The retail market in Reno/Sparks continues to improve with big box retailers moving to the market and a steady decrease in the vacancy rate. The retail market in Reno/Sparks has seen an overall decrease in vacancy for the fifth consecutive quarter with the current vacancy rate hovering just under 7 percent. Average market rent is currently $1.50 per square foot, triple net, and appears to be slowly climbing as we continue to experience positive net absorption. Tenants moving and expanding in the area include Big Lots leasing 30,112 square feet in Spanish Springs, and Harbor Freight and Tractor Supply Company leasing 16,016 square feet and 38,326 square feet, respectively, in Sparks. Sprouts Farmers Market has opened two new locations in Reno and Sparks over the past 12 months, absorbing roughly 60,000 square feet. Grocery Outlet, Tuesday Morning, Marshall’s Home Goods, Burlington and Raley’s Supermarkets have also expanded in northern Nevada. The Reno/Sparks market has seen increased activity in the finance services and fast-casual restaurant industries. New fast-casual restaurants in the area include Mod Pizza, California Pizza Kitchen, Burrito Bandito, Sizzle Pie, Pine State Biscuits and Habit Burger. Chase Bank and United Federal Credit Union have opened several locations in Northern …
LAS VEGAS — Houston-based Weingarten Realty has completed the sale of Tropicana Beltway Shopping Center, a retail property located in Las Vegas. Affiliates of San Francisco-based The Krausz Cos. acquired the property for $59 million. Mark Lucescu of Lucescu Realty represented the seller and procured the buyer in the deal. Walmart Supercenter, Lowe’s, Ross Dress for Less, PetSmart, Office Depot, 99 Cents Only (featuring a grocery department) and Pier 1 Imports anchor the 617,821-square-foot shopping center. At the time of sale, the property was 99.7 percent occupied. Additional tenants include Applebee’s, Bank of America, IHOP, Panera Bread, Chase Bank, Pacific Dental Services, Chipotle, Del Taco, Leslie’s Pool Supplies, Panda Express, T-Mobile, Club Pilates, Cricket Wireless, Sally Beauty Supply, Starbucks Coffee, MetroPCS, Subway, The UPS Store, GNC, GameStop, Sport Clips and The Joint Chiropractic. Neither Walmart Supercenter or Lowe’s Home Improvement Warehouse were included the in the sale.
NORTH LAS VEGAS, NEV. — Alston Construction, serving as general contractor, has broken ground on a warehouse property at Centennial Corporate Park, an industrial park in North Las Vegas. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, owns the property. Situated on 10 acres, the 204,000-square-foot, cross-dock industrial warehouse will feature 32-foot clear heights, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. The speculative development is valued at $14 million. Panattoni Development is developing Centennial Corporate Park, which is slated for completion in second-quarter 2019.
LAS VEGAS — Marcus & Millichap has arranged the sale of a professional office building in Las Vegas, located at 7866 W. Sahara Ave. within Coronado Bay Business Park. A local investor sold the property to a Nevada law firm for $1 million. The buyer plans to occupy the 4,850-square-foot building. Ryan McCullough and Tina Taylor of Marcus & Millichap represented the seller in the transaction.
FERNLEY, NEV. — Marcus & Millichap has arranged the sale of a restaurant property located at 170 U.S. Highway 95-A South in Fernley. An undisclosed buyer acquired the property from a private family trust for $3.2 million. Taco Bell occupies the 2,860-square-foot property on a net-leased basis. Dustin Alvino of Marcus & Millichap represented the buyer and seller in the transaction.
ZEPHYR COVE, NEV. — Dickson Commercial Group (DCG) has arranged the sale of Round Hill Square Shopping Center, a retail property located in Zephyr Cove, near Lake Tahoe. ROIC Zephyr LLC sold the property to an undisclosed buyer for $28 million. Situated on 10.2 acres, the 115,984-square-foot property was 96.8 percent occupied at the time of sale. Tenants include Safeway, United States Postal Service, Wells Fargo, Dollar Tree, Subway, WorldMark by Wyndham and Barton Healthcare Lake Tahoe Surgery Center. Chris Shanks, Dominic Brunetti and Scott Shanks of DCG, along with Tony Bernheim of Carlsbad Capital, represented the seller in the deal.
One of the first questions clients ask when considering a hotel casino acquisition or the development of a new hotel casino project in Nevada is whether they have to obtain a gaming license. Since applying for a gaming license requires the disclosure of extensive, private personal information — and obtaining a gaming license can take several months — buyers and developers often want to learn about alternatives to the license. Those alternatives are briefly summarized below. Sale-Leaseback: The sale-leaseback structure involves the current hotel casino owner and/or operator selling substantially all of the assets to the buyer. The buyer, in turn, then leases all of such assets back to the seller. The seller retains the gaming assets and liabilities, utilizes the other assets per the lease and continues to operate the hotel casino for the lease term. The advantage of this structure is that the sale transaction can be closed quickly since the parties do not have to wait for the buyer to obtain its gaming license. A potential disadvantage to the seller is that it still has to operate the property. Possible disadvantages to the buyer are that the buyer assumes the future licensing risk and, generally speaking, cannot …
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.