LAS VEGAS — BLT Enterprises has purchased an industrial warehouse property, located at 3131 Polaris Ave. in Las Vegas, from PepsiCo for an undisclosed price. In conjunction with the sale, PepsiCo has leased back the 88,457-square-foot property for one year. Once PepsiCo vacates the property, BLT will implement value-add improvements, including upgrading onsite power and refurbishing the parking lot.
LAS VEGAS — Berkadia has arranged the sale of Prosper 89, a garden-style apartment community in Las Vegas. Nevada-based Turtle Bay 89 sold the asset to California-based Benedict Canyon Equities for $24.1 million, or $270,787 per unit. Located at 10750 El Camino Road, Prosper 89 features 89 units in a mix of one- and two-bedroom apartments with private garages. Community amenities include a pool, clubhouse, business center, fitness center and open grass areas. Jared Glover of Berkadia Las Vegas facilitated the transaction on behalf of the seller.
RENO, NEV. — Standard Real Estate, in partnership with Mohr Capital, is developing an industrial facility on 11 acres in Reno. Located at 9865 N. Virginia St., the project will offer 180,000 square feet of multi-tenant industrial space. Developed by Mohr Capital, the single-story facility will offer 14- by 16-foot grade-level doors designed for logistics and distribution tenants; 32-foot clear heights; 25 dock positions outfitted with 40,000-pound levelers and seals; motion-sensing LED light fixtures; an ESFR fire protection sprinkler system; 3,000 amp, 277/480 volt, 3-phase power; and 80/20 outside-air, roof-mounted, gas-fired make-up air units. Additionally, the facility will include options to build office spaces on the end caps and in-line. Completion is slated for third-quarter 2025. Greg Shutt of CBRE will manage leasing for the development.
HENDERSON, NEV. — Colliers has negotiated the purchase of The Henderson Gateway Industrial Facility in Henderson, a suburb southeast of Las Vegas. An undisclosed buyer acquired the asset for $27.8 million. The name of the seller was not released. Brian Riffel and Tyler Jones of Colliers represented the buyer in the transaction. Located at 1735 Chaparral Road, the 98,023-square-foot property features 11 dock loading doors, two grade-access doors, an ESFR fire suppression system with a diesel pump, 91 surface parking spaces and 2,530 square feet of HVAC office space.
— By Travis Marc, vice president, and Landes Magliarditi, first vice president, CBRE — The post-pandemic world has reshaped office space needs, and Southern Nevada is no exception. Economic uncertainty and evolving return-to-work policies are driving a market transformation that will define 2024 activity. Fueled by flexible work schedules, the digital age has fundamentally transformed how office tenants work and remain efficient. This shift in work styles is impacting the office market, and we are closely monitoring these trends to determine if pandemic-era changes will remain the future of office, or if new shifts arise to further define the future of office space. Nevada’s Enduring Strengths, Challenges Nevada’s strong economy continues to attract businesses, with sports and entertainment options fueling the growth. Live-work-play office concepts attract high-quality tenants as they, in turn, look to recruit high-quality talent. This development philosophy in Southern Nevada aims to create vibrant communities with seamless transitions between work, life and leisure activities, resulting in record rental rates. At the same time, rising interest rates and construction costs are slowing the overall development of new office. As a result, tenants have limited options to secure quality office space in newly constructed buildings. Well-located, second-generation suburban office space …
HENDERSON, NEV. — Colliers has arranged the sale of Desert Canyon Industrial Park, a five-building, small-bay industrial complex in Henderson. Nicola Wealth Commercial Real Estate sold the asset to an undisclosed buyer for $16.9 million. Built in 2001, the five-building complex offers 93,550 square feet of industrial space. The property is situated on 4.7 acres at 249-257 Elliott Road. Brian Riffel and Tyler Jones at Colliers represented the seller in the deal.
LAS VEGAS — Northmarq has arranged the sale of Millennium East, a multifamily community located in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager company seller sold the asset to a California-based real estate investment company for $52.7 million. Built in 2000 and renovated in 2018, Millennium East features 236 one-, two- and three-bedroom apartments ranging from 720 square feet to 1,116 square feet. A majority of the units were renovated and feature upgraded nickel light fixtures, full-size washers and dryers, luxury vinyl flooring and stainless steel appliances. Onsite amenities include a resort-style pool, gym, playground, dog park, package lockers and covered parking. Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Northmarq’s relationship with Freddie Mac.
LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of a 45-bed post-acute rehab community in Las Vegas. The seller was a regional owner-operator. A national owner-operator with a presence in Nevada acquired the asset for $8.5 million, or $188,888 per bed. The community, exclusively licensed to accept Medicare only, has provided skilled nursing care since its inception in 2015. At the time of marketing, the facility was 73 percent occupied and had struggled to maintain healthy occupancy levels in previous months. Despite these challenges, ESI noted the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year. The previous owner-operator made the strategic decision to divest this asset to better concentrate on its regional portfolio. This was the seller’s only asset outside of the state of Michigan.
— By Megan Husic — For a long time, Las Vegas could not seem to attract major sports venues due to fear of sports gambling. But perceptions changed and opportunity skyrocketed when the supreme court struck down the federal law that prohibited sports gambling outside of Nevada in 2018, allowing other states to open sports books. Perception about major sports in Las Vegas seemed to change almost overnight. Since 2017, Las Vegas has attracted successful NHL and WNBA franchises, lured the Raiders from Oakland, Calif., and hosted high-profile events like the NFL draft, Super Bowl, the NCAA men’s Final Four and a Formula 1 Grand Prix. Now, Major League Baseball is on deck as Vegas is currently making plans to develop a $1.5 billion stadium at a site that included the former Tropicana hotel, which is due to be demolished later this year in anticipation of the stadium. Identifying Property with Potential Many sites along the Las Vegas Strip have been developed since the early 1960s. In some instances, these sites have been redeveloped several times over. In the environmental world, redevelopment sites typically occur on brownfields, defined by the U.S. Environmental Protection Agency (EPA) as a property, expansion, redevelopment or …
John Ramous, Nevada region partner at Dermody Properties, discusses how the southern part of the state’s various regions have evolved into industrial hubs — and what the firm is doing to capitalize on this. WREB: What is it about Las Vegas and its fundamentals that have made it an ideal place for industrial? Ramous: There are several key fundamentals driving Las Vegas’ — or Southern Nevada’s — growth as a comprehensive industrial and regional logistics hub. It’s strategically located near Southern California and other major West Coast markets, maintains a business and tax-friendly environment, has a supportive infrastructure, a streamlined permitting process, a focus on sustainability and a large, talented workforce with competitive labor costs. All these factors make this region an ideal place for industrial and logistics, as well as a very attractive location to work, live and conduct business. WREB: Can you tell me more about your Apex project? Ramous: Apex Industrial Park is becoming a primary center for larger and scalable logistics facilities, advanced manufacturing, technology and other distribution uses. Located in North Las Vegas off Interstate 15, it is luring major companies to the region, benefiting the entire Southern Nevada market. Trucks are arriving full …