DOWNTOWN OFFICE BUILDING SELLS FIRST CONDO
Miltson Consulting recently completed the sale of the first office condo at The Office, a two-story, newly remodeled building on Las Vegas Boulevard and Gass Avenue in Downtown Las Vegas. Originally developed for Nevada National Bank and built in 1963, the historic building’s classic architecture is hard to find in Las Vegas.
Gallian Welker & Associates, a full service law firm with emphasis on veterans disability appeals, personal injury, family law, business and commercial law and civil rights, purchased more than 2,900 square feet in the historic building that now houses The Office. The transaction amount was $1,179,870. The new law firm office will officially open to the public on Oct. 1.
According to Travis Barrick, a Gallian Welker & Associates partner, the firm benefits from owning its own office. It will stabilize expenses, especially on its physical space, while making long-term forecasting easier and less likely to induce cash-flow issues, all while building equity over time.
The 40,000-square-foot building is within walking distance of Southern Nevada’s local, state and federal courthouses and other government buildings. Office suites range from 2,700 square feet to 4,500 square feet, with ample free surface parking available.
Michael Young from IREPLV, LLC oversees marketing, sales and leasing efforts for The Office, which is easily accessible from both U.S. 95 and Interstate 15.
DAVLYN INVESTMENTS ACQUIRES APARTMENT COMMUNITY
Davlyn Investments, a California-based, multifamily investment firm, recently closed escrow on the $65,500,000 purchase of Rancho Destino a 184-unit, luxury, multifamily community. The property, which has been re-branded Aviara, was constructed in 1998 and marks Davlyn’s second acquisition in Nevada. The CBRE team of Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit represented the seller. Debt was provided by Torrey Pines Bank.
COMPLETED SALES TRANSACTIONS
• Kevin Higgins, SIOR; Garrett Toft, SIOR; and Sean Zaher of CBRE, Inc. represented the seller in the sale of a 151,200-square-foot industrial building at 6550 Bruce St. to AXA Real Estate Investment Managers, LLC for $45,145,500.
• Jake Higgins of CBRE, Inc. represented the buyer, Kennith C. Hall, in the purchase of a 6,554-square-foot industrial building located at 6440 Schirlls St. for $2,599,000.
• The sale of an office building to 26 Pebble, LLC, comprised of 10,530 square feet, located at 3077 and 3097 E. Warm Springs Road, Suites 100 and 300. The total value of the transaction was $1,895,400. Cathy Jones, Paul Miachika, Karim Chatoor and Blaze Katz, of Sun Commercial Real Estate, Inc., represented the seller, Longford 6, LLC.
• A sale to Sunset on Lake Mead 011 LLC. The 55,586-square-foot commercial pad is at 1170E. Sunset Road in Henderson, at the entrance of the Cadence master-planned community.The transaction amount was $1,556,000. The Thill, Dillon & McInerney Office team consisting of Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney in partnership with David A. Grant of Colliers International represented the seller, Landwell Co. LP.
• A sale to VMC Properties, LLC. The 4,475-square-foot office building is located in Tech Center at 2441 Tech Center Court. The transaction value was $1,284,475. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the purchaser.
• A sale to Avalon Partnership Group LLC. The 5.77-acre land parcel is near Las Vegas Boulevard North and North Lamont Street in the north submarket. The transaction amount was $1,256,000. Steven D. Haynes of Colliers International represented the buyer.
• The sale of an office building to SNG, LLC, comprised of 6,872 square feet located at 3700 Pecos McLeod. The total value of the transaction was $970,000. Tim Erickson, of Sun Commercial Real Estate, Inc., represented the seller.
• A sale to Tiltcomm Properties, LLC. The 1.15-acre parcel is at 4110 N. Lamb Blvd. (APN No. 140-05-416-052). The transaction value was $825,000. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the purchaser.
COMPLETED LEASE TRANSACTIONS
• An undisclosed user leased approximately 53,159 square feet of industrial space in Beltway Business Park at Edmond Street and Badura Avenue. Kevin Higgins, SIOR, of CBRE represented the tenant.
• A lease to SlotCycle LLC for a 71-month term. The 35,500-square-foot industrial space is in the airport submarket within Hughes Airport Center at 745 Grier Drive. Suzette LaGrange, CCIM, of Colliers International represented the lessor, Aruze Gaming America Inc.
• A lease to Venue Management Systems LLC for a 39-month term. The 11,579-square-foot office property is in Marnell Corporate Center V at 6720 Via Austi Parkway, Suites 430 and 450. The Thill, Dillon & McInerney Office team consisting of Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, The Realty Associates Fund XI Portfolio, L.P.
• A lease to Woojoo LLC for an 88.5-month term. The 1,200-square-foot retail space is within Siena Town Center at 10140 W. Tropicana Ave., Suite 121. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, Siena Town Plaza LP.
• A lease to Silverlake Ramen Las Vegas LLC for a 180-month term. The 1,982-square-foot retail space is located in the heart of Chinatown within The Macy’s Center on Spring Mountain at 3455 Arville St. CNR Retail consisting of Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessor, Arville-JLK, LLC.
• An undisclosed user leased approximately 583,320 square feet of industrial space in Vantage North at I-15 Beltway and Speedway Boulevard. Kevin Higgins, SIOR, of CBRE represented the landlord.
• The lease of retail space to LGCY Installation Services, LLC, comprised of 22,000 square feet located at 6021 Badura Ave. Suite 100. The total value of the transaction was $1,655,346. Jenny Li, of Sun Commercial Real Estate, Inc., represented the tenant.
• The lease of office space to Check Five, LLC, comprised of 2,144 square feet located at 2340 Paseo Del Prado, Suite D108. The total value of the transaction was $248,340. Jenny Li, of Sun Commercial Real Estate, Inc., represented the tenant.
• The lease of office space to DEP Nevada, Inc. comprised of 5,059 square feet located at 2625 N Green Valley Parkway, Suite 150. The total value of the transaction was $167,903.52 Pete Janemark of Sun Commercial Real Estate, Inc. represented the tenant.
• A lease to Laird Plastics, Inc. The 49,212-square-foot industrial property is located in Beltway Business Park at 5430 W. Badura Ave. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the tenant.
• A lease to Big Sky Fulfillment, Inc. The 37,432-square-foot industrial property is located in Suncrest Commerce Center at 1051 Mary Crest Road, Suite D-F in Henderson. Greg Pancirov, SIOR and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Adin Realty (Henderson Distribution Center North NV), LP.
• A lease renewal to Zuffa, LLC. The 35,000-square-foot industrial property is located in Sunset 215 West at 6475 W. Sunset Road. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Kivodo Realty (Sunset West Logistics Center NV), LP.
• A lease renewal and expansion to Richtech Creative Displays, LLC. The 11,222-square-foot industrial property is in Cameron West Industrial Park at 4175 Cameron St., Suite 1, 2 A-1 & 5. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the tenant.
• A lease renewal to Mariana G. Castaneda-Trujillo. The 9,998-square-foot industrial property is located at 2782 Abels Lane. Mike DeLew, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Aaron David Industrial, LLC.
• A lease renewal to Bear Communications, Inc. The 9,171-square-foot industrial property is located in Russell Commerce Center at 5720 S. Arville St., Suite 108. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, BRI LV1, LLC.
• A lease to Huron Holdings, LLC. The 8,320-square-foot industrial property is in Mosaic Commerce Center at 5551 N. Belt Road, Suite 120 in North Las Vegas. Mike DeLew, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Mosaic Commerce Center, LLC.
• A lease renewal to Joerns, LLC. The 6,810-square-foot industrial property is located in Sunset Pointe Industrial Center at 509 W. Sunset Road in Henderson. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Sunset Pointe Group, LLC.
• A lease to Aaron Law Group, LLC. The 4,500-square-foot office property is located in Coronado Bay Business Park at 7900 W. Sahara Ave., Suite 100. Bob Hawkins of RealComm Advisors represented the landlord, Winner Properties, LLC.
• A lease renewal to NetGreat, LLC. The 3,875-square-foot industrial property is located in Sunset Pointe Industrial Center at 573 W. Sunset Road in Henderson. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Sunset Pointe Group, LLC.
• A lease to Tilley’s Auto Repair, LLC. The 3,200-square-foot industrial property is located in Desert Canyon Industrial Park at 253 Elliott Road, Suite 1-2 in Henderson. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the landlord, Nicola 249 Elliott, LP.
• A lease to Intrepid Metal Works, Inc. The 2,400-square-foot industrial property is located at 2146 Highland Ave. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Investco Limited, LLC.
• A lease to Waddell Serafino Geary Rechner Jenevein, P.C. The 2,250-square-foot office property is located in Pointe Flamingo at 4000 S. Eastern Ave., Suite 340. Bob Hawkins of RealComm Advisors represented the landlord, AILP, LLC.
• A lease to Hans Aerospace, LLC. The 1,848-square-foot industrial property is located in Cameron East Business Park at 4310 Cameron St., Suite 13. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Cameron Industrial Park, LLC.
• A lease renewal to Syrinix, Inc. The 1,822-square-foot industrial property is located in Am Pac Industrial Park at 931 American Pacific Drive, Suite 108 in Henderson. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Nicola Ampac I & II, LP.
• A lease renewal to Perk Co., Inc. The 1,640-square-foot industrial property is located in Am Pac Industrial Park at 911 American Pacific Drive, Suite 130 in Henderson. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Nicola Ampac I & II, LP.
• HME, Inc. renewed its lease of approximately 8,706 square feet of industrial space in Silverado Business Park located at 4168 N. Pecos Road. Sean Zaher of CBRE represented the landlord.
