LAS VEGAS — Vestar has acquired Best in the West, a 465,000-square-foot shopping center in Las Vegas. The price was $87 million, according to The Las Vegas Review-Journal. Bryan Ley and Jules Sherwood of HFF arranged the transaction on behalf of the seller, Weingarten Realty Investors. At the time of sale, Best in the West was 94 percent leased to tenants such as Best Buy, T.J Maxx, Stein Mart, PetSmart, DSW, Bed Bath & Beyond, JoAnn Fabrics, Office Depot, Ulta Beauty, Old Navy and Marshalls.
HENDERSON, NEV. — Cypress West Partners has acquired Parkway Medical Plaza, an 88,958-square-foot medical office building in the Las Vegas submarket of Henderson for an undisclosed sum. The building is located at 100 N. Green Valley Parkway. Parkway Medical Plaza is 95 percent occupied with tenants including Healthcare Partners, Parkway Surgery Center and CareMore. It was built in 1997. The firm acquired the asset with Virtus Real Estate Capital. This marks the first joint venture for the two firms.
NORTH LAS VEGAS — Panattoni Development Co. has purchased a 10.4-acre parcel in North Las Vegas where it plans to build Centennial Corporate Park, a 204,000-square-foot industrial warehouse facility. The land purchase price was not disclosed, but the development is valued at $16 million, according to Panattoni. Centennial Corporate Park will feature cross-dock ware space with 32-foot clear height, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Construction is expected to begin this April, for completion in December 2018. Centennial Corporate Park is owned by Speedway 10 Industrial LLC, a joint venture between LaSalle Investment Management and Panattoni Development. The general contractor is Alston Construction. The streets are fully improved and offsite work is already completed, which will help crews to meet the aggressive construction schedule. Greg Tassi and Donna Alderson of CBRE will list the available space.
RENO, NEV. — An affiliate of Sandpiper LLC has acquired the 117-room Courtyard by Marriott in Reno for an undisclosed sum. The hotel is located at 6855 S. Virginia St. The LLC plans an extensive renovation, which will start this fall. It will include upgrades to the exterior façade, guestrooms, lobby and bistro. Sandpiper was attracted to the hotel’s in-place cash flow and location. Teague Hunter, Danny Givertz and Trey Scott of Hunter Hotel Advisors executed the transaction.
HENDERSON, NEV. — NKF Capital Markets has arranged the sale of Galleria Commons, a 278,411-square-foot shopping center in Henderson. Rob Ippolito of NKF Capital Markets arranged the transaction on behalf of the seller, Brixmor Property Group. 3D Investments acquired the property for an undisclosed price. At the time of sale, Galleria Commons was fully leased to tenants such as T.J. Maxx, Stein Mart, Babies ‘R’ Us, Burlington, Dollar Tree, Tuesday Morning and Kirkland’s.
LAS VEGAS — BKM Capital Partners has purchased Hughes Airport Center, a 13-building, multi-tenant industrial complex in Las Vegas, for $92 million. The properties are situated in the industrial pocket between McCarran International Airport and interstates 15 and 215. Hughes Airport Center contains 3.3 million square feet of Class A industrial space and Class B office space. The 420-acre, master-planned business park has access to nearby retail and entertainment amenities like Town Square shopping center, Las Vegas Premium Outlets South, Tahiti Village, Callaway Golf Center, Bali Hai Golf Club and Sunset Park. The business park has recently undergone a slew of improvements, including new paint to building exteriors, asphalt and parking lot repairs, roof repair, and upgraded landscaping, monument signage and tenant signage. Rents at Hughes Airport Center typically range between $0.90 per square foot and $1.30 per square foot. Notable tenants at the center include Geotab, CanvasPop, Medical Transportation Management, Climatec, Credit One Bank, North American Video, LabCorp of America and Harman International. Hughes Airport Center marks BKM’s fifth industrial park acquisition in the Las Vegas Valley. “This is a best-in-class asset, the largest of its scale in the Las Vegas airport submarket and our firm’s biggest transaction to …
LAS VEGAS — Matt Bear, a 28-year commercial real estate veteran, has launched Bear Real Estate Advisors LLC, a boutique real estate services firm. The company focuses on buyer representation for 1031 exchanges, national single-tenant investment sales and acquisitions, net lease investments, joint venture advisory, capital structure advisory, build-to-suit developments, debt/equity, specialized search and family office/professional investor buyer representation. Prior to founding Bear Real Estate Advisors, Bear served as vice president of CBRE and was previously a principal with Avison Young. In 2001, Bear was a founding partner of Venture Development Group, which specialized in the development of single-tenant buildings, neighborhood shopping centers and power center projects. In addition, Bear is a member of the International Council of Shopping Centers (ICSC), from which he earned the senior certified leasing specialist certification.
LAS VEGAS — Brixton Capital has sold a 122,133-square-foot retail center in Las Vegas for an undisclosed price. Brixton, along with limited partner ALTO Real Estate Funds, originally acquired the former Target building in 2014 and subsequently subdivided the building, adding new tenants Burlington and InStyle Furniture. An affiliate of Tiberti Management Co. acquired the center, which was fully leased at the time of sale.
LAS VEGAS — A joint venture between Citymark Capital and InterCapital Group has purchased the 368-unit Vintage Pointe apartments in Las Vegas for $49.2 million. The community is located at 6500 Vegas Drive. Vintage Pointe is situated along US Route 95, near employers including the North West Medical District, retail establishments and entertainment centers.
LAS VEGAS — Love Funding has arranged a $7.9 million bridge loan to build a 46-bed memory care center in Las Vegas. The new facility will be built adjacent to Welbrook Transitional Rehabilitation in the Centennial Hills neighborhood. The existing facility offers rehabilitation services and overnight care for those recovering from an injury, planned surgery or illness. Leonard Lucas of Love’s Boston office obtained the bridge loan from Love Funding’s parent company, Midland States Bank. The bridge financing was needed because the timing of the FHA construction financing did not fit the borrower’s development timeframe.
