LAS VEGAS — PSRS has arranged $12.5 million in construction financing for a self-storage facility in Las Vegas. The property will be a 926-unit mini-self-storage facility that consists of two three-story buildings totaling 103,803 rentable square feet. The property will also feature covered stalls for RV, boat or trailer storage. Ricky Giancola of PSRS secured the financing for the undisclosed borrower through a regional bank at a 75 percent loan-to-cost ratio.
LAS VEGAS — Gantry has secured a $7 million permanent loan to retire construction financing for Epic Storage @ Ann Road, a self-storage facility in Las Vegas. Located at 10490 Hammer Lane, the property features 681 self-storage units and 46 RV parking spaces. The Class A property was delivered in third-quarter 2023. Chris Funai of Gantry’s Las Vegas office represented the borrower, a local real estate developer. The 10-year loan was procured from one of Gantry’s insurance company correspondents at a fixed rate and 30-year amortization period.
LAS VEGAS — Clark County has purchased a recently constructed psychiatric hospital building, located at 5409 E. Lake Mead Blvd. in Las Vegas, from a private seller for $10.4 million. Constructed in 2021, the 17,066-square-foot, 24-bed property has never been fully occupied. The asset is located approximately six miles from Mike O’Callaghan Military Medical Center on Nellis Air Force Base and approximately 10 miles from the Veterans Affairs Hospital and 3.5 miles from the 177-bed North Vista Hospital. Marlene Fujita Winkel, Emily Brun, Cody Seager, Travis Ives, Gino Lollio, Sushil Puria and Ken Brown of Cushman & Wakefield represented the seller in the transaction.
RENO, NEV. — San Diego-based Tower 16 Capital Partners has acquired The Deco at Victorian Square, an apartment property located at 955 Avenue of the Oaks in Reno, for $43 million. Built in 2021, The Deco features 209 apartments in a mix of studio, one- and two-bedroom layouts averaging 731 square feet. Tower 16 plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping enhancements. The company has also planned outdoor amenities, including barbecues, seating and game areas. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil Secured arranged debt financing for the buyer.
— By Mike Ballard, Partner, Ascent Multifamily Accounting in Las Vegas — Las Vegas — known for its vibrant entertainment scene and thriving real estate market — is experiencing the early signs of a recession. With one of the most substantial construction forecasts in the nation, the Las Vegas multifamily real estate sector is poised to witness a surge in supply with 8,000 units to come online by 2025, according to Avison Young. However, despite the anticipated surge in deliveries, the Las Vegas market has seen fewer construction starts this year. We can anticipate that the Valley will once again have a shortage of rental housing in 2025 and 2026, which will increase rents and cause concessions to evaporate. It is also anticipated that up to 10 percent of commercial real estate within the Valley may face foreclosure in the next 18 months. The city is currently experiencing one of the highest rates of foreclosure in the country, with nearly one in every 1,800 homes experiencing foreclosure. This can be attributed to high interest rates and the prospect of a recession forming a dark cloud over the nation’s real estate market. According to CoStar, quarterly multifamily sales volume has yet to eclipse $150 million in 2023. The surge in supply is also …
LAS VEGAS — Ares Management and CapRock Partners have completed the disposition of Spanish Ridge Industrial Park in Las Vegas. EastGroup Properties bought the Class A facility for $54.8 million. Spanish Ridge consists of three single- and multi-tenant buildings totaling 230,899 square feet in the southwest of the city. The park’s 133,075-square-foot, 75,836-square-foot and 21,988-square-foot buildings feature clear heights ranging from 24 feet to 30 feet, ESFR sprinklers, warehouse evaporative coolers, ample power, 128-foot to 180-foot concrete truck courts, and a combined 50 dock-high doors and 11 grade-level doors. Additionally, the park offers five office spaces totaling 2,000 square feet. At the time of sale, the property was fully leased to five investment-grade credit tenants. The industrial park is located at 5425 and 5365 S. Riley St. and 8875 W. Hacienda Ave. Andrew Briner and Bret Hardy of Newmark represented the sellers, with support from Rob Lujan and Jason Simon of JLL’s Industrial Las Vegas office. Terms of the deals were not disclosed.
LAS VEGAS — PBTK 95 has completed the disposition of a two-story office building in Las Vegas to a private buyer for $2.8 million. Travis Landes, Marc Magliarditi and Michael Hsu of CBRE represented the seller in the deal. Located at 6100 Elton Ave., the 18,000-square-foot building can accommodate a variety of layout configurations, allowing for an owner-user to occupy or a single- or multi-tenant build out. Additionally, the building offers 90 parking spaces with 38 covered, an outdoor courtyard and signage facing Interstate 95.
LAS VEGAS — Panattoni Development has broken ground on Oasis Commerce Center, an industrial development on South Rainbow Boulevard in Las Vegas. The project team includes Ware Malcomb, Westwood and Martin Harris Construction. Situated on 19.9 acres, the development will offer 422,000 square feet of Class A industrial space upon completion in fourth-quarter 2024. The cross-dock building will feature 36-foot clear heights and substantial trailer parking. CBRE’s Higgins/Toft/Zaher team is marketing the property for lease.
NORTH LAS VEGAS, NEV. — SRS Real Estate Partners has arranged the sale of Deer Springs Shoppes, a retail center in North Las Vegas. A Pennsylvania-based seller sold the asset to a Los Angeles-based private investor for $9.5 million. Totaling 28,224 square feet, the three-building property is located at 640 and 680 E. Deer Springs and 675 Dorrell Lane. Built in 2009 on 1.5 acres, Deer Springs Shoppes was fully leased at the time of sale. Current tenants include The UPS Store, Verizon and Pacific Dental. The transaction also includes a vacant pad site that for which a 4,000-square-foot development has been proposed. Patrick Luther of SRS Capital Markets represented the seller in the deal.
LAS VEGAS — SRS Real Estate Partners has brokered the sale of a retail property, located at 8880 S. Rainbow Blvd. in Las Vegas. Situated on 0.77 acres, Conoco occupies the 3,500-square-foot property under a 20-year, absolute triple-net lease with LV Petroleum LLC, a franchisee gas station operator with more than 30 locations. Las Vegas-based Kingsbarn Realty Capital sold the asset to a Las Vegas-based private investor for $7.1 million. Patrick Luther of SRS Capital Markets represented the seller in the deal.
