SPARKS, NEV. – Los Altos Crossing, a 35,123-square-foot retail center in Sparks, has sold to BH Properties for $4.7 million. The center is located at Sparks Boulevard and Los Altos Parkway. The transaction also includes six pads totaling 217,974 square feet that are primed for development. The center is currently 47 percent occupied. Notable tenants include Goodwill, Dotty’s Casino, Las Trojes Mexican Restaurant and Dad’s Convenience Store.
LAS VEGAS – The NATMI Truck Terminal, a 24,890-square-foot facility in Las Vegas, has sold to a private investor for $5 million. The facility is situated on 10 acres at 4650 East Cheyenne Ave. It is fully leased. The seller, NATMI Truck Terminals LLC, was represented by CBRE’s Michael Caprile, Charles Moore, Marlene Fujita Winkel, Jeremy Green, Tyler Ecklund and Ashley Kolaczynski.
LAS VEGAS, PHOENIX AND PORTLAND, ORE. – BKM Capital Partners has acquired three industrial parks out West for $42.8 million. The acquisitions were completed on behalf of BKM Industrial Value Fund I LP. The transaction includes the 98,516-square-foot Hayden Island Business Park in Portland for $5.9 million; the 223,009-square-foot Patrick Commerce Center in Las Vegas for $15.1 million; and the 219,410-square-foot Black Canyon Business Park in Phoenix for $13.1 million. These are the first three assets to be included in the commingled fund. BKM Industrial Value Fund LP intends to acquire about $300 million of industrial assets by the end of next year. Irvine, Calif.-based BKM Capital Partners is a fund manager and operator platform targeting value-add, multi-tenant industrial real estate in the Western United States. It was formed in 2013 as the real estate branch of The Niru Group.
LAS VEGAS – The Bascom Group and funds managed by Carlyle Realty VII L.P. have acquired a two-property Las Vegas apartment portfolio for $39.9 million. The properties included in this transaction are Summerhill Villas at 2150 North Tenaya Way and Bayshore Club at 4975 South Duneville Street. “We are excited to be acquiring two very well-located properties in the Las Vegas metro,” says Scott McClave, principal transactions for Bascom. Summerhill Villas was built in 1990, while Bayshore Club was constructed in 1989.
LAS VEGAS – Angelo, Gordon & Co. and Interwest have received $103 million in financing for a seven-property multifamily portfolio in Las Vegas. The portfolio contains 2,149 age-restricted units, including Destinations at Valley View and Destinations at Pebble. The properties are all at least 90 percent occupied. The floating-rate financing was arranged by Jackson Cloak of Berkadia Commercial Mortgage’s Orange County office. The funds were secured through Berkadia’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass.
LAS VEGAS – A 4,320-square-foot building in Las Vegas that is leased to Krispy Kreme donuts has sold to Richmond-Southpoint 10 LLC for $3 million. The building is located at 9791 S. Eastern Ave. The LLC was represented by Jeff Berg and Mica Berg of Sun Commercial Real Estate. The seller, BSWC Properties LLC, was represented by Cathy Jones, Paul Miachika, Jessica Cegavske, Roy Fritz and Cash Jordan of the same firm.
LAS VEGAS – A 1,040-unit self-storage facility in Las Vegas has sold to Strategic Storage Growth Trust (SSGT) for $6.1 million. The facility is located at 4349 South Jones Blvd. The site is 55 percent occupied. The 92,000-square-foot property is located about nine miles from SSGT’s recent acquisition on Russell Road. It will be re-branded under the SmartStop Self Storage trade name.
SPARKS, NEV. — Schnabel Ventures and its partners have acquired Kleppe-Greg Business Park, a 150,000-square-foot industrial flex business park in Sparks, for an undisclosed sum. The five-building park is located at 1215 & 1275 Kleppe Lane, 1250 & 1220 Greg Street and 1455 Deming Way. It will soon undergo a major renovation.
The health club tenant is a very hot category throughout the nation. This is especially proving to be the case in the Las Vegas and Henderson markets. Two of the best examples of this are Village Square Shopping Center and Canyon Lakes Center, located on the northwest and southwest corners of Fort Apache and Sahara in the Summerlin submarket. Just three years ago, neither center had any type of fitness use. In the past 18 months, however, Village Square has leased to Sumits Yoga, a 5160-square-foot hot yoga center, and Orange Theory Fitness, a 2,915-square-foot fitness franchise out of Florida. Across the street to the east, Canyon Lakes has just signed a lease with Body Heat Pilates and Yoga for 5,332 square feet. It is also working with a martial arts tenant for another space. Both centers report they have interest from larger boot camps, ballet-based workouts and Pilates-type tenants. This example repeats itself throughout the entire Las Vegas Valley. Planet Fitness, made popular by The Biggest Loser television show, has opened its fifth location, a 24-hour-a-day center with memberships starting at $10 per month and no long-term obligations. At the other end of the spectrum, LifeTime Fitness, a full-service, …
Net absorption in the first half of 2014 for the Las Vegas office market is positive, by about 500,000 square feet, causing the total office vacancy rate to decline valley-wide. This market has a total office inventory of 60.7 million square feet in 3,860 buildings. About 900,000 square feet remains under construction at the end of the second quarter — about 800,000 square feet of which is speculative development. This is interesting, considering the overall market vacancy is hovering around 20 percent. Average quoted asking rental rates decreased slightly to $1.88 per square foot, per month ($22.56 per square foot annualized) on a full-service gross basis. Concessions, incentives and tenant improvement allowances to secure tenants continue to vary from project to project. The assumption that a tenant could expect to receive up to one month free rent per year of lease term may be a declining trend in the coming quarters. The newer trend is landlords completing speculative build-outs in vacant suites, though this is still not the norm. Investment sales in the first half of 2014 decreased from the previous year, with about 800,000 square feet of properties sold at an average price per square foot that was slightly …
