Nevada

Henley Tower 16 Buys 512-Unit Multifamily Community in Las Vegas’ Spring Valley Submarket

by Amy Works July 9, 2018

LAS VEGAS — Henley Tower 16, a joint venture between Henley USA and Tower 16 Capital Partners, has acquired Foothill Village Apartments, a multifamily property located in the Spring Valley submarket of Las Vegas. Greenberg Traurig sold the property for $50 million in an off-market transaction. The buyers plan to renovate the property and rebrand it as Altura on Tropicana. The community features 512 one-, two- and three-bedroom townhomes with central air conditioning and individual electric metering. On-site amenities include three swimming pools, two hot tubs, two basketball courts, four laundry facilities, a business center, a large playground and dog runs. Pat Sauter, Art Carll-Tangora and Antone Brazill of NAI Vegas retained the buyers in the transaction.

July 9, 2018

Acquisitions Multifamily Nevada Western

SDS Realty Corp. Acquires Multifamily Property in Las Vegas for $3.2M

by Amy Works July 5, 2018

LAS VEGAS — SDS Realty Corp. has purchased Fremont Palms Apartments, a multifamily property located at 2540 Fremont St. in Las Vegas. Sackley Family Management 2540 LLC sold the building for $3.2 million. The property features 53 apartment units, resulting in a price of $60,377 per unit. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller, while Blake Leavitt of Wardley Real Estate represented the buyer in the off-market transaction.

July 5, 2018

Development Industrial Nevada Western

Panattoni Development Breaks Ground on 204,000 SF Spec Industrial Park in Las Vegas

by Amy Works June 27, 2018

LAS VEGAS — Panattoni Development Co. has broken ground Centennial Commerce Center, located at 6405 E. Centennial Parkway in North Las Vegas. Situated on 10.4 acres, the property will feature 204,000 square feet of speculative industrial space. Valued at $16 million, the cross-dock facility will feature 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting and flexible office build-outs. Additionally, the property will be designed with flexibility to accommodate up to four 51,000-square-foot tenants. Speedway 10 Industrial, a joint venture between LaSalle Investment Management and Panattoni Development, is the owner of the development. Vertical construction is slated to begin this month, with completion scheduled for December. Greg Tassi and Donna Alderson of CBRE are marketing the property for lease.

June 27, 2018

Acquisitions Healthcare Nevada Office Western

Fairfield Asset Advisors Brokers $20.7M Sale of Medical Office Building in Henderson, Nevada

by Amy Works June 25, 2018

HENDERSON, NEV. — Denver-based Fairfield Asset Advisors has arranged the sale of a medical office building located at 10561 Jeffreys St. in Henderson. An undisclosed buyer acquired the property for $20.7 million. The seller was a physician group. Built in 2008, the property features 48,000 square feet of medical office space. The anchor tenant is an orthopedic surgery center operated by USPI and Dignity Health.

June 25, 2018

Acquisitions Nevada Retail Western

NAI Alliance Arranges Sale of 15,984 SF Shopping Center in Sparks, Nevada

by Amy Works June 25, 2018

SPARKS, NEV. — NAI Alliance has brokered the sale of Marina Marketplace, a shopping center located in Sparks. An undisclosed buyer purchased the property for $4.4 million. Mark Keyzer negotiated the transaction. The 15,984-square-foot property is occupied by 11 tenants, including Peg’s Glorified Ham ‘N Eggs as the anchor. The name of the seller was not released.

June 25, 2018

Acquisitions Industrial Nevada Western

Panattoni Development Sells Two Industrial Buildings in Reno for $81.1M

by Amy Works June 21, 2018

RENO, NEV. — Panattoni Development Co. has completed the disposition of buildings A1 and B of the North Valleys Commerce Center (NVCC) in Reno. PRISM-IQ Nevada LLC and GOF Nevada LLC purchased the properties for $81.1 million. Panattoni made the sale through CP Logistics NVCC and CP Logistics NVCC Building A-1, two joint ventures between Panattoni and a public retirement fund. Building A1, totaling 352,957 square feet, and Building B, totaling 707,660 square feet, are located on 56 acres at 9460 N. Virginia St. in Reno. Trademark Global, Exxel Outdoors, Microflex Corp. and SupplyHouse.com are tenants at the properties. Completed in 2018, the buildings are cross-docked distribution facilities with a 36-foot clear height and low-cost LED lighting. JLL and Kidder Mathews represented the sellers in the deal.

June 21, 2018

Acquisitions Industrial Nevada Western

NAI Alliance Negotiates Two Industrial Sales in Nevada

by Amy Works June 20, 2018

SPARKS AND MCCARRAN, NEV. — NAI Alliance has brokered the sales of two industrial assets in Nevada. In the first transaction, Tolles Development Co. purchased a 202,760-square-foot industrial portfolio located at 1210-1280 Icehouse Drive, 575-585 Reator Way and 1355 Industrial Way in Sparks. Dan Oster and Chase Houston of NAI Alliance represented the buyer in the deal. In the second transaction, Rounds Bakery acquired a 11,961-square-foot light industrial property located at 96-114 Megabyte Drive in McCarran. Greg Shutt of Colliers international represented the buyer; while Oster and Houston represented the seller, PSG Resources LLC, in the deal.

June 20, 2018

Market Reports Multifamily Nevada Western Western Market Reports

Reno Multifamily Rent Growth Among Nation’s Highest as Vacancy Remains Low

by Taylor Williams June 19, 2018

Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. The company pulled 112 permits last year to build out internal areas of the factory. The introduction of Tesla’s electric semitruck necessitates a further expansion of production in the coming years. On the supply side, development is ramping up quickly as builders finally move away from primary markets to relieve housing pressure in tertiary metros. Inventory will expand by more than 4 percent this year, representing the largest increase on record. The South Reno submarket contains a majority of the completions slated this year. More than 1,400 units are underway in the submarket, including nearly 1,000 scheduled for delivery in 2019. Builders are also active in the Sparks submarket, where 600 units are underway and scheduled for completion. The introduction of new units has pushed up the percentage of properties offering leasing incentives to 16 percent. Still-tight conditions are limiting the average incentive to just nine days of free rent. An influx of …

June 19, 2018

Acquisitions Nevada Retail Western

Colliers Arranges $5.3M Acquisition of Retail Property in Las Vegas

by Amy Works June 12, 2018

LAS VEGAS — Colliers International – Las Vegas has brokered the purchase of a retail property located at 6825 W. Russell Road in Las Vegas. Daniel and Cathy Pereyra purchased the property from an undisclosed seller for $5.3 million. The property features 23,596 square feet of retail space. Dan Gluhaich of Colliers represented the buyer in the transaction.

June 12, 2018

Industrial Market Reports Nevada Western Western Market Reports

E-Commerce, Advanced Manufacturing Attract Capital to Reno

by Taylor Williams June 12, 2018

Industrial sales and leasing in the Reno-Sparks area remains one of the best performing sectors in the marketplace, just as it did in 2017. With a record vacancy percentage below 4 percent, combined with new buildings being occupied upon completion, the strong demand for new and existing industrial product is a welcome normality from previous years. The North Valley’s submarket has been the dominant center point for speculative development. It is currently the fastest-growing submarket in Reno, as nearly 50 percent of the transactions containing more than 50,000 square feet were concentrated in this submarket. This is primarily attributed to the abundance of skilled labor in the area and proximity to Interstate 80. Developers continue their hunt for buildable land in the area, though the availability of readily developable parcels is dwindling. Driven by consumer shifts toward internet goods, along with burgeoning advanced manufacturing, capital from institutional and regional investors alike have entered Reno’s industrial market. This has led to the industrial market posting the largest volume and most competitive assets. Last year’s investment volume was up 90 percent year over year, with a 14 percent increase in the total number of sales. The most recent eye-opener was Blockchains’ acquisition …

June 12, 2018

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