Nevada

ConAm Group Buys Two Multifamily Properties in Vegas, Phoenix

by Nellie Day December 16, 2015

LAS VEGAS AND PHOENIX — The ConAm Group has purchased two multifamily assets in Las Vegas and Phoenix. The acquisitions include the 200-unit Silver Shadow in Las Vegas, and The Greens, a 324-unit community in the Phoenix submarket of Chandler. The Las Vegas property sold for $22.6 million. The Phoenix purchase price was not disclosed. Glenn Dulaine at Realty Executives of Nevada represented ConAm and the seller, Bridge Investment Group Partners, in the Las Vegas transaction. ConAm plans to implement a series of interior and exterior upgrades to that property.

December 16, 2015

Nevada Office Western

ProEquity, CRG Buy Office Building in Reno for $12.4M

by Nellie Day December 10, 2015

RENO, NEV. — A joint venture between ProEquity Realty Partners and CRG LLC has acquired a 76,800-square-foot-office building in Reno for $12.4 million. The building is located at 885 Trademark Drive and is fully leased by Mitel Communications. The JV plans to reposition the property. Morrissey Realty represented the seller, Dermondy Property Investments, in this transaction.

December 10, 2015

Nevada Retail Western

GK Development Inc. Acquires Lake Mead Crossing for $42.75M

by Nellie Day December 2, 2015

HENDERSON, NEV. — GK Development Inc. has acquired Lake Mead Crossing, a 407,000-square-foot shopping center located in Henderson, for $42.8 million. The center is approximately 85 percent leased to tenants including Target, Ross Dress for Less, Big Lots, PetSmart, Marshalls, Ulta Beauty and Staples. Las Vegas-based Juliet Realty LLC will manage and lease the shopping center. Eastdil Secured represented the seller, Lake Mead Crossing LLC, in the transaction. Nevada State Bank and Wintrust Community Bank provided financing.

December 2, 2015

Nevada Retail Western

Conn’s Opens 100th Store in Las Vegas

by Nellie Day November 17, 2015

NORTH LAS VEGAS, NEV. — Conn’s Inc., a Houston-based furniture and specialty home goods retailer, has opened its 100th store. The new, 52,000-square-foot centennial Conn’s HomePlus store is located in North Las Vegas. The company is on schedule to open between 15 and 18 stores in its current fiscal year, which ends on Jan. 31. Conn’s plans to open as many as 25 stores in its 2017 fiscal year. Conn’s is a furniture and specialty retailer currently operating 100 retail locations in 12 states: Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas.

November 17, 2015

Hospitality Nevada Western

Starwood Hotels Partners with SLS to Bring W Hotel to the Las Vegas Strip

by Nellie Day November 12, 2015

LAS VEGAS — The owner of the SLS Las Vegas has partnered with Starwood Hotels & Resorts Worldwide to open the first W Hotel in Las Vegas. The hotel will occupy an existing 289-room tower that is currently operated under the SLS LUX brand. The new W Hotel is scheduled to open in the third quarter of 2016. The SLS Las Vegas will also become part of Starwood’s Tribute Portfolio, as part of the agreement. The hotel will include a dedicated entry and reception area for W Hotel guests, an Away Spa, and an outdoor pool and bar known as WET. It will also feature the signature W Living Room, which is the brand’s unique take on the traditional hotel lobby. Starwood will manage W Las Vegas, while Kreeger will continue to manage the remainder of the SLS property. The SLS Las Vegas is owned by Las Vegas Resort Holdings LLC. SLS Las Vegas will join Starwood’s four existing hotels in the market, including the Westin Las Vegas Hotel, Casino & Spa, the Westin Lake Las Vegas Resort & Spa, Four Points by Sheraton Las Vegas East Flamingo and Element Las Vegas Summerlin.

November 12, 2015

Multifamily Nevada Student Housing Western

Sundt Completes Construction on Residence Hall at University Of Nevada, Reno

by Nellie Day November 6, 2015

RENO, NEV. — Sundt Construction Inc. has completed construction of the new Peavine Hall residential community at the University of Nevada, Reno. The $35 million project, led by Sundt as the construction manager at risk, included demolition of multiple existing buildings and the construction of the 117,000-square-foot, five-story steel and concrete residence hall. Collaborative Design Studio designed the hall and LEED Gold certification is pending. The building features a brick veneer, suite-style housing for 400 students, common lounge spaces and state-of-the-art building systems. Located within the campus’ residential hall district, the new building complements the rest of the university’s campus architecture.

November 6, 2015

Multifamily Nevada Western

Pathfinder Partners Buys Condos at Sky Las Vegas

by Nellie Day November 4, 2015

LAS VEGAS – Pathfinder Partners has acquired 64 condominium units at Sky Las Vegas on the Las Vegas Strip. The 42-story, 409-unit luxury condo community is located at 2700 Las Vegas Blvd. South. The units were purchased from the property’s original developer, who had previously sold 345 units and was operating the remaining unsold units as rentals. The transaction was executed by CBRE’s Charles Moore and Marlene Fujita.

November 4, 2015

Nevada Office Western

DC Building Group Moves into New Corporate Office in Las Vegas

by Nellie Day October 28, 2015

LAS VEGAS — DC Building Group has moved into its new 6,000-square-foot corporate office in Las Vegas. The space is located at 101 E. Warm Springs Road. The general contractor previously occupied a smaller space in the valley. After its staff grew by more than 65 percent, however, DC Building found it needed a larger space. The firm was previously known as Danoski Clutts Building Group.

October 28, 2015

Loans Nevada Retail Western

Vestar Acquires The District at Green Valley Ranch in Henderson Using $72M Acquisition Loan

by Nellie Day October 27, 2015

HENDERSON, NEV. — HFF has secured $72 million in acquisition financing for The District at Green Valley Ranch, a 384,724-square-foot mixed-use retail and office center in the Las Vegas suburb of Henderson. Aldon Cole and Todd Sugimoto of HFF worked on behalf of the borrower, Vestar, to secure the 10-year, fixed-rate loan with AIG Investments. Loan proceeds were used to purchase the 91 percent occupied property. A 51,300-square-foot Whole Foods Market anchors the center, which is also home to tenants including REI, Pottery Barn, Williams-Sonoma, West Elm, Anthropologie, The Cheesecake Factory and P.F. Chang’s China Bistro.

October 27, 2015

Multifamily Nevada Western

MG Properties Group Buys Broadstone Azure Apartments in North Las Vegas

by Nellie Day October 20, 2015

LAS VEGAS — MG Properties Group (MGPG) has purchased the 312-unit Broadstone Azure apartment complex in North Las Vegas for an undisclosed sum. The community was built in 2007. Broadstone Azure features a resort-style pool, spa, lounge and fitness center. The property is located in North Las Vegas with access to the 215 and 15 freeways. MG financed the acquisition with a $22 million, 10-year mortgage from Fannie Mae that Bryan Frazier of Walker & Dunlop arranged. Doug Schuster of Newmark Grubb Knight Frank represented the unnamed seller.

October 20, 2015

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