RENO, NEV. — CBRE Global Investors has purchased a 707,010-square-foot warehouse and distribution space in the Reno submarket of McCarran for an undisclosed sum. The facility is located at 3200 USA Parkway, within the Tahoe Reno Industrial Center. The property was developed last year on a built-to-suit basis. It is currently occupied by an American e-commerce company selling clothing, toys and home products for mothers and children.
LAS VEGAS — A joint venture between TruAmerica Multifamily and Investcorp have acquired Solis at Flamingo, a 524-unit urban infill apartment community in Las Vegas, for $50.5 million. The community is located at 3275 East Flamingo Road. Solis at Flamingo is situated just five miles from the Las Vegas Strip, the University of Nevada, Las Vegas, and McCarran International Airport. It was built in1988. The community offers one- and two-bedroom units. Common-area amenities include three resort-style pools and spas, a clubhouse, fitness center, business center, and basketball and tennis courts. TruAmerica will invest an additional $5.5 million in capital improvements that will include full interior renovations and exterior and common-area upgrades. The property will also receive new landscaping, upgraded pool furniture, outdoor kitchens and a pet park. This is TruAmerica’s first acquisition in Nevada. It also recently entered Salt Lake City and Portland, Ore. The seller was Alliance Residential.
LAS VEGAS — Private equity firm The Bascom Group has acquired the 183-unit Boulder Palms Senior Apartments at 4350 Boulder Highway in Las Vegas for $10.4 million. Debt financing was provided by One West Bank and arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Doug Schuster and Vittal Ram of Newmark Grubb Knight Frank represented the seller on the transaction. Boulder Palms is a two-story seniors housing community housing 183 units. Completed in 1997, the property covers over four acres. Boulder Palms is Bascom’s eighth acquisition in the Las Vegas area over the last two years.
LAS VEGAS — LogistiCenter Cheyenne, a 381,804-square-foot distribution facility, has broken ground in Las Vegas. The new facility will be located at 4025 East Cheyenne Ave. It is two miles east of Interstate 15, and within a one-day drive of Los Angeles, Phoenix and Utah. LogistiCenter Cheyenne is scheduled for completion this October. It is being developed by Dermody Properties, which has developed more than 4 million square feet in this market since its first Las Vegas facility was built in 1974. The facility is being built by United Construction Company. Hillwood Investment Properties is the strategic financial partner on the project. It is being marketed by Susan Borst and Dan Doherty of Colliers International Las Vegas.
LAS VEGAS — Infinity Realty Advisors has purchased the combined Grandview and Sunwood apartments in Las Vegas for an undisclosed sum. The complex is located at 4255 W. Viking Road. The complex contains a total of 708 units. It is the largest apartment deal in Las Vegas so far this year, according to Infinity Realty. The complexes were built in 1981 and 1985. The occupancy rate is currently 96 percent. The properties were formerly supervised by two separate management companies. They will be renamed the Viridian and Topaz apartments. The assets will be managed by Sunrise Management. Infinity Realty Advisors was formed jointly by Asia Pacific Company and Jiangxi Hengmao Real Estate Development Co. Asia Pacific manages several properties in Las Vegas.
RENO, NEV. — A 707,010-square-foot space in the Reno area that is occupied by Zulily.com has sold to CBRE Investments for $41.7 million. The space is located at 3200 USA Parkway, within the Tahoe Reno Industrial Center in the submarket of McCarran. Zulily is an e-commerce discount retailer. The seller, US RIO LP, was represented by Michael Nevis, Dave Simonsen, J. Michael Hoeck and Steve Kucera of NAI Alliance.
SPARKS, NEV. – Advanced Supply Chain Logistics has leased 55,515 square feet of distribution space in Sparks. The industrial building is located at 1285B Southern Way. The tenant is a transportation services and supply chain logistics solutions provider. The landlord was represented by J. Michael Hoeck, Dave Simonsen, Michael Nevis and Steve Kucera of The NAI Alliance Industrial Properties Group.
LAS VEGAS — Construction has commenced on LogistiCenter Cheyenne, a 381,804-square-foot distribution facility in North Las Vegas. The facility is located at 4025 East Cheyenne Ave. The 20-acre property is situated in the Interstate 15 corridor. Key West Coast markets like Los Angeles, Phoenix and Utah are within a one-day drive of the center. The project is being developed by Dermody Properties. It is scheduled for completion this October. The facility will feature a 32-foot clear height, 80 trailer stalls and 248-car parking stalls. Hillwood Investment Properties is the strategic financial partner on the project. United Construction Company will act as the general contractor. The property is being marketed by Susan Borst and Dan Doherty of Colliers Las Vegas.
LAS VEGAS – M&M World Las Vegas has completed a $4.7-million renovation. The 31,056-square-foot building is located at Showcase Mall on the Las Vegas Strip. DC Building Group remodeled all four floors of the attraction. M&M World features a new NASCAR display with a full-size NASCAR race car replica and a new M&M Color Wall with a colored candy tube ceiling. Construction commenced in late 2012. FITCH served as the architect. The building is owned by MARS.
The Las Vegas office market continues to recover and stabilize, capping off 2014 with the 12th consecutive quarter of positive net absorption. Initially slow to recover following the recession, the area’s rebound has recently quickened. The market has an unemployment rate of 7.1 percent, with 2014 being the first year since 2008 to see a rate below 8 percent. Office-related jobs represented 20 percent of the workforce, second only to hospitality, proving the office market is an important part of the area’s growth and vitality. Class A office space along the I-215 Beltway currently shows strong activity. Las Vegas is home to two suburbs that historically were among the fastest-growing communities in the nation: Green Valley in the southeast and Summerlin in the west. Initially built as a means to connect the populations of these communities, the Beltway now extends around the city, connecting to I-15 in the northern valley. Notable recent developments along the Beltway include Krausz Companies’ and WGH Partners’ Gramercy, a mixed-use office, retail and multifamily project in the southwest that added 175,000 square feet of Class A office space in the third quarter of 2014, and The Howard Hughes Corporation’s Downtown Summerlin, a mixed-use project that …
