LAS VEGAS — DZ Net Lease Realty LLC has arranged the $3.7 million sale of a 12,000-square-foot CVS/pharmacy located in Las Vegas. The ground lease has 11 years remaining on its term, with rental increases every five years. David Zacharia of DZ Net Lease marketed the property on behalf of the seller, an undisclosed Las Vegas-based family. The buyer was an undisclosed individual based in California.
RENO, NEV. — Home furnishings retailer West Elm will open a new store in Reno on August 11, 2016. Occupying 11,000 square feet on the main floor of the former U.S. Post Office building at 50 S. Virginia St., West Elm Reno joins The Basement marketplace, an underground multi-use venue that celebrates hand-crafted food and retail. As part of West Elm’s LOCAL program, products from eight Reno-based makers and designers will be featured with the store’s fall assortment of modern furnishings and décor. West Elm Reno is housed within Reno’s former main post office, built in 1934 and located at the heart of the city’s civic center. Today, the landmark has been restored and stands as a relic of Art Deco style in downtown Reno. Guided by historical preservation, West Elm has incorporated the building’s original architecture and ornate details in the store’s design. Preserved period elements such as the original post office boxes were used to display the West Elm sign behind the register, while motifs from the building’s exterior door pediments were recreated from raw wood and metal materials for the front cash wrap. Headquartered in Brooklyn, N.Y., West Elm operates 89 retail stores in the United States, …
RENO, NEV. — Shopoff Realty Investments has acquired Firecreek Crossing, a 348,000-square-foot regional power center located at the intersection of Kietzke Lane and Redfield Parkway in Reno, for $48.5 million. The Walmart and Sam’s Club shadow-anchored center is 71 percent occupied. Tenants at Firecreek Crossing include Ross Dress for Less, TJ Maxx, HomeGoods, Michaels and Ulta Beauty.
LAS VEGAS — Westland Pine Village LLC has acquired the 275-unit Pine Village apartment complex in Las Vegas or $16 million. The community is located at 3011 Arville St. It was 96 percent occupied at the time of sale. Pine Village was built in 1973. The new owner plans to upgrade the unit interiors. The seller was Pine Village Apartments. Brian Anderson and Angela Powers of Berkadia executed the sale.
HENDERSON, NEV. — LBG Real Estate Cos. LLC, in partnership with Aviva Investors Real Estate Capital Partners I-A LP, has sold a single-tenant, net-leased Home Depot location in the Las Vegas suburb of Henderson for $23 million. Chris Kostanecki and Dave Lucas of Capital Pacific brokered the sale of the property, located within the Sunset Plaza Shopping Center at 1030 W. Sunset Road. The buyer of the 102,370-square-foot Home Depot was undisclosed.
HENDERSON AND NORTH LAS VEGAS, NEV. — Cushman & Wakefield has arranged the sale of four grocery-anchored shopping centers located in Henderson and North Las Vegas. The properties, totaling 336,096 square feet, were sold in four transactions to individual buyers. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Donahue Schriber Realty Group, in all four transactions. Assets include Smith’s Food and Drug Store-anchored Pebble Marketplace, Paseo Verde Plaza, Eldorado Plaza and Trader Joe’s-anchored Green Valley Plaza. The centers are home to tenants including Chase Bank, Jack in the Box, Starbucks Coffee, Dollar Tree and Big 5 Sporting Goods.
SPARKS, NEV. — Brennan Investment Group has purchased a seven-building industrial portfolio in Sparks for an undisclosed sum. The portfolio contains a total of 584,866 square feet. Sparks is the largest industrial submarket in the Reno metropolitan area, according to the firm.
RENO, NEV. — The Bendetti Company has purchased a 631,115-square-foot industrial campus in Reno for an undisclosed sum. The Class B property contains three single-tenant and three multi-tenant buildings for a total of nine fully occupied units. The units range from 12,220 to 149,600 square feet. The property also contains a 12,220-square-foot cold-storage unit. Bendetti was able to complete the all-cash transaction using short-term financing from its partner, JCR Capital. The project was then recapitalized for a longer hold period with Reinsurance Group of America acting as the equity provider. Wells Fargo financed the debt. Both RGA and Wells Fargo were sourced through HFF. Bendetti also recently purchased the 165,000-square-foot Spice Island multi-tenant industrial building in Sparks for an undisclosed sum.
PAHRUMP, NEV. — DaVita HealthCare Partners has leased a new ground-up, built-to-suit medical office facility in Pahrump. The 57,000-square-foot facility is situated on a 7.2-acre site about 60 miles west of Las Vegas. The group will occupy the space once it opens next year. Details of the long-term lease were not disclosed, though the lease is valued “in the tens of millions of dollars,” according to MDL Group/CORFAC International. The firm’s Hayim Mizrachi, Jarrad Katz and Galit Kimerling executed the lease transaction between DaVita, the land owner, Thousandaire Inc., and the developer, Dakem & Associates. Aimee Burford and Bill Oakley of Bank of Nevada, a division of Western Alliance Bank, funded the development.
LAS VEGAS — Camden Property Trust (NYSE: CPT) has sold its Las Vegas portfolio, largely consisting of apartment communities, for $630 million. The portfolio includes 15 garden-style apartment communities totaling 4,918 units, a retail center and 19.6 acres of undeveloped land. With the sale, Camden is exiting the Las Vegas market, according to the Houston Business Chronicle. Company executives will discuss the sale during a first-quarter earnings call slated for April 29. The buyer was not named. However, Las Vegas business journal Vegas Inc. reports the purchaser is a joint venture between Irvine, Calif.-based Bascom Group and Los Angeles-based Oaktree Capital Management. The joint venture also owns Vantage Lofts, a luxury apartment project in the Las Vegas suburb of Henderson. Camden Property Trust is a publicly traded real estate firm that owns, manages, develops, redevelops, acquires and builds multifamily communities. The Houston-based company owns and operates 158 properties totaling 55,254 units across the United States. The company’s stock price closed at $82.64 per share on Tuesday, April 26, up from $76.28 one year ago. — Haisten Willis
