NORTH LAS VEGAS — The Bascom Group has purchased the 312-unit Trellis Park Crossroads Apartments in North Las Vegas for $35.3 million. The community is located at 3825 Craig Crossing Drive. Trellis Park was built in 2009. It is situated near the 95 and 215 freeways, less than 10 miles from the Las Vegas Strip. CBRE’s Brian Eisendrath and Annie Rice arranged a $31.5 million loan with Resource Real Estate Funding for the transaction. The firm’s Spence Ballif executed the sale.
NORTH LAS VEGAS, NEV. — Boyd Gaming Corp. (NYSE: BYD) has completed the acquisition of ALST Casino Holdco LLC, the holding company of Aliante Casino Hotel and Spa. Boyd bought the property for $380 million, according to the Las Vegas Sun. Aliante is Boyd Gaming’s first casino property in North Las Vegas, and its 10th property in the Las Vegas Valley. The company now owns and operates 22 casino properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi. “As the premier gaming asset in North Las Vegas, Aliante provides a tremendous opportunity to participate in the long-term growth of the northern part of the Las Vegas Valley,” says Keith Smith, president and CEO of Boyd Gaming. Aliante opened in November 2008 at a cost of more than $660 million under the name Aliante Station, and was originally a joint venture between Station Casinos and the Greenspun family. A group of banks and private equity companies became the new owners in 2011 as a result of the property’s bankruptcy restructuring. Boyd’s plan to purchase the property was first announced in April 2016. Aliante Casino Hotel and Spa includes an 82,000-square-foot casino floor, 170-seat race and sports book, 202-room hotel, 16-screen …
HENDERSON, NEV. — ValueRock Realty Partners has acquired two single-tenant retail buildings occupied by Albertsons grocery stores in Las Vegas suburb of Henderson. The acquisition includes a 58,254-square-foot building located at 190 N. Boulder Highway and a 55,000-square-foot building located at 2910 Bicentennial Parkway. The properties are both part of larger shopping centers. HH Property North LLC and HH Property South LLC sold the properties. Nick Foster of HFF and David Zacharia of DZ Net Lease Realty LLC represented the seller in this transaction.
LAS VEGAS — TruAmerica Multifamily has purchased three multifamily communities in Las Vegas. The purchase price was not disclosed. The Class B portfolio contains a total of 802 units. The properties include Oasis Gateway, Oasis Palms and Oasis Vinings. All three assets are situated within 2.5 miles of one another in the northwestern part of the valley. They were built between 1989 and 1997. TruAmerica will immediately implement a capital improvement program across all three properties. The assets were purchased in partnership with MSD Capital.
NORTH LAS VEGAS — DC Building Group has completed the remodel of the Delta Liquid Energy propane distribution facility and offices in North Las Vegas. The project included a 5,300-square-foot office and warehouse remodel, in addition to the installation of 30,000-gallon fuel storage tanks. Construction began in late 2015. The facility is situated near the Apex industrial area. Andoscia Architecture served as the project’s architect.
LAS VEGAS — Dermody Properties has started construction of LogistiCenter at Las Vegas Boulevard, a 550,000-square-foot industrial facility in Las Vegas. The facility will be situated near North Walnut Road in the Interstate 15 corridor. LogistiCenter at Las Vegas Boulevard will be equipped to handle distribution, e-commerce, manufacturing and warehouse operations. The space will be able to accommodate up to four tenants. Darmody expects to complete the project by the second quarter of 2017. United Construction Co. is designing and building the property. The site offers an additional eight to nine acres of excess land for retail or office development.
LAS VEGAS — Strategic Storage Trust II (SST II) has purchased a 745-unit self storage facility in Las Vegas for an undisclosed sum. The facility is located at 590 E. Silverado Ranch Blvd. The property was built in 2002. The four-building facility sits on 3.4 acres. It offers climate-controlled units and drive-up units. The facility is 85 percent occupied. SSTII is sponsored by SmartStop Asset Management LLC.
NORTH LAS VEGAS — Fanatics has leased 400,000 square feet of distribution space at the Northgate Distribution Center in North Las Vegas, which is currently under construction. The 108-acre industrial property will be situated on Lamb Boulevard off Interstate 15. Phase I of the 2 million-square-foot industrial park will include the largest speculative industrial building ever constructed in Southern Nevada, according to the developer, VanTrust Real Estate LLC. This phase will include six buildings once completed this October. Phase II, which will add 600,000 square feet to the project, will commence this month. The sports merchandise retailer is the first tenant to sign at Northgate Distribution Center. The project’s general contractor is Martin Harris Contracting. HPA Architecture will design the center. Dan Doherty of Colliers International represented Fanatics in the deal. CBRE’s Kevin Higgins represented VanTrust in the lease transaction.
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, …
