Nevada

Las Vegas Apartment Portfolio Sells for $40M

by Nellie Day October 17, 2014

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.

October 17, 2014

Loans Multifamily Nevada Western

Las Vegas Multifamily Portfolio Receives $103M in Financing

by Nellie Day October 8, 2014

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.

October 8, 2014

Nevada Restaurant Retail Western

Krispy Kreme in Las Vegas Sells for $3M

by Nellie Day October 8, 2014

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.

October 8, 2014

Industrial Nevada Western

Las Vegas Self-Storage Facility Sells for $6.1M

by Nellie Day October 6, 2014

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.

October 6, 2014

Industrial Nevada Western

Schnabel Ventures Buys Kleppe-Greg Business Park In Sparks

by Jaime Lackey September 30, 2014

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.

September 30, 2014

Market Reports Nevada Western Western Market Reports

Fitness and Health Tenants Flexing Their Muscles in Las Vegas

by admin September 16, 2014

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, …

September 16, 2014

Market Reports Nevada Western Western Market Reports

Las Vegas’ Rebounding Market is Encouraging for Office Development

by admin September 9, 2014

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 …

September 9, 2014

Market Reports Nevada Western Western Market Reports

Occupancy Rates Rise in Las Vegas’ Multifamily Market

by admin August 19, 2014

Las Vegas investors remain risk averse, favoring Class A and B properties. Increased buyer demand and a lack of inventory will support more aggressive pricing, with the sellers capitalizing on improving property performance. With stronger operations, Class C owners are encouraged to bring assets to market, pushing deal flow for the properties. The location of the asset is crucial to investors searching for higher returns, which is expected to exceed 8 percent. With an improving local economy, new construction, strengthening job market and a new “downtown,” we can expect a lower apartment vacancy and higher rents in Las Vegas this year. The improving local market and strengthen job market is being driven by some noteworthy construction and openings this year. They include the Linq, SLS Hotel (formerly Sahara Casino), the Downtown Summerlin Mall, the Grand Bazaar Shops, the Malaysia-based Genting Berhad’s $4-billion Resorts World Las Vegas (formerly Echelon) and the announcement of the $2.5-billion renovation of the Las Vegas Convention Center. These projects will create more than 15 million direct and indirect jobs. On top of this, occupancy rates keep rising. The Las Vegas market absorbed more than 3,000 units in 2013. It has absorbed another 760 net-leased units so …

August 19, 2014

Market Reports Nevada Western Western Market Reports

The Fear Factor has Disappeared in Las Vegas’ Industrial Market

by admin August 12, 2014

Investor money has returned to the industrial market in Las Vegas. Compressing cap rates continue to result in rising values on properties even in the hardest-hit areas of Las Vegas. Couple that with limited available industrial product, and the result is the need for today’s buyers to act quickly and competitively if they want to acquire quality properties that will deliver attractive yields. MCA Realty initially entered the Las Vegas market in mid-2011 to acquire incubator/mid-bay, multi-tenant industrial properties significantly below replacement cost. Since that time, the firm has seen a substantial shift in the number of buyers competing for this product type in this market. This increasing competition will continue to drive values up, and investors will need to rely even more heavily on their local brokerage relationships to make deals work. On the leasing side, vacancy rates continue their downward trend. Occupancy is up on all industrial product types, and confidence from business owners continues to rise. The result is increased stabilization throughout the market. A key component driving the tenant demand for multi-tenant industrial is the resurgence of hotel construction and renovation in the works on the Las Vegas Strip. This activity has created a surge of …

August 12, 2014

Market Reports Nevada Western Western Market Reports

Apartment Fundamentals Improve in Las Vegas

by admin May 6, 2014

The Las Vegas multifamily market is back with a vengeance. The market went into a meltdown in 2009 while the financial crisis was in full swing, delivering the biggest blow to the local economy in Vegas’ history. What had been low unemployment and a development boom to rival all past development cycles quickly turned into a downward spiral. Construction came to a standstill and workers fled the city in search of work elsewhere. Apartment fundamentals dropped to record lows. Asking rents dropped 19.25 percent between 2009 and the second quarter of 2012, while concessions stood at 8.5 percent. Even with all this in play, the Las Vegas market is known for reinventing itself. The market recovery was in full swing last year. Stalled projects were restarted with a whole new set of players, and employment was picking up speed. An exodus from California to Nevada is currently underway, with Penske Truck Rental citing Las Vegas as one of its top 10 places where new residents are moving. Unfortunately, unemployment is still above the national average, but that is changing fast. Fundamentals are improving with concession shrinking to 5.25 percent compared to a high of 8.5 percent in 2009. Asking rents …

May 6, 2014

Newer Posts

Older Posts