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 …
LAS VEGAS — The 288-unit Villa Serena apartment complex in the Las Vegas submarket of Henderson has sold to a joint venture between the Bascom Group and funds managed by Oaktree Capital Management for an undisclosed sum. The community is located at 325 North Gibson Road. Villa Serena was built in 1996. It is located near Union Village, a 155-acre site that is classified as the first integrated health village in the world. Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the unnamed seller on the transaction.
It is great to be in Las Vegas and witness the city’s strong recovery from the economic lows of a few years ago. Exciting projects like the $500-million LINQ entertainment and retail promenade, the 1.6-million-square-foot Downtown Summerlin lifestyle center and the market’s first IKEA, now under development, are filling the region with promise. Las Vegas added more than 25,000 jobs between 2013 and 2014, a 3.3 percent increase, representing the third highest growth rate in the country during that time. As opposed to the previous economic boom that was largely driven by construction growth, the job growth in this recovery has been evenly spread across several sectors like general services (retail), professional/business, education, healthcare and leisure/travel. Las Vegas also hit a milestone in 2014 when it reached a record-setting 41.1 million visitors for the year. Those visitors included 5.2 million conventioneers, the highest total since 2008. As the Las Vegas economy continues to expand, retail is leading the pack with taxable sales that have already increased an astounding 29.4 percent from the recession low, including an 8.1 percent year-over-year increase in the past 12 months. Total taxable spending in the region is near its highest levels in history, reaching $36.2 …
LAS VEGAS — Solstar Investments has acquired two Marriott-flagged properties near Las Vegas for an undisclosed sum. The acquisition includes the 120-room Marriott SpringHill Suites Hotel and the 108-room Marriott TownePlace Suites Hotel in the submarket of Henderson. Both hotels were built in 2009. They will be managed by Twenty Four Seven Hotels. The hotels were purchased from Campbell Lodging, the original owner and developer. Financing was provided by GE Capital Franchise Finance, while Sklar Kirsh served as legal advisors.
RENO, NEV. – A 206-unit apartment building in Reno has sold to M3 Multifamily LLC for $15 million. The Element Apartments is located near Meadowood Regional Mall. It is also near notable employers like Nevada Energy, Microsoft Licensing and Intuit Reno. The seller, FPA Multifamily, was represented by CBRE’s Aiman Noursoultanova.
LAS VEGAS – A 55,583-square-foot retail center in Las Vegas has sold to Charleston Festival Retail LLC for $13.8 million. The center is located at 6250-6350 W. Charleston Blvd. The LLC was represented by Tim Behrendt and Lisa Hauger of Sun Commercial Real Estate. The seller, RPM Investments, was represented by Chris Clifford and Sean Margulis of the Equity Group.
LAS VEGAS – Flip N Tag has leased 41,500 square feet at The Mall at Grand Canyon in Las Vegas. The family fun center will be located at 4245 S. Grand Canyon Drive. The 120-month lease is valued at $3.3 million. The landlord, E-Grand Ventures LLC, was represented by Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank.
RENO, NEV. – Moldman Systems has leased 35,100 square feet of distribution space at Reno Aircenter. The space is located at 4649 Aircenter Circle in Reno. Moldman is a low-pressure injection molding machine developer and distributor. The landlord, IndCor Properties, was represented by J. Michael Hoeck, Dave Simonsen, Michael Nevis and Steve Kucera of The NAI Alliance Industrial Properties Group.
SPARKS, NEV. – The Villagio Apartments, a 40-unit multifamily property in Sparks, has sold to an unnamed buyer for $2.8 million. The community is located at 1850-1852 Merchant Street. It was built in 1979 and is fully occupied. The seller, a limited liability company, was represented by Kenneth N. Blomsterberg and Ryan Rife of Marcus & Millichap’s Reno office.