RENO, NEV. AND SAN LUIS OBISPO, CALIF. — Houston-based Asset Campus Housing has been awarded management of three student housing properties located in Nevada, California and Texas. Assets include Sterling Summit, a 709-bed community located near The University of Nevada – Reno; The SLO, a 644-bed community located near Cal Poly and Cuesta College in San Luis Obispo, Calif.; and 34 Hundred, a 675-bed community located near The University of Texas –Tyler. Each property offers community amenities include a swimming pool, tanning area and fitness center.
Though there was a slight decline in Las Vegas’ overall industrial market activity in the first half of 2016, the remainder of the year will finish strong as the region continues to see significant expansion. Despite aggressive market conditions, demand continued to outpace new supply during the third quarter of this year, while asking rates rose and large distribution centers dominated market activity. Demand for industrial space in the Las Vegas market increased during the third quarter, with 787,582 square feet of net absorption, bringing the total net absorption year-to-date to more than 2 million square feet. New completions totaled 642,571 square feet and vacancy rates decreased to 4.4 percent, the lowest since the first quarter of 2007. The average asking triple-net lease rate climbed to $0.62 per square foot, per month, the highest since the fourth quarter of 2009. There are currently nine industrial projects under construction throughout the Las Vegas Valley, totaling nearly 4.8 million square feet. New construction activity has been well above the long-term average since 2015, and will continue to outpace historical levels through 2017. The increase in construction activity has largely been fueled by a combination of a lack of available large bulk distribution …
The Reno industrial market continues to grow at a steady pace. Numerous developers are building new speculative warehouse/distribution facilities in many of the submarkets in Reno, Sparks and nearby outlying areas. With an industrial base of more than 80 million square feet and a vacancy rate of 8.2 percent (which continues to recede), the region is experiencing a healthy demand for space ranging from 50,000 square feet (divisibility) up to 150,000 square feet. Demand exceeds supply for product of this size. Current rental rates have steadily pushed upward over the past 18 months. Depending on the location of the business parks and its proximity to Interstate 80, the major east-west trucking artery, or I-580, the quoted asking rental rates range from about $4.20 per square foot, per year, up to $5.04 for the aforementioned divisibility ranges. New speculative Class A industrial product in the Reno market offers 32’ to 36’ clear height, as well as ESFR fire sprinkler technology, state-of-the-art LED high bay lighting, fiber optics communications, cross-dock configurations, ultra-wide column bay spacing and ample trailer parking onsite. Panattoni Development built Red Rock 200, which includes a 750,000-square-foot, built-to-suit fulfillment center for Petco, as well as a 200,000-square-foot speculative distribution …
RENO, NEV. — SmartStop Asset Management LLC has acquired The Summit, a 709-bed student housing community located near the University of Nevada, Reno campus for $70 million. The seven-building, LEED Silver-certified property offers fully furnished units with washers and dryers. Community amenities include a two-story clubhouse, fitness center, game lounge, pool, spa, computer room and business center, campus shuttle service, common area barbecues, a tanning room and private study rooms. John Strockis, senior vice president of acquisitions for SmartStop Asset Management, facilitated the transaction on behalf of a SmartStop affiliate.
LAS VEGAS — Loft 5 LLC has acquired the 241-unit Loft 5 apartments in Las Vegas for $51.5 million. The community is situated just off Interstate 15, nearby to the Las Vegas Strip. Loft 5 contains a mix of for-sale and for-rent units. Community amenities include four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center, steam room and club lounge. JLL’s John Cunningham and Charles Steele represented the seller, DK Loft 5 LLC, in this transaction.
LAS VEGAS — Strategic Storage Trust has purchased two self storage facilities in Las Vegas for $28.1 million. The 771-unit Storage Direct-Silverado is located at 9890 Pollock Drive. The 871-unit Storage Direct- Bermuda is located at 590 E. Silverado Blvd. CBRE’s Nick Walker represented both the buyer and the seller, Silverado Mini Storage LLC, in this transaction.
LAS VEGAS — Majestic Realty Co. has broken ground on a 295,500-square-foot speculative warehouse distribution center at its Beltway Business Park in Las Vegas. The warehouse will be situated just south of the Southern Beltway at the intersection of Jones Boulevard and Badura Avenue. Notable tenants at the park include Switch Communications, GES, NV Energy, Brady Industries and MGM. Thomas & Mack Development Group served as development partner on this project.
RENO, NEV. — Westcore Properties has purchased a 12-property industrial portfolio in Reno for $54.5 million. The portfolio contains a total of 1.17 million square feet. The acquisition marks Westcore’s entry into the Reno marketplace. The properties included in the transaction range in size from 11,200 square feet to 210,215 square feet. The portfolio is 92 percent leased by 53 tenants, which primarily use the properties for distribution space. HFF’s Anthony Brent, Ryan Martin and Scott Pertell represented the seller, GLP US, in this transaction.
LAS VEGAS — Starlight Investments Ltd. has purchased the 320-unit South Blvd apartment community in Las Vegas for $53.6 million. The community is located at 10200 Giles St. South Blvd is situated 15 minutes from the Las Vegas Strip. Its units feature granite countertops, full-size washer and dryer sets, dark wood cabinetry, stainless steel kitchen appliances and private entries. Community amenities include two resort-style pools, a sun bathing pool, spa, e-lounge, executive business center, movie theater with stadium seating, 24-hour fitness center, designated pet area and complimentary coffee café. JLL’s John Cunningham and Charles Steele represented the seller, the Praedium Group, in this transaction.
LAS VEGAS — TriStar Capital and RFR Holding have sold Miracle Mile Shops, a 501,522-square-foot retail mall located at the Planet Hollywood Resort & Casino in Las Vegas. An affiliate of Institutional Mall Investors LLC, a venture co-owned by Miller Capital Advisory Inc. and CalPERS, acquired the asset for an undisclosed amount. Axis Theatre — home to residency performers Britney Spears and Jennifer Lopez — anchors the center, which is also home to more than a mile of 200 shops, 13 restaurants and three additional live entertainment theaters. The mall also features direct access to Planet Hollywood’s 100,000-square-foot casino. HFF advised the sellers in the transaction.