CALIFORNIA COMPANY BUYS 94 ACRES TO BUILD LOGISTICS COMPLEX
DIV Industrial, a newly formed institutional-level investor and developer of industrial real estate, announces its official company launch and first acquisition. The new Irvine, California-based firm has acquired 94 acres for the development of El Dorado Valley Logistics Center, a 1.7-million-square-foot Class A industrial complex. At completion, the cutting-edge, modern facility will be LEED certified and establish a new distribution location in the Western U.S., providing an alternative and efficient connection point between key regional logistics hubs.
The acquisition kicks off the first significant development project for DIV Industrial, which was established in late summer 2022 by real estate veterans Nicholas Ilagan and Jessica Quesada. As a minority- and woman-owned firm, DIV focuses on prioritizing diversity, equity and inclusion initiatives and implementing responsible environmental, social and governance practices within its industry. With an institutional investment approach, the boutique firm targets new development and investment opportunities in select markets in the Western and Southwestern U.S.
“Responsibility to people and the planet is at the forefront of our approach. We created DIV Industrial with the intention of shaking things up within the industrial real estate industry while operating in line with our principles. El Dorado Valley Logistics Center will be a massive LEED-certified development in an advantageous new location. The project exemplifies what our team is looking to achieve,” said Ilagan, DIV Industrial’s co-founder and managing partner. “While DIV aims to turn heads, we are building for the betterment of the environment, our industry and its people. We are excited to officially announce the launch of our firm and get to work building something remarkable.”
El Dorado Valley Logistics Center will feature the highest efficiency building specifications in the industry while also providing best-in-class specifications such as 42-foot clear height, super flat floors and an ESFR sprinkler system. The development will comprise of two buildings ranging from 600,000 square feet to 1 million square feet.
The Alderson Tassi Team, led by Donna Alderson and Greg Tassi, of Cushman and Wakefield, represented DIV in the transaction. DIV acquired the project’s land site in an unimproved condition with entitlements in process. Project groundbreaking is anticipated this summer.
PANATTONI PURCHASES 9.19 ACRES
Panattoni Development Co. announced it has purchased 9.19 acres of land at the northeast corner of Simmons Street and Evans Avenue, directly adjacent to the North Las Vegas Airport. The site will be the location of Simmons Airpark.
The project will accommodate businesses looking to relocate or expand into North Las Vegas with its unique infill location close to existing mature neighborhoods and businesses. Initial construction is estimated at $17 million, it will provide flexible industrial space in a supply-constrained market.
Simmons Airpark is a joint venture between Panattoni Development and Principal Financial Group. The new park will include construction of a 180,960 square foot, Class A industrial building, divisible to a minimum of 45,035 square foot leasable spaces. Construction is set to begin February 2023 and is scheduled to be complete December 2023.
PEBB ENTERPRISES CLOSES $22.5M SALE OF GALLERIA PAVILION
PEBB Enterprises, the South Florida-based private equity real estate investment company with a national commercial real estate portfolio, completed the $22.5 million sale of Galleria Pavilion. The company successfully leased up and stabilized the multitenant retail property before the disposition.
The transaction closed on Oct. 18. Dong Koo Kim and Jong Ok Kim, trustees of the Dong Koo Kim and Jong Ok Kim Family Trust, are the buyers of the 601-617 Mall Ring Circle property.
Galleria Pavilion is a 64,598-square-foot retail center on an out parcel of the 1.1 million-square-foot Sunset Mall. It is 95 percent occupied. Notable tenants include Buffalo Wild Wings, Panera Bread, Nothing Bundt Cakes, Aqua Tots and Plato’s Closet.
PEBB acquired the property in October 2019, when it was only 37.4 percent occupied. The company saw potential in Galleria Pavilion due to its proximity to the Sunset Mall and US-95.
“Our team was able to quickly unlock the significant leasing upside at Galleria Pavilion,” PEBB President and CEO Ian Weiner said. “That enhanced the property’s value to the point where pursuing a disposition made sense. With a dynamic tenant roster that complements the adjacent Sunset Mall, Galleria Pavilion is well-positioned for long-term success.”
Adam Malan and Deana Marcello of LOGIC Commercial Real Estate represented PEBB in the Galleria Pavilion sale. Jennifer Lee of Berkshire Hathaway Home Services Nevada represented the buyers.
COMPLETED SALES TRANSACTIONS
• Kevin Higgins, SIOR, of CBRE, Inc. represented the seller in the sale of a 1,002,538-square-foot industrial building portfolio located at 3049 & 3195 E. Washburn Road to Clarion Partners for $149,850,000.
• Kevin Higgins, SIOR, of CBRE, Inc. represented the seller in the sale of 56.59 acres of commercial land at Cactus Avenue and I-15 to Cactus Nevada Holdings, LLC for $62,293,000.
• Kevin Higgins, SIOR, of CBRE, Inc. represented the buyer, SCSP 3, in the purchase of 66.86 acres of vacant commercial land located at Losee Road and I-215 for $55,000,000.
• Kevin Higgins, SIOR, of CBRE, Inc. represented the seller in the sale of 35.50 acres of commercial land at 777 W. Lake Mead Parkway to city of Henderson Redevelopment Agency for $32,000,000.
• Kevin Higgins, SIOR, of CBRE, Inc. represented the seller in the sale of 9 acres of industrial land at W. Brooks Avenue and Clayton Street for $7,425,000.
• Dapper Cos., headed by local real estate developer J Dapper, announced the sale of its property at 700 Grier Drive. Dapper originally bought the property in July of 2015. The 3.-8-acre parcel, No. 177-03-110-006, was sold to Kalifano Development, LLC for $5,500,000 on Jan 3. The seller was listed as Ten15 Sunset Grier, LLC. The sellers brokers were J Dapper and Andrea Santanna of Dapper Cos.
• The sale of an office space to Alfredo Desiati Paz Soldan comprised of 4,210 square feet, located at 3291 E. Warm Springs Road, Suite 100-200. The total value of the transaction was $900,000. Cathy Jones, Paul Miachika, Karim Chatoor and Blaze Katz, of Sun Commercial Real Estate, Inc., represented the seller, Longford 6 LLC.
• The sale of a retail building to 777 S. 4th, LLC comprised of 15,500 square feet, located at 1239-1301 S Las Vegas Blvd. Cathy Jones, Paul Miachika, Karim Chatoor and Blaze Katz, of Sun Commercial Real Estate, Inc., represented the seller, We’ve Only Just Begun Wedding Chapel, Inc.
COMPLETED LEASE TRANSACTIONS
• The lease of retail space to S&P Vegas Ventures, LLC — Camp Bow Wow comprised of 6,900 square feet, located at 6430 N. Durango Suite B-110. The total value of the transaction was $1,663,797. Lisa Hauger of Sun Commercial Real Estate, Inc., represented the tenant.
• The lease of office space to PBI Diagnostic Laboratory, LLC comprised of 3,645 square feet, located at 1807 W. Charleston Blvd, Suite 120 & 130. The total value of the transaction was $880,476. Jenny Li of Sun Commercial Real Estate, Inc., represented the tenant.
• The lease of retail space to Shahla Keshavarz comprised of 5,891 square feet, located at 3020 N. Walnut Road, Suite 150. The total value of the transaction was $507,536.76. Travis Laub, of Sun Commercial Real Estate, Inc., represented the tenant.
• The lease of retail space to China Mama comprised of 930 square feet, located at 4250 S Rainbow Blvd, Suite 1006. The total value of the transaction was $334,970.39. Jenny Li, of Sun Commercial Real Estate, Inc., represented the tenant.
• The lease of office space to Henderson Pharmacy, LLC comprised of 1,218 square feet, located at 2410 Horizon Ridge Parkway, Suite 100. The total value of the transaction was $141,714.30. Lisa Hauger, of Sun Commercial Real Estate, Inc., represented the tenant.
• The lease of Industrial space to Kyle Regimbal of Square Foot Printing, LLC comprised of 1,856 square feet, located at 3021 S. Valley View Blvd., Suite 208. The total value of the transaction was $73,001.28. Mike Brazill of Sun Commercial Real Estate, Inc., represented the tenant.
• Aristocrat Technologies, Inc. leased an additional 124,700 square feet of industrial space in LogistiCenter at I-15 South located at 3561 Volunteer Blvd. Kevin Higgins, SIOR, of CBRE represented the tenant.
• AXLEHIRE, Inc. leased approximately 10,745 square feet of industrial space in Cheyenne Distribution Center located at 2875 N. Lamb Blvd. Sean Zaher of CBRE represented the landlord.
• Unimacts Global, LLC sub-leased approximately 51,776 square feet of industrial space located at 4265 W. Tompkins Ave. Jake Higgins of CBRE represented the tenant.
• PRC Industries, Inc. leased approximately 37,620 square feet of industrial space in Henderson Freeways Crossing located at 8385 Eastgate Road. Jake Higgins of CBRE represented the landlord.
• Foster Corp. leased approximately 5,460 square feet of industrial space in Craig Losee Business Park located at 4130 Losee Road. Jake Higgins of CBRE represented the landlord.