SLICE OF STRIP LAND IN BANKRUPTCY SALE
Attorney Kavita Gupta has been appointed to serve as the Chapter 11 Trustee overseeing the bankruptcy sale of 38.56 acres of privately owned real property on the world-famous Las Vegas Strip. The Bankruptcy Court has approved bid procedures setting a bid deadline of April 30 and May 19 auction for qualified bidders.
The 38.56-acre development site includes 750 feet of frontage on Las Vegas Boulevard directly across from Mandalay Bay and is within walking distance from the new Las Vegas Raiders stadium. This development opportunity is in a Qualified Opportunity Zone and zoned for gaming, hotels, retail, restaurants, entertainment, resort uses and parking among other uses.
“The auction process is intended to bring about an efficient, transparent and final sale of this property. The 12 parcels can be purchased individually or in the aggregate with offers reviewed and considered in advance of the bid deadline,” Gupta said.
“There is nothing like this available for development on the Strip. The heart of the Strip between the Wynn property and Mandalay Bay is fully developed. This opportunity is the last true development opportunity in the heart of the Strip” says Matthew Bordwin, principal at Keen-Summit Capital Partners LLC, one of the exclusive real estate advisers for this offering. “With a trustee appointed and bid procedures approved by the Bankruptcy Court, there will be a sale transaction.”
Michael Stuart, Broker at Colliers International one of the exclusive real estate advisers for this offering commented further that “The southern part of the Strip is becoming a strong growth area due to the opening of the new Raiders Stadium later this year There is limited opportunity for developers to take advantage of a site of this size and capitalize on the more than 42 million annual visitors.”
The approved bid procedures and full offering details are available at DevelopTheStrip.com
INDUSTRIAL PORTFOLIO NEAR STRIP SELLS FOR UNDISCLOSED AMOUNT
Cushman & Wakefield announced the firm has brokered the investment sale of a 276,443-square-foot industrial portfolio. The portfolio sale consisted of three multi-tenant industrial projects: The Park @ Arville at 4350 Arville St. (160,277 square feet), Valley View Commerce Center at 5130-5230 S. Valley View Blvd. (73,429 square feet), and Valley View Business Park at 3021 Valley View Blvd. (42,737 square feet).
Nicola Wealth Management, an investment firm in Vancouver, BC, acquired the portfolio from CapRock Partners and CenterSquare for an undisclosed amount.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg and Bryce Aberg from Cushman & Wakefield’s National Industrial Advisory Group (IAG) represented the seller in the transaction.
Encompassing more than 17 acres, the portfolio consists of 13 buildings in three parks located no more than five miles apart adjacent to Interstate 15, the Las Vegas Strip, the new Raiders Allegiant Stadium and McCarran International Airport. Developed between 1974 and 1989, the properties feature 15-foot to 20-foot clear height, and all units have roll-up doors. Suite sizes range from 1,000 square feet to 14,000 square feet.
The portfolio was 98 percent leased to 66 tenants from a diverse group of industries that service the local Las Vegas economy at the time of the sale.
Tower 16 Capital Partners Sells Altura apartments
San Diego-based Tower 16 Capital Partners has sold Altura on Tropicana, a 512-unit multifamily complex, after an 18-month hold period. Tower 16 had originally purchased the property for $50 million in June 2018 and invested over $4 million in capital improvements.
“Altura on Tropicana has provided us with an amazing opportunity to execute a true value-add repositioning strategy and capitalize on the strong Las Vegas apartment market,” said Tower 16 Principal Tyler Pruett. The property’s new ownership will continue with the repositioning strategy at the project.
Altura on Tropicana Apartments is at 6255 W. Tropicana Ave, within a few miles of the Las Vegas Strip. It includes 512 oversized one-, two- and three-bedroom apartments and town homes. Community amenities include three swimming pools, two spas, leasing office and outdoor amenity area.
Real estate brokers Angela Bates, Curt Allsop and Vittal Ram of Newmark Knight Frank represented Tower 16 in the transaction.
COMPLETED SALE TRANSACTIONS
• A sale to Viva Bulgaria!! LLC. The 37.70-acre land parcel is between Ann Road and Mount Hood St. (APN: 123-27-801-011). The transaction value was $14,100,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the buyer.
• A sale to Jacques and Gabrielle Antheaume. The approximately 5-acre land parcel is near Windmill Road and La Cienega Street (APN: 177-16-501-005 & 006). The transactions value was $1,750,000. Brian Fike of Colliers International represented the buyer.
• A sale to Park West RRV LLC. The 58,250-square-foot industrial property is at 4680 Calimesa and 4584 Calimesa streets. The transaction value was $7,281,250. Dan Doherty, SIOR; Paul Sweetland, SIOR; and Chris Lane, CCIM of Colliers International represented the seller, NLV Sagebrush LLC. Jerry Doty of Colliers International represented the buyer.
• A sale to Greystone Nevada LLC. The 15.90-acre land parcel is at the southeast corner of Grand Teton and Torrey Pines drives (APNs: 125-14-501-001, 125-14-501-002 and 125-14-502-001). The transaction value was $2,184,000. Chris Clifford; Steve, Neiger, CCIM; and Brett Rather of Colliers International represented the seller, Stewart John Bailey Irrevocable Trust.
• A sale to Richard Price. The approximately 6,000-square-foot industrial property is in Matter Business Park @ Warm Springs at 7925 W. Arby Ave., Suite 120. The transaction value was $1,050,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the seller, Matter Business Park @Warm Springs.
• Garrett Toft, SIOR, of CBRE Inc. represented the seller in the sale of approximately 7.24 acres of vacant land at N. Las Vegas Boulevard and N. Lamb Boulevard to Con-Quip Services LLC for $975,000.
• A sale to Rick Wood. The 4,869-square-foot industrial property is at 161 N. Gibson Road in Henderson. The transaction value was $945,000. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the seller, Baltic Avenue LLC.
• A sale to Elva and Manuel Rodriguez. The 2.06-acre land parcel is at the northeast corner of Helena Avenue and Al Carrison Street (APN: 138-04-302-006). The transaction value was $350,000. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the seller, Stewart John Bailey Irrevocable Trust.
COMPLETED LEASE TRANSACTIONS
• A lease to Nutra LLC. The 5,132-square-foot industrial property is in Sandhill Airport Park at 6320 S. Sandhill Road, Suite 1. Mike Willmore; Alex Stanisic; Dean Willmore, SIOR; and Lauren Willmore of Colliers International represented the lessor, Theo Pacific Las Vegas I LLC/LGSMT.
• A lease to HotDeal4Less Inc., a Nevada corporation. The 2,160-square-foot industrial property is in Sandhill Airport Park at 6330 S. Sandhill Road, Suite 8. Alex Stanisic; Dean Willmore, SIOR; Michael Willmore; and Lauren Willmore of Colliers International represented the lessor, TheoPacific Las Vegas I, LLC/LGSMT LLC.
• A lease to MD Nails. The approximately 2,000-square-foot retail property is in Sunset Cliffs Plaza at 6480 S. Hualapai Way. Gabriel Skerlich of Colliers International represented the lessee and the lessor, Sunset Cliffs Plaza LLC.
• A lease to Barks & Bubbles. The approximately 1,600-square-foot retail property is in Lowe’s Buffalo Square at 7520 W. Washington Ave., Suite 150. Scot Marker of Colliers International represented the lessor, C-III Asset Management LLC.
• A lease to Valauna Jean Knight-Brown dba State Farm Insurance. The approximately 1,500-square-foot retail property is in Rancho Alta Mira Shopping Center at 4590 W. Craig Road, Suite B-5 in Las Vegas. Scot Marker of Colliers International represented the lessor, Tabit Partners.
• A lease to Filmwerks LLC. The approximately 53,200-square-foot industrial property is at 2020 Mendenhall Drive in North Las Vegas. Mike and Dean Willmore, SIOR, and Alex Stanisic of Colliers International represented the lessor, Javse Realty Corp.
• A lease renewal to Abatix Corp. The approximately 15,360-square-foot industrial property is in Arville Distribution Center at 5530 Arville St. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessee.
• A lease to The Hertz Corp., a Delaware corporation. The 14,817-square-foot retail property is at 1100 W. Warm Springs Road in Henderson. Grant Traub, SIOR, and Chris Connell of Colliers International represented the lessor, AAG - Real Estate/Henderson L.L.C., a Delaware limited liability company.
• A lease renewal to Showcase Contracting LLC. The 5,809-square-foot industrial property is at 5016 W. Post Road. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, Dean and Penny Brunner 1985 Trust.
• A lease to Auto Dynamic Services. The 5,732-square-foot industrial property is in Patrick Airport Center at 6045 Harrison Drive, Suite 3-4. Dean Willmore, SIOR; and Mike and Lauren Willmore of Colliers International represented the lessor, BKM MAC 228 LLC. Alex Stanisic of Colliers International represented the lessee.
• A lease to Richard Ditton, as an individual. The 5,386-square-foot industrial property is in Highland Industrial Center at 2910 S. Highland Drive, Suite P. Chris Connell and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Highland LLC, a Delaware limited liability company.
• A lease to Palm Beach Tan Inc. The 3,336-square-foot retail property is in Pecos Legacy Center at 2558 Wigwam Parkway in Henderson. Scot Marker of Colliers International represented the lessor, CK Pecos LLC and Legacy Retail LLC.
• A lease to Hard Rock Cafe International (USA) Inc. The 2,827-square-foot industrial property is in Hacienda Crossing at 5275 S. Arville St., Suite 152. Mike Willmore; Alex Stanisic; and Dean Willmore, SIOR, of Colliers International represented the lessor, FJM Vegas Holdings LLC.
• A lease to Sparkle Nail Spa LLC. The approximately 1,600-square-foot retail property is in Lowe’s Buffalo Square at 7550 W. Washington Ave., Suite 130. Scot Marker of Colliers International represented the lessor, C-III Asset Management.
• Sin City Marketing LLC signed a 63-month lease for 2,630 square feet of office space at The 1785 Office Center located at 1785 E Sahara Ave., Suite 323 & 325. Matt Feustel of Virtus Commercial represented the lessor, The 1785 Office Center LLC; and Allen Jenkins of Virtus Commercial represented the lessee in the transaction.
• Large Vision Business signed a 62-month lease for 2,091 square feet of office space at The 1785 Office Center at 1785 E. Sahara Ave., Suite 150. Matt Feustel of Virtus Commercial represented the lessor, The 1785 Office Center, LLC; and Gary S. Beck of JW Michaels Commercial represented the lessee in the transaction.
• New Choice Enterprises signed a 12-month lease for 1,939 square feet of industrial space at 2750 W. Brooks Ave., Suite 109 in North Las Vegas. Jennifer Bridges of Virtus Commercial represented the lessee; and Ali Roesener of Gatski Commercial represented the lessor, VGT Grand Properties LLC in the transaction.
• Las Vegas Family Therapy signed a 37-month lease for 353 square feet of office space at Spanish Vista Office Park at 4955 S. Durango Drive, Suite 166. Matt Feustel of Virtus Commercial represented the lessor, Wardy Amen III and Traci A; and Paul Bell of BHHSNV Properties represented the lessee in the transaction.
• Pearle Vision renewed 4,046 square feet of retail space for 60 months at 230 N. Nellis Blvd., Suite 2. Chris Emanuel of Virtus Commercial represented the lessor, Geraldine F. Miller Trust under the Miller Trust dated 11/30/99 et al, in the transaction.
• Sweetea Inc. renewed 3,900 square feet of retail space for 84 months at Charleston Festival at 6250 W. Charleston Blvd., Suite 110, 120, 130. Jackie Zlatanovski of Virtus Commercial represented the lessor, Charleston Festival Retail LLC in the transaction.
• Tropical Smoothie renewed 2,210 square feet of retail space for 120 months at Charleston Festival at 6350 W. Charleston Blvd., Suite 130. Jackie Zlatanovski of Virtus Commercial represented the lessor, Charleston Festival Retail LLC in the transaction.
