NORTH LAS VEGAS 34-ACRE INDUSTRIAL PARK SELLS FOR $115M
The Mosaic Cos. sold the Mosaic Commerce Center, a mid-bay industrial project encompassing nine buildings spanning 582,510 square feet across 34 acres. The Class A industrial project, has been successfully acquired by KW FUND VII- NORTH BELT ROAD, LP for $115,000,000.
Mosaic Commerce Center, fronts Interstate 15, just east of the recently completed CC-215 Interchange at Tropical Parkway in North Las Vegas. The property was strategically designed to meet the underserved mid-bay product in North Las Vegas. The project was 100 percent leased upon the sale to 21 tenants.
The acquisition was made by KW FUND VII- NORTH BELT ROAD, LP, a highly regarded player in the real estate investment industry.
“Today, we are delighted to announce the successful sale of Mosaic Commerce Center. This project exemplifies our teams’ dedication to excellence and innovation in the world of industrial real estate,” said Vincent Schettler, founder of the Mosaic Cos. “We are thrilled that our buyer recognized the value in this project, and we look forward to seeing their continued success of this remarkable industrial complex.”
The Mosaic Cos. still controls nearly 4 acres at the Mosaic Commerce Center and is planning to break ground on the first of two service hotels and retail by the end of this year.
HENDERSON OFFICE BUILDINGS SELL FOR $17.250M
• CBRE has arranged the sale of Green Valley Corporate Center South, two Class A office buildings totaling 91,742 square feet in Henderson. The property was sold to a joint venture between Los Angeles-based Partners Capital Inc. and Las Vegas-based CNR Retail for $17.250 million ($188 per square foot), or 4.6 percent in-place capitalization rate.
CBRE’s Tyler Ecklund, Marc Magliarditi, Travis Landes, Michael Hsu, Brad Peterson, Darren Lemmon and Justin Witt represented the sellers, JMA Ventures LLC and Blue Vista Capital Management LLC, in the transaction. The buyers were represented by Collier’s Chris Clifford, Steve Neiger and Brett Rather.
Located at 2500 and 2550 Paseo Verde Parkway, the single-story office buildings were built in 2000 and 2002 and are part of an eight-building office portfolio located in the master-planned Green Valley corridor in Henderson. Green Valley Corporate Center South was 81.6 percent occupied at the time of sale to GK Properties Real Estate & Management, Thrive Aviation and Village Capital & Investment, LLC.
“This is among the most desirable locations within the region,” Ecklund said. “The lack of vacant land in the area provides protection from future competition and offers a unique advantage for the buyer to redevelop this site. Our team represented the seller in six other transactions featuring properties from this Green Valley office portfolio in September 2022, with this sale completing the disposition of the portfolio.”
The buyer plans to convert the existing single-story office buildings into a lifestyle retail center with a focus on crafted dining, retail, design, entertainment, health and wellness uses.
“The project has experienced overwhelming leasing demand through word of mouth only, which reflects the low market vacancy and the demand for this type of product,” said Bobby Khorshidi, president of Partners Capital Inc. “There will be outdoor spaces featuring art installations, greenery, walkability and seating areas that will serve as meeting spaces for the community. The conversion of office to retail is unprecedented in the ongoing discourse of addressing the surplus of office space. We are excited to be on the forefront of re-imagining this property and bringing it to life in a way that will redefine the way people experience it for years to come.”
311-ACRE ARIZONA RANCH SELLS FOR $107.5M
Las Vegas based Indicap, Colmena Group and Langley Properties has announced the successful acquisition of the 311+ acres of land at the northwest corner of Power Road and Warner Road in Gilbert, Arizona for $107,500,000 in an all-cash transaction, which is believed to be one of the largest private land transactions in Maricopa County in the last year. The land will be used to develop The Ranch, a billion-dollar mixed-use project that will include industrial, retail, office and residential. The project will now move to the site planning and design phase with a groundbreaking scheduled for the third quarter of 2024.
Key players in this acquisition included Jason Hyams of Insight Land and Investments who represented the buyer and Danny and Scott Perkinson of Perk Prop Real Estate representing the sellers, The Dale C. Morrison Trust
“After an extensive two-year escrow process, we’re immensely proud to have brought this project to fruition,” said Todd Ostransky, vice president of development for Indicap. “With the land acquisition now complete, our attention shifts decisively to finalizing the design and leasing and the exciting phase of construction ahead.”
The Ranch will include multiple product types including industrial, residential, commercial and retail. The plan also calls for more than 16 acres of green space that will consist of trails and landscaping that will be a transition from the Morrison Ranch neighborhood.
Specifically, the project will include:
— The Ranch – 221 acres of light Industrial with the potential of 3 million square feet of mid-bay and cross dock industrial buildings.
Shops at the Ranch – General Commercial consisting of 34 acres that may include multiple types of commercial, including restaurants, drive thru (QSR), storage, convenient stores, small office, fitness center, small grocer, dental office, etc.
— Residences at the Ranch – an innovative and vibrant development of residential and commercial uses that will create live-work-play opportunities in the community surrounding Morrison Ranch. The plan calls for multifamily and mixed-use product types. Multifamily will include two- and three-story homes with some ground floor commercial. Additionally, there will be a 16-acre green space that will include trails and landscaping for the community to use.
— $20M worth of off-site improvements are planned with approximately 2 miles of frontage.
The economic impact of this project is expected to be substantial, with the creation of thousands of jobs during the construction phase and ongoing employment opportunities across various industries upon completion. The development will attract new businesses, bolster the local economy, and serve as a catalyst for future growth in Gilbert and the surrounding region.
COMPLETED SALES TRANSACTIONS
• Edward Orasi, representing The OGRE Network with KW Commercial at Keller Williams The MarketPlace, alongside colleagues Buck Hujabre and Mervat Berry, CCIM, with MDL Group facilitated a $9.5 million ($114,458 per door) off-market deal on an 83-unit low-income housing project in West Las Vegas. The deal closed Jan. 19. The buyer plans to improve and stabilize the asset, capitalizing on the area’s significant redevelopment potential for affordable housing.
• Garrett Toft, SIOR, of CBRE, Inc. represented the seller in the sale of 0.98 acres of vacant land located 1181 Center Point Drive to Firetrucks Unlimited, LLC for $785,000.
COMPLETED LEASE TRANSACTIONS
•Tomarco Contractor Specialties, LLC leased approximately 59,873 square feet of industrial space in Chartwell Commerce Center at 6355 W. Maule Ave. Jake Higgins, SIOR, of CBRE represented the landlord.
• Refrigeration Supplies Distributor, Inc. leased approximately 29,188 square feet of industrial space in Prologis Henderson Distribution Center 1 located at 8350 Eastgate Road. Jake Higgins, SIOR, of CBRE represented the landlord.
• RDFM Fum Natural Products, LTD leased approximately 15,000 square feet of industrial space in Arrowhead Commerce Center 14 located at 6275 S. Sandhill Road. Jake Higgins, SIOR, of CBRE represented the tenant.
• Acudor Products Inc. renewed its lease of approximately 4,678 square feet of industrial space in Silverado Business Park at 4216 N. Pecos Road. Kelsey Higgins and Sean Zaher, SIOR, of CBRE represented the landlord.
• Ferguson Enterprises, LLC renewed its lease of approximately 50,470 square feet of industrial space in Beltway Business Park at 6845 S. Decatur Blvd. Sean Zaher, SIOR, of CBRE represented the tenant.
• Panattoni Development C. has announced that C & C North America Inc. (Consentino North America), LLC has leased 37,950 square feet of space at Badura 215, located at the intersection of Badura and Miller. Badura 215 is a 75,900 square feet building and is able to accommodate several tenants. It has a 30-foot clear height and office BTS, with rear load configuration. With easy access to Interstate 15 Southern California or north to Salt Lake City and Reno, Badura 215 will have the ability to serve more than 77 million people in a legal day’s drive for trucking.
• An undisclosed user leased approximately 109,347 square feet of industrial space in South 95 Logistics at 620 W. Lake Mead Parkway. Garrett Toft, SIOR, of CBRE represented the landlord.
• Foster Corp. expanded its lease with approximately 6,600 square feet of industrial space in Craig Losee Business Park at 4336 Losee Road. Kelsey Higgins of CBRE represented the landlord.
• Tongda, LLC leased approximately 4,911 square feet of industrial space in Hughes Airport Center at 815 Pilot Road. Kelsey and Jake Higgins, SIOR, of CBRE represented the landlord.
• A.W. Farrell & Son, Inc. renewed its lease of approximately 3,168 square feet of industrial space at 3953 W. Oquendo Road. Jake Higgins, SIOR, of CBRE represented the landlord.
