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Apartments sold for $11.7 million

apartments sold for $11.7 million

Brokers with Newmark Grubb Knight Frank were behind several recent deals.

▶ Doug Schuster, Curt Allsop and Vittal Ram represented Emerald Park LLC in its $11.7 million sale of the 300-unit Emerald Park Apartments at 4545 Pennwood Ave.

The buyer, Langdon Street Capital, is a Los Angeles investment company that buys, manages and develops urban infill space. Based on the company’s website, the Emerald Park deal is a big chunk of its portfolio, which it said consists of about 600 units in Southern California, Nevada and New York.

▶ Nelson Tressler and Michael Zobrist represented Argyris Enterprises LLC and JoAnn Argyris in the $2.8 million sale of a 6,100-square-foot convenience store at 6495 S. Pecos Road. The buyer was Ebrahim Kaabipour.

▶ Ben Millis and Chris Beets represented both buyer and seller in a $999,000 sale of 19,810 square feet of industrial space at 3068-3076 Fremont St. Heitkotter Family LP sold the property to Caliente NV LLC.

Craig Valley Plaza sold

Investment experts with CBRE Las Vegas coordinated a large retail sale.

▶ Charles Moore, Marlene Fujita Winkel and Ashley Kolaczynski represented Omninet Craig LLC in its $8.2 million sale of Craig Valley Plaza, a 73,455-square-foot multitenant center at 4180-4280 W. Craig Road. Omninet Craig is part of Omninet Capital, one of the Las Vegas Valley’s largest private commercial real estate owners.

▶ Jeff Chain of Millennium Commercial Properties represented the buyer, Marker Craig LLC, which bought the center as an investment. Andy Hantges of Access Commercial Mortgage arranged an acquisition loan of $5,150,000 for Craig Marker LLC.

Five deals at Colliers

Brokers with Colliers International completed five sizable sales in the new year’s first weeks.

▶ Grant Traub represented seller Kerry D. Vinci in the $7.75 million sale of a 35,440-square-foot auto dealership and service property on 5.49 acres at 1700 and 1710 E. Sahara Ave. The buyer was Jay Kim.

▶ Dan Doherty, Susan Borst, Chris Lane and Jerry Doty assisted Roberts Ranch Venture LP in its $2.1 million purchase of an 11,865-square-foot industrial property at 2606 La Madre Way. Eric Molfetta represented the seller, Trench Plate Rental Co.

▶ Traub and Chris Connell represented LV Data LLC in the $1.5 million purchase of 9,250 square feet of retail at 1030 E. Flamingo Road. Chris Richardson and Jason Otter of The Equity Group represented the seller, 1030 E. Flamingo LLC.

▶ Pat Marsh and Scott Gragson guided FNBN Kapex LLC in the $459,000 sale of a 5.4-acre industrial property inside Mountain View Industrial Park in North Las Vegas. The buyer was TAD Group.

▶ Eye-Fi bought the approximately 10,328-square-foot industrial warehouse property at 3225 E. Post Road in Las Vegas. Chris LoBello of Colliers International represented the seller, NFP Blunt LLC. Greg Pancirov and Mike DeLew of Colliers International represented the buyer.

LEASES

▶ Cebu Inasal, LLC leased 3,533 square feet of retail space for 60 months at 7537 S. Rainbow Blvd, Suite 101-103, from DM Rainbow LLC. Total consideration was $488,982.69. Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank represented the lessor in the transaction.

▶ Dollar Tree Stores Inc. leased the approximately 10,500-square-foot retail property at 1360 E. Highway 372, Suite 1 in the Pahrump Center in Pahrump. Scot Marker of Colliers International represented the lessor, White Mar Capital LLC.

▶ The Boring Co. LLC leased the approximately 2,400-square-foot industrial property at 4825 Quality Court, Suite B, in the Quality Court Center in Las Vegas. Renae E. Russo of Colliers International represented the lessor, LTTL LLC. Troy Tobler of Virtus Commercial represented the lessee.

FUNDING

▶ Andy Hantges of Access Commercial Mortgage recently arranged financing for the purchase of a 46-unit apartment complex at 5800 Bromley Ave. The property was sold for $1,475,000 and ACM provided a 65 percent loan to value along with a 10-year term and 25-year amortization. The buyer was from California; it was his first investment in Las Vegas.

Hantges also recently arranged financing for the purchase of an 85-unit apartment complex at 2300 Olive St. The property was sold for $2,250,000 and Access Commercial Mortgage provided a 65 percent loan to value along with a 10-year term and 30-year amortization.

Deal Watch is designed as a weekly summary of significant commercial real estate sale and lease transactions. To have your deal included, email deal summaries to nbell@businesspress.vegas. The deadline is noon Monday.

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