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.
There is a lot of buzz in the Las Vegas market a full 10 years after the Great Recession. Much of this buzz surrounds sports with the new Golden Knights hockey team; the Las Vegas Lights professional United Soccer League team; Las Vegas Aces WNBA team; and the NFL Raiders team. The new Raiders stadium is under construction now and is widely considered the most talked-about major development happening in Vegas. In a city that offers unmatched access to world-class gaming, shopping, tradeshows and conventions, the NFL coming to town creates yet another reason for people to visit Las Vegas. As you can imagine, many retailers and investors are trying to position themselves to take advantage of this entry. The overall vacancy rate for retail in the Las Vegas metro area was 8.7 percent. Rents for new developments range from $2.50 per square foot, triple-net to $4 per square foot, triple-net. Existing neighborhood centers, power centers and strip centers average $1.75 per square foot to $2.25 per square foot. Anchor and mid-box leases average $0.75 per square foot to $1.25 per square foot for both gross and triple-net-structured leases. Ground lease and build-to-suit are averaging $120,000 to $225,000 in annual …
MESQUITE, NEV. — Mission Senior Living has broken ground on Mesa Valley Estates Assisted Living and Memory Care, a 78-unit community in Mesquite, near the Utah and Arizona borders. Development costs were estimated at $8 million. MSL Construction will build the property, which Pinnacle Architects will design. The site is across the street from Mesa View Regional Hospital. Mesa Valley Estates will feature 54 assisted living units and 24 memory care units in a single-story, 61,386-square-foot building. The project is scheduled for completion in fall 2019. Based in Carson City, Mission Senior Living operates six communities in Arizona, Nevada and Oregon.
LAS VEGAS — Dornin Investment Group (DIG) has completed the sale of Town Square North, an office asset located within Town Square mixed-use development on Las Vegas Boulevard South and Sunset Road in Las Vegas. Moonwater Capital, a local real estate owner and operator, acquired the property for an undisclosed price. The two-building asset features 131,000 square feet of Class A office space. The property was vacant at both the time of DIG’s acquisition in January and the current sale.
LAS VEGAS — CityCenter Holdings LLC, which is a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp., has sold the Mandarin Oriental Las Vegas and adjacent retail parcels for $214 million. The 392-room hotel will be rebranded as a Waldorf Astoria. CCLV Luxury Hotel LLC purchased the property, according to the Las Vegas Review-Journal. The investor’s owners include a commercial real estate developer and the co-founders of Panda Express restaurants. The hotel is located at the entryway of CityCenter, a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino; Vdara Hotel and Spa; and the Veer Towers. The hotel features 12,000 square feet of meeting space, five food and beverage outlets and a 27,000-square-foot spa. JLL served as advisor to the sellers, who expect to use the proceeds from the sale to pay a dividend to shareholders. Waldorf Astoria is part of the Hilton chain of hotels. — Kristin Hiller
LAS VEGAS — Northcap Commercial Multifamily has negotiated the sale of Desert Manor, a mixed-use asset located on an entire city block at 629 S. Main St. in Las Vegas. An undisclosed buyer acquired the property for $11.5 million. The sale consisted of 191 multifamily units, 6,364 square feet of retail space and 0.89 acres of land. Devin Lee of Northcap Multifamily represented the seller, 1060 Broadway LLC, in the deal.
RENO, NEV. — Kennedy Wilson has purchased Southridge, a 293-unit apartment community located at 1550 Sky Valley Drive in Reno, for $36.3 million. The buyer invested approximately $16.5 million of equity, including closing costs, and secured a seven-year loan of $19.8 million at the fixed-rate of 4.17 percent. The name of the seller was not released. Built in phases between 1994 and 1995, the 233,879-square-foot property includes a mix of 62 market-rate units and 231 Low-Income Housing Tax Credit units in a mix of studio, one-, two- and three-bedroom layouts averaging 798 square feet. Situated on 15 acres, the community features a swimming pool, barbecue, picnic areas, playground, clubhouse and fitness facility. The acquisition expands Kennedy Wilson’s portfolio to 1,438 units owned and under construction in the Reno market.
LAS VEGAS — NorthCap Multifamily has arranged the sale of Tammany Hall and Rochelle Manor Apartments, a multifamily property located at 4320, 4340 and 4386 Escondido St. in Las Vegas. Built in 1972, the assets offer a total of 149 multifamily units. Indiana LLC sold the property to an undisclosed buyer for $7.5 million. The buyer plans to implement a renovation program at the value-add property. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of NorthCap Multifamily represented the seller in the transaction.
LAS VEGAS — Sun Commercial Real Estate has arranged the sale-leaseback of Windmill Place, an office property located at 370 E. Windmill Lane in Las Vegas. MSA Engineering Consultants sold the property to an East Coast-based buyer for $6.5 million, or $299 per square foot. The seller signed a new 10-year lease at closing for the 21,638-square-foot building. In operation since 1978, MSA Engineering is licensed in 40 states. Cathy Jones, Jessica Cegavske, Roy Fritz, Paul Miachika and Taylor Vasquez of Sun Commercial’s Investment Service Group brokered the transaction.
TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living’s management subsidiary, will continue to operate the properties. The amount of the loan was not disclosed. CPF Living acquired the communities in 2016, and projects that both properties will reach stabilization in 2019.