhood retail center located at 8030-8180 Blue Diamond Road in Las Vegas. A company advised by CenterSquare Investment Management acquired the property for an undisclosed price. At the time of sale, the six-building property was 100 percent occupied. Tenants at the 71,651-square-foot center include Auto Zone, 7-11, Taco Bell, Great Clips, Bank of America, Cricket Wireless, State Farm, Babystacks Café, Capriotti’s Sandwich Shop and Rounders Pub. Michael Zobrist, Nelson Tressler and Scott Price of Newmark Knight Frank represented the seller in the deal.
LAS VEGAS — Lucescu Realty has negotiated the sale of Shadow Mountain Marketplace, a 359,103-square-foot community shopping center located in Las Vegas. Wynmark Co. sold the property to a private investor for $67.2 million. Developed in 2007 by the seller, Shadow Mountain Marketplace is anchored by Costco, Seafood City Marketplace, Walgreens, Best Buy and Ashley Furniture. Additional tenants include McDonald’s, Chili’s, Wells Fargo Bank, Panda Express, Subway, Sport Clips, Massage Envy, Wing Nutz, T-Mobile, Best Mattress, Café Rio, Pacific Dental, Kumon Learning Center, Scottrade, Great Harvest Bread Co., State Farm Insurance, H&R Block and Omega Studio Salons. At the time of sale, the property was 98.9 percent leased and more than 84 percent of the leased gross lease area is occupied by regional and national tenants. The 154,700-square-foot Costco, which features a full-size grocery department, was not included in the sale. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal.
NORTH LAS VEGAS, NEV — Cushman & Wakefield has directed the sale of Craig Promenade, a neighborhood shopping center located at 655-755 W. Craig Road in North Las Vegas. Tulsa, Okla.-based Liberty Crossing Apartments LLC, an entity formed by Precision Equity, purchased the asset from RREF-II KI Promenade, an entity formed by Rialto Capital Advisors. The acquisition price was $12.6 million. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office, along with Lauren Tabeek of the company’s Las Vegas office, represented the seller in the deal. Big Lots anchors the 81,057-square-foot retail center, which sits on 7.6 acres. At the time of acquisition, the property was 84.8 percent occupied.
LAS VEGAS — Colliers International has brokered the sale of a retail property, located at 2885 E. Charleston Blvd. in Las Vegas. E-Z Living LLC acquired the asset from El Mercado LLC for $2.4 million. The property features 12,159 square feet of retail space. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.
LAS VEGAS — KeyBank Real Estate Capital has secured a $35.5 million Fannie Mae first mortgage loan for the acquisition of South Beach Resort in Las Vegas. Situated on 9.8 acres, the property is comprised of 16 two-story residential buildings and features a total of 220 Class A apartment units. Paul Angle of Key’s Commercial Mortgage Group provided the non-recourse, fixed-rate loan with 10 years of interest-only payments for the undisclosed borrower.
LAS VEGAS — Bellwether Enterprise Real Estate Capital has closed a $36 million permanent loan for Desert Marketplace, a shopping center located at the intersection of Warm Springs Road and Durango Drive in Las Vegas. Grass River Real Estate Credit Partners REIT provided the financing, which features a $33 million loan placed with 3650 REIT through its CLBS platform and a $3 million mezzanine loan from a third-party lender. Shelley Magoffin and Max Sauerman of Bellwether Enterprise arranged the loan on behalf of the borrower, Durango Warm Springs III. Smith’s, Walgreens, TJ Maxx, Petco and Big 5 Sporting Goods anchor the 200,000-square-foot shopping center.
HENDERSON, NEV. — RealComm Advisors has arranged the sale of an industrial property, located within AirParc South in Henderson. Premier Analytical Solutions acquired the property from DEV Investment I for $3.9 million. Located at 1560 and 1570 Executive Airport Drive, the properties feature a total of 28,200 square feet of industrial space. Greg Pancirov and Mike De Lew of RealComm Advisors represented the seller in the deal.
HENDERSON, NEV. — Colliers International has arranged the sale of an industrial asset located within South15 Airport Center at 1775 Executive Airport Drive in Henderson. US Industrial Fund (Panattoni Development) sold the property to BCI IV Executive Airport DC HoldCo (Black Creek) for $51 million. The property features 482,300 square feet of industrial space. Dan Doherty, Susan Borst, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the seller in the deal.
The industrial market’s direct vacancy in greater Reno increased by 80 basis points to 4.53 percent at the end of the third quarter of 2018. It was carried by 715,821 square feet of positive net absorption, a relatively below average figure, as well as by an increase in new deliveries. Notwithstanding, pending transactions currently underway in the fourth quarter should mitigate the increase in the market’s overall vacancy. Tenant demand in the third quarter was robust for spaces with less than 50,000 square feet. Transactions that involved Class A space accounted for 84 percent of the total gross absorption. The North Valley was the best performer of all the submarkets, resulting in a 35 percent decrease in availability. The I-80/East submarket, however, recorded a substantially negative quarter due to deliveries/new availability pushing the vacancy to 12 percent. Sublease availability was static for yet another quarter, which demonstrates stability in the market. The average transaction size in Reno decreased slightly to 53,195 square feet. Heading into the fourth quarter, the market witnessed an increase in inquiries and tours involving more than 200,000 square feet. This gave existing landlords confidence that vacancies and new deliveries will be leased in the short term. …
