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IndustrialNevadaWestern

MCA Realty Buys Las Vegas Industrial Portfolio

by Nellie Day

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.

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IndustrialNevadaWestern

Legacy Sports International Leases Distribution Space at Reno Aircenter

by Nellie Day

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.

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IndustrialNevadaWestern

Cintas Corp. Leases 20,000 SF of Distribution Space in Reno

by Nellie Day

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.

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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Industrial Becomes Particularly Attractive North of the Strip

by Nellie Day

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 …

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NevadaRetailWestern

DTZ Arranges $19.7 Million Sale of Cheyenne Point in Las Vegas

by Nellie Day

LAS VEGAS — DTZ has arranged the $19.7 million sale of Cheyenne Point Shopping Center, a 93,901-square-foot center located in Las Vegas. Ryan Schubert and Michael Hackett of DTZ represented the seller, an entity formed by Sarofim Realty Advisors, in the transaction. Calabasas, Calif.-based Medford Capital LLC acquired the property. Tenants at the center include anchor Mariana’s Supermarket, Dollar Tree, Gen X Clothing, Rainbow, CiCi’s Pizza, T-Mobile, Taco Bell and Subway.

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NevadaRetailWestern

DTZ Arranges $15 Million Sale of Alamosa Plaza in Las Vegas

by Nellie Day

LAS VEGAS — DTZ has arranged the $15 million sale of Alamosa Plaza, a 77,650-square-foot shopping center located in Las Vegas. Ryan Schubert and Michael Hackett of DTZ represented the seller, Pan Pacific (Alamosa) LLC, in the transaction. RPM Investments Inc. purchased the center, which was 90.5 percent leased at the time of sale to eight tenants including anchor Albertsons. Dan Adamson of Las Vegas-based ROI Commercial Real Estate assisted DTZ during the transaction.

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Market ReportsNevadaRetailWesternWestern Market Reports

Las Vegas’ Retail Market Stabilizes

by Nellie Day

The Las Vegas retail market is transitioning from recovery to stability. Based on CoStar’s second-quarter report, the overall vacancy rate was 9.9 percent, a slight decrease from the 10 percent experienced at the end of the second quarter of 2014. The decrease is impressive considering the 2 million square feet in net absorption that occurred during this same period. Rental rates have continued to average around $1.30 per square foot, per month for the past 2.5 years, although we are hearing about newer centers achieving impressive rate increases. There was 822,512 square feet of retail space under construction at the end of the second quarter of 2015. Ikea is the largest retail project currently under construction in Southern Nevada, which is expected to open next summer. The second largest project is Tivoli Village’s 117,516-square-foot expansion. Restoration Hardware also signed a lease this quarter for 77,000 square feet at Tivoli. It is expected to take up occupy during the first quarter of 2016. Though private investors dominate the market, we are seeing more institutional investors who are interested in acquiring newly stabilized product. Cap rates have continued to decline, averaging 6.53 percent for 2015, compared to a 2014 average of 6.99 …

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