RENO, NEV. — Lancaster Pollard has arranged a $1.8 million bridge loan for Reno Valley Assisted Living & Retirement Center (RVALRC), a 118-unit assisted living facility located in Reno. The community was acquired in 2013 and has undergone a turnaround process. The loan, provided by a local lender, has a five-year term and will fund further capital improvements, debt repayment and recapitalization. The improvements will also allow RVALRC to accept Medicaid residents, opening its doors to a wider range of customers. The community plans to refinance the loan within three years once improvements are implemented. Grant Goodman led the transaction for Lancaster Pollard.
LAS VEGAS — MDL Group has joined Corfac International as a domestic affiliate in Southern Nevada. Hayim Mizrachi will act as president and principal of MDL Group/Corfac International. He will also be the principal point-of-contact to Corfac International and will manage MDL Group’s brokerage services practice. MDL Group was co-founded in 1989 by Carol Cline-Ong and Curt Anderson. The firm expanded its brokerage services practice in 2013 when it added Mizrachi and Jarrad Katz as principals. Mizrachi and Katz had previously operated the NAI Global Las Vegas office. MDL Group/CORFAC International is a full-service operation with 38 professionals, 13 of which are brokers. The firm closed more than $70 million in industrial, office and retail transactions and land sales in 2014. It currently manages more than 8 million square feet of commercial properties for third-party owners.
HENDERSON, NEV. — A joint venture between the Bascom Group and funds managed by Oaktree Capital Management has purchased the 110-unit Vantage apartments in the Las Vegas submarket of Henderson for an undisclosed sum. The community is located at 201 South Gibson Road. Guardian Life Insurance Company of America provided debt financing, which HFF’s Charles Halladay arranged. JLL’s John Cunningham and Charles Steele represented the seller in this transaction.
LAS VEGAS — NorthMarq Capital has arranged a $29 million refinancing loan for The Resort at the Lakes, a 427-unit apartment community in Las Vegas. The community is located at 9999 W. Katie Ave. The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq’s Scott Monroe arranged financing for the borrower through its correspondent relationship with a life insurance company.
LAS VEGAS — A 145,000-square-foot retail property in the Las Vegas submarket of Summerlin has sold to an unnamed buyer for $51 million. The space is triple-net leased to Life Time Fitness. It is located at 10721 W. Charleston Blvd. The building was constructed in 2011. It is situated near Red Rock Casino & Resort, Downtown Summerlin Mall and Canyon Pointe. The private, high-end fitness center chain recently signed a new 20-year, triple-net, corporate-guaranteed lease with scheduled rental increases during the term. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both the buyer and institutional seller in this transaction.
LAS VEGAS — MCA Realty has purchased a four-property industrial portfolio in Las Vegas for an undisclosed sum. The acquisition includes the 58,240-square-foot, two-building Aabacus Industrial Center; a 31,000-square-foot, multi-tenant industrial building in North Las Vegas; a 26,000-square-foot, single-tenant industrial property near McCarran International Airport; and a 21,807-square-foot, single-tenant industrial property that is also near the airport. MCA Realty’s portfolio now includes a total of 14 properties and more than 600,000 square feet of industrial space in Las Vegas.
LAS VEGAS — Marcus & Millichap has arranged the $2.85 million sale of Tierra Rainbow, an 11,759-square-foot multi-tenant shopping center located in Las Vegas. Pablo Rodriguez of Marcus & Millichap worked on behalf of the seller and procured the buyer in the transaction.
RENO, NEV. — Legacy Sports International has leased 50,000 square feet of distribution space at the Reno Aircenter. The center is located at 4674 Aircenter Circle in Reno. Legacy Sports is a civilian firearms and accessories distributor. Steve Kucera, J. Michael Hoeck, Dave Simonsen and Michael Nevis of NAI Alliance Industrial Properties represented the landlord.
RENO, NEV. — Cintas Corp. has leased 20,000 square feet of distribution space at the Capital Commerce Center in Reno. The space is located at 1312 Capital Blvd. Cintas supplies corporate identity uniform programs, among other things. J. Michael Hoeck, Dave Simonsen, Steve Kucera and Michael Nevis of the NAI Alliance Industrial Properties Group represented the landlord in the transaction.
The Southern Nevada industrial market has continuously seen improvement through the second quarter of 2015 with a positive absorption of 878,151 square feet. The overall vacancy rate followed suit and decreased to 8 percent – down 2.1 points from the 12 previous months, which ended at 10.1 percent. The asking lease rates also increased to an average of $6.38 – up almost 10 percent in the fourth quarter of 2014 when it stood at $6.16. A new addition to the healthy market is the growth in new projects that are either planned or under construction. There is an estimated 2.4 million square feet currently under construction, with deliveries anticipated from the third quarter of 2015 through the second quarter of 2016. Big box distribution demand continues to climb, and most developers now believe “if you build it, they will come.” One of the largest deliveries planned for the third quarter of this year is Prologis’ 3700 Bay Lake Trail. Bay Lake was originally planned as a 464,203-square-foot, speculative project. The entire development was leased by Cushman & Wakefield to the Global Equipment Company (GEC), a subsidiary of Systemax, prior to the official groundbreaking, however. This deal was an expansion for …