LAS VEGAS — The Bascom Group has completed the disposition of Montecito Pointe, an apartment community located at 9745 Grand Teton Drive in northwest Las Vegas. RK Properties acquired the property for $59.2 million. Completed in 2007, the community features 336 apartments, with an average unit size of 981 square feet. Amenities include a pool, fitness center, children’s play area and pet exercise park. John Cunningham and Charles Steele of JLL represented the seller in the deal.
LAS VEGAS — NKF Capital Markets has brokered the sale of a Class A office tower and adjacent parking structure, located at 302 and 304 E. Carson Ave. in Las Vegas. Highbrook Investors sold the property to an undisclosed buyer for $39.7 million. Kevin Shannon, Brunson Howard, Ken White, David Scherer, Bryan Loewen and Rick Stumm of NKF Capital Markets represented the seller. Constructed in 1965, the 161,924-square-foot property was renovated from 2010 to 2015. Current tenants include Take Two Interactive Software, GSA (Housing and Urban Development), Zappos, an Amazon subsidiary and Flexential (formerly ViaWest). The sale also included the adjacent five-level parking structure.
LAS VEGAS — Sun Commercial Real Estate has brokered the sale of a single-tenant, absolute triple-net leased portfolio in Las Vegas. An undisclosed REIT sold the portfolio to an undisclosed buyer for $8.3 million, or $120 per square foot. The portfolio includes a 38,784-square-foot office building located at 2975 S. Rainbow Blvd. and eight residential rehabilitation facilities totaling 30,389 square feet. Cathy Jones, Jessica Cegavske, Roy Fitz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate’s Investment Sale Group represented the seller and procured the buyer in the transaction.
LAS VEGAS — Commercial Executives Real Estate Services has brokered the sale of a professional office space located at 1120 Shadow Lane in Las Vegas. Shadow Lane Property sold the building to Moorea Holdings LLC for $1.8 million. The property features 9,800 square feet of office space. Soozi Jones Walker and Bobbi Miracle of Commercial Executives Real Estate Services represented the seller in the deal.
LAS VEGAS — NorthMarq Capital has secured a $37 million refinancing for Sahara Center, a retail property located at 10000 W. Sahara Ave. in Las Vegas. Scott Monroe of NorthMarq Capital’s Las Vegas office arranged the 10-year term on a 30-year amortization schedule. A conduit CMBS lender provided the capital. Sprouts Farmers Market, TJ Maxx, Petco, Raising Cane’s Chicken Fingers, In-N-Out Burger, Stein Mart and Burlington Coat Factory are major tenants at the 222,883-square-foot retail property.
LAS VEGAS — Northcap Multifamily has arranged the sale of Decatur Point, a multifamily property located at 1760 N. Decatur Blvd. in Las Vegas. Vegas Venture Holdings LLC sold the asset to an undisclosed buyer for $8.2 million. The property features 100 apartments. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily arranged the transaction.
LAS VEGAS — NorthMarq Capital has arranged an $11.3 million loan for the construction of Centennial Hills Skilled Nursing Facility in Las Vegas. The facility features 72 beds. The loan has a 12-month interest-only term followed by a 25-year amortization schedule. The loan-to-cost ratio is 75 percent. A national bank provided the capital. Jordan Johnson and Jerry Peterson of NorthMarq Capital’s Las Vegas office arranged the loan. The borrower was not disclosed.
LAS VEGAS – Fisher Brothers and Beneville Studios have broken ground on AREA15, a retail, art and entertainment complex located along West Desert Inn Road in Las Vegas. Weaving together immersive experiences, music and corporate events, art installations, restaurants, bars and nightlife, the 126,000-square-foot complex is slated to open in late 2019. The complex will appeal to a variety of clientele, including gamers, comic-con and sci-fi enthusiasts, artists and music and festival lovers.
LAS VEGAS — Colliers International has arranged the sale of a retail property located at 2827 Paradise Road in Las Vegas. Stirling Club LLC acquired the property from JDLB LLC for $12.4 million. Stirling Club occupies the 73,576-square-foot property. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.
LAS VEGAS — The Las Vegas industrial market was built on supporting the city’s tourism and hospitality industry, which brings in nearly $60 billion per year, according to a study by Applied Analytics. But in recent years, the segment has evolved and grown thanks to the emergence of e-commerce and the harsh market conditions of nearby Southern California. A panel at the InterFace Las Vegas Industrial conference, held at the Four Seasons Hotel in Las Vegas on April 24, brought together eight regional developers and owners to discuss the changing state of the Las Vegas industrial market in 2018. Included on the panel were Michael Dermody, CEO at Dermody Properties; Taylor Arnett, vice president at CapRock Partners; Kevin Higgins, senior vice president and partner at CBRE; Doug Roberts, partner at Panattoni Development Co.; Fritz Wyler, managing director at Prologis; Rod Martin, director of development at Majestic Realty Co.; and Jordan Schnitzer, president at Harsch Investment Properties. Phil Ralston, president at American Nevada Co, moderated the panel. “Historically, the Southwest [Las Vegas] submarket has brought a premium in rents [compared] to what you see in the other submarkets, and 80 percent of the tenant base there is doing business on the …
