LAS VEGAS — Premier Educational Facilities has acquired the Bonanza Road industrial building, a 68,848-square-foot warehouse in North Las Vegas, for $5.3 million. The warehouse is located at 4151 E. Bonanza Road. It was built in 1976. The buyer will occupy the entire facility, which will operate as Equipo Academy, a college preparatory charter school for middle and high school students. Justin Michaels of Cornerstone Company represented Premier in the transaction.
RENO, NEV. — Panattoni Development has broken ground on a 1.4-million-square-foot industrial park in Reno. The two-building project will be located on 96 acres at the intersection of Lemmon Valley Drive and Highway 395. It will be called North Valley Commerce Center. Phase I of the development will include a 707,660-square-foot building, the largest spec project to break ground in the region, according to the developer. Michael Nevis, J. Michael Hoeck, Dave Simonsen and Steve Kucera of the NAI Alliance Industrial Properties Group represented the unnamed seller. NAI will also serve as the project’s leasing agent.
LAS VEGAS — NorthMarq Capital has arranged the $16.85 million refinance of Trop Dec Plaza, a 74,824-square-foot retail property located on Tropicana Avenue in Las Vegas. The transaction was structured with a 10-year term, and has a 30-year amortization schedule. Scott Monroe of NorthMarq arranged financing for the borrower with a CMBS lender.
RENO, NEV. – Bi Nutraceutical has leased a 140,000-square-foot distribution space in the Reno submarket of McCarran. The space is located at 625 Waltham Way, within the Tahoe-Reno Industrial Center. Nutraceutical is the largest supplier of botanical ingredients in the U.S. The landlord, Global Logistic Properties, was represented by J. Michael Hoeck, Dave Simonsen, Steve Kucera and Michael Nevis of the NAI Alliance Industrial Properties Group.
LAS VEGAS – Las Palmas Village, a 109,838-square-foot retail center in Las Vegas, has sold to Citywest Investments Joint Venture for $23.4 million. The center is located at 415-535 E. Windmill Lane. It is anchored by Vons. The Australian-based real estate company was represented by Chris Emanuel and Jeff Mitchell of Virtus Commercial. The seller, Donahue Schriber Realty was represented by DTZ’s Michael Hackett and Ryan Schubert.
LAS VEGAS — Cornerstone Capital has purchased Crossroads Towne Center, a 148,791-square-foot shopping center in North Las Vegas, for $52 million. The center is located at 6436-6592 N. Decatur Blvd. Crossroads Towne Center is anchored by Super Walmart and Bed Bath & Beyond. Other notable tenants include Bank of America, Hallmark, Radio Shack, Payless, GNC, Starbucks and Baskin Robbins. The center was completed in 2007. It can be seen from the 215 Freeway. The seller, EagleCrossroads Center 2 LLC, was represented by Jeff Mitchell and Chris Emanuel of Virtus Commercial, and by DTZ’s Michael Hackett, Vic Russell and Ryan Schubert.
LAS VEGAS — Dynamic Development has purchased a 5-acre parcel on Las Vegas Boulevard for $6.5 million. A 22,000-square-foot build-to-suit Total Wine & More will occupy the property, alongside an additional 30,000 square feet of retail space. Bill Dunbar and Houston Carr of Dunbar Commercial are in charge of leasing for the project.
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.