Nevada

Office Trends Toward Creative, Collaborative in Las Vegas

by Taylor Williams September 25, 2018

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 …

September 25, 2018

Acquisitions Nevada Office Retail Western

Colliers Negotiates Three Office, Retail Sales Totaling $19M in Las Vegas

by Amy Works September 18, 2018

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.

September 18, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Labor, Population Growth Drives Las Vegas Multifamily Market

by Taylor Williams September 18, 2018

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 …

September 18, 2018

Acquisitions Multifamily Nevada Western

NAI Alliance Negotiates $2.4M Sale of Apartment Community in Reno

by Amy Works September 17, 2018

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.

September 17, 2018

Market Reports Nevada Retail Western Western Market Reports

Vegas’ Retail Market Supports Economy Beyond Gaming, Hospitality

by Taylor Williams September 11, 2018

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 …

September 11, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Breaks Ground on $8M Assisted Living Community in Nevada

by Amy Works September 10, 2018

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.

September 10, 2018

Acquisitions Nevada Office Western

Dornin Investment Group Sells 131,000 SF Office Asset in Las Vegas

by Amy Works August 31, 2018

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.

August 31, 2018

Acquisitions Hospitality Nevada Top Stories Western

Investor Buys Mandarin Oriental Las Vegas for $214M, Rebrands as Waldorf Astoria

by Kristin Harlow August 31, 2018

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

August 31, 2018

Acquisitions Mixed-Use Multifamily Nevada Retail Western

Northcap Commercial Brokers $11.5M Sale of Mixed-Use Asset in Las Vegas

by Amy Works August 28, 2018

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.

August 28, 2018

Acquisitions Multifamily Nevada Western

Kennedy Wilson Acquires 293-Unit Multifamily Community in Reno for $36.3M

by Amy Works August 24, 2018

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.

August 24, 2018

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