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.
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 …
I have had the pleasure of selling commercial office space in Northern Nevada for nearly 15 years. During this time, I saw the peak of the market from 2003 to 2008 wherein construction was at an all-time high, lease rates were reaching unseen heights and absorption was setting records. Then we all got to experience the Great Recession from 2008 through 2012. This saw nearly half of the buildings that were constructed during the previous peak become empty. Vacancy rates hit 20 percent, lease rates dropped to levels well below where they were in 2003, and construction came to a screeching halt. Then, magically, at the beginning of 2013 the economy took a turn and the Northern Nevada office market began its recovery. This was expedited in 2014 with Tesla making its announcement of the Gigafactory in the Tahoe Reno Industrial Center and the Tesla Effect created a national buzz that hasn’t slowed. Unfortunately, this has created a new problem. The Reno office market sits at 10.1 percent vacancy, down from 20.7 percent during the recession, as net absorption has been positive year over year since 2012. The absorption has been primarily in second-generation space as there has been relatively …
LAS VEGAS — Northcap Multifamily has brokered the sale of Cypress Springs Apartments, located at 3651 N. Rancho Drive in Las Vegas. Oceanside Cypress Springs sold the property to an undisclosed buyer for $15 million. Built in 1994, the asset features 144 multifamily units. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Multifamily represented the seller in the transaction.
LAS VEGAS — MCA Realty has purchased a five-building industrial property located at 4610-4650 Arville St. in Las Vegas. A private seller sold the asset for an undisclosed price in an off-market transaction. The value-add asset features 83,750 square feet of industrial space. MCA Realty plans to replace the roofs, repaint the building’s exterior, improve the landscaping and signage, and update the interior units as leases end. At the time of sale the property was 100 percent occupied. Rob Lujan, Jason Simon and Xavier Wasiak of JLL represented the buyer in the deal.
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.