Nevada

Golden Entertainment to Acquire American Casino & Entertainment Properties for $850M

by Katie Sloan June 13, 2017

LAS VEGAS — Golden Entertainment Inc. (NASDAQ: GDEN) has agreed to acquire American Casino & Entertainment Properties LLC, which owns four gaming and entertainment properties in Nevada, for $850 million. American Casino & Entertainment’s portfolio features 3,879 slot machines, 89 table games and 4,895 hotel rooms in Las Vegas and Laughlin, Nevada. Properties include: The Stratosphere Casino, Hotel & Tower, featuring an 80,000-square-foot casino, 2,427 guestrooms and suites, 13 restaurants, nine bars, two pools, entertainment venues and a 1,149-foot observation tower located on the North Las Vegas Strip. Arizona Charlie’s Hotel & Casino – Decatur, located just off the Las Vegas Strip, which features 1,060 slot machines, seven table games and 259 hotel rooms. Arizona Charlie’s Hotel & Casino – Boulder, located on Boulder Highway in Las Vegas, which features 849 slot machines, seven table games and 303 hotel rooms. The Aquarius Casino Resort, located on the banks of the Colorado River in Laughlin, Nev. The property features a 57,000-square-foot casino, eight restaurants, three bars, 1,906 guestrooms and suites and an entertainment pavilion. The purchase consideration consists of $781 million cash plus approximately four million shares of Golden Entertainment stock issued to American Casino & Entertainment’s current owner, Whitehall Street …

June 13, 2017

Nevada Office Western

McKenzie Properties Breaks Ground on Spec Office Building in Reno

by Nellie Day June 8, 2017

RENO, NEV. — McKenzie Properties has broken ground on a 40,000-square-foot speculative office building within the Mountainview Corporate Center in Reno. The Class A building is located at 5520 Kietzke Lane. The four-story structure will feature customized floor plans, with balconies on two of the floors. This will be the first spec office project the company has undertaken since 2008.

June 8, 2017

Nevada Restaurant Retail Western

Subway Debuts New Restaurant Design at ICSC RECon

by Nellie Day May 30, 2017

LAS VEGAS — Subway debuted its new Subway Fresh Forward design at the International Council of Shopping Centers (ICSC) RECon show in Las Vegas last week. Along with a new Subway logo, flooring, wall coverings, wall art, a curated music program and lighting, the operational flow of the restaurants is changing as well. The workspace will be updated to be more efficient, while additional pieces of equipment, like an exhaust ventilation system, will help maintain temperatures and improve air quality. Subway franchisees have already piloted the new Subway Fresh Forward design in six locations (Knoxville, Tenn.; Orlando, Fla.; Chula Vista, Calif.; Tamarac, Fla.; Vancouver, Wash.; and Manchester, England). In addition, about 50 locations are in various stages of construction around the world and more than 100 restaurants are in the design phase.

May 30, 2017

Nevada Restaurant Retail Western

The Slanted Door to Open First Restaurant Outside California

by Nellie Day May 25, 2017

LAS VEGAS — Simon is adding The Slanted Door to The Forum Shops at Caesars Palace, opening in 2018. It will be the Vietnamese restaurant’s first location outside of California. A modern Vietnamese restaurant with roots in San Francisco’s Mission District, the 8,200-square-foot restaurant will be located on Las Vegas Boulevard. The Slanted Door opened its first restaurant in 1995 and received the James Beard Outstanding Restaurant award in 2014, which is given to only one restaurant nationally a year. The Forum Shops at Caesars Palace first opened in May 1992. After two subsequent expansions, The Forum Shops now offers 675,000 square feet of retail, dining and entertainment. Simon owns shopping, dining, entertainment and mixed-use properties.

May 25, 2017

Industrial Nevada Western

CapRock Partners Acquires Two Industrial Facilities in Las Vegas

by Nellie Day May 16, 2017

LAS VEGAS — CapRock Partners has purchased two industrial parks in Las Vegas for an undisclosed sum. The acquisitions include a 160,554-square-foot park at 4350 Arville St. and a 42,580-square-foot park at 3021 Valley View Blvd. The Arville park contains 40 units and the Valley View asset contains 24 units. Both properties are situated less than two miles from the Las Vegas Strip. The assets will be the last investments via CapRock Partners Fund II. JLL’s Rob Lujan represented CapRock in the transaction.

May 16, 2017

Nevada Office Western

World Investment Network Buys Mission Linen Building in Las Vegas

by Nellie Day May 15, 2017

LAS VEGAS — World Investment Network has purchased the Mission Linen building, a 31,000-square-foot facility in Las Vegas, for an undisclosed sum. The facility is situated within the Arts District in Downtown. World Investment Network plans to transform the space into a Class A creative office and entertainment property. It was originally built in 1950. The redevelopment is scheduled for completion in the first quarter of 2018.

May 15, 2017

Industrial Nevada Western

VanTrust Starts Construction of Additional Northgate Distribution Building in North Las Vegas

by Nellie Day May 10, 2017

NORTH LAS VEGAS, NEV. — VanTrust Real Estate has commenced construction on a new building at Northgate Distribution Center in North Las Vegas. The 170-acre site is located at 4410-4490 Nexus Way. This is the fifth of eight buildings VanTrust intends to erect on the site, which will eventually feature 3.2 million square feet of distribution space. This building is scheduled for completion by December. Martin Harris Contracting is building the property, which HPA Architecture designed.

May 10, 2017

Market Reports Nevada Office Western Western Market Reports

Office Vacancy Declines As Product Dries Up

by Camren Skelton May 9, 2017

Last year was a relatively flat year for the Northern Nevada office market. Reno/Sparks had negative absorption in the first and third quarters of 2016, and positive absorption in the second and fourth quarters. The year ended up at 10,153 square feet of net absorption, according to the DCG internal database, essentially nullifying any real gains or losses. However, the Reno office market is much healthier at a 12 percent vacancy rate as compared to the nearly 20 percent recession highs. Each quarter also recognized more gross absorption than the previous quarter in 2016. Class A office continued to be in demand with rents increasing to north of $2 per square foot, per month, full service. Large spaces ideal for company relocations are difficult to find. Reno currently has a small supply of vacant, Class A spaces with more than 10,000 square feet available. However, we should see our first speculative construction take place in the Meadowood submarket as Mckenzie Properties plans a 40,000-square-foot building in Mountain View Corporate Center. New corporate relocations for office tenants were relatively quiet in 2016. In comparison to 2015, we saw large tenants relocate to our region, including Grand Rounds in South Meadows and …

May 9, 2017

Industrial Market Reports Nevada Western Western Market Reports

The Trump, Tesla Effects in Northern Nevada

by Camren Skelton May 2, 2017

Local market conditions are always related in some way to what’s happening on the national stage, so let’s first acknowledge our new leadership. Trump has continued talking like the businessman he is and in very much the same style that got him elected. In reaction, equities markets have continued to boil over into record-setting heights as the business sector embraces the potential for more business-friendly stances that will sooner or later emerge from Washington. Business resurgences always impact Northern Nevada, thanks to both its strategic location advantage in distributing to the 11 Western states and its highly business-friendly state climate. As for Tesla, 2016 showcased increasingly tangible direct and indirect effects from the expanding Gigafactory. Tesla leased a large warehouse in the Tahoe Reno Industrial Center near the Gigafactory to receive product for several years. Panasonic, Tesla’s quieter partner in the Gigafactory, also leased a large warehouse in the same park that is close to the plant. Another Tesla vendor, Daehan Solutions America, an international company supplying the automotive industry and headquartered in South Korea, leased a large space in the vacant ex-Amazon space in Fernley. These three transactions alone comprise a large portion of the market’s total quarterly absorption. …

May 2, 2017

Multifamily Nevada Western

The Calida Group, Cypress Equity Buy 6.1 Acres Inside Hughes Center in Las Vegas for Multifamily Community

by Nellie Day April 24, 2017

LAS VEGAS — A joint venture between the Calida Group and Cypress Equity Investments has purchased a 6.1-acre parcel of land inside the Hughes Center in Las Vegas. The JV plans to build a multifamily community at the site. The Hughes Center is a 1.5 million-square-foot office campus with dining options. Curt Allsop, Doug Schuster, Vittal Ram and Angela Bates of ARA Newmark Las Vegas represented the landlord, Equity Office, in this transaction.

April 24, 2017

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