Harbor Island Apartments sells for $126M
Avison Young has announced the Sauter Multifamily Group, comprised of principals Patrick Sauter, Art Carll-Tangora and Steve Nosrat, based in the firm’s Las Vegas office, closed the $126 million sale — $126,506 per unit — of Harbor Island Apartments at 370 E Harmon Ave. The buyer was Laguna Point Acquisitions, and the seller was 3D Investments.
The property consists of 996 units and has been operated as weekly rentals without renovations since its construction in 1989. The property is adjacent to the newly rebranded and renovated Virgin Hotels Las Vegas on one side and, on the other side, 40 acres of vacant land that was just recently announced as the future site of the Formula 1 Las Vegas Grand Prix track and main hospitality facilities.
“The new owner will transform the property into the premier apartment home for Class B renters working on and around the Las Vegas Strip by converting the weekly rentals to monthly apartment leases, and upgrading unit interiors, common areas and amenities,” Sauter said.
MCA Realty buys Las Vegas industrial property, land
MCA Realty, a real estate investment and management company based in Orange County, California, has announced the recent acquisitions of three assets: one in Fife, Washington, and two in Las Vegas, for a total consideration of $16 million. The three assets were acquired through the firm’s fund, MCA Realty Industrial Growth Fund, LP.
MCA acquired Windy Road Warehouses, a 19,901 square-foot, seven-building industrial project in Las Vegas, for $3.45 million in an off-market transaction.
“This property was attractive as a rare find of seven small free-standing buildings in a superior location, situated in close proximity to Harry Reid International Airport, the Las Vegas Strip,and Allegiant Stadium,” Mattox said.
The property is currently 100 percent leased and each unit within the project has a private fenced yard. The property contains seven separate parcels, which provides MCA with the flexibility to sell units individually or lease them out and sell as a leased investment, Mattox adds.
The asset is located at 6460, 6466, 6472, 6478 Windy Road. Kevin Higgins and Sean Zaher at CBRE represented both parties in the transaction.
MCA Realty has also acquired 3.68 acres of land in Las Vegas for $2.24 million. The firm plans to develop two industrial buildings on the land, according to Mattox.
“We’re working with EBS Realty Partners to develop two 40,000 square-foot, single-tenant industrial buildings at the site, bringing much-needed industrial product to the southwest Las Vegas submarket,” Mattox said.
The two buildings will each feature approximately 1,500 square feet designated for office, 28-foot clear ceilings, ESFR sprinklers, among other amenities.
The parcel of land is on the northeast corner of Sunset Road and Warbonnet Way. Dan Doherty, Jerry Doty, Chris Lane and Paul Sweetland with Colliers International represented both parties in the transaction.
MCA Realty has acquired Fife Business Center, a 65,342 square-foot, two-building industrial park in the greater Puget Sound metro submarket of Fife, Washington, for $10.4 million in an off-market transaction. Joel Jones and Nick Ratzke with Neil Walter Co. represented MCA Realty as the buyer in the transaction.
COMPLETED SALES TRANSACTIONS
• SB Real Estate Partners has acquired The Russell Apartments, a 241-unit garden-style apartment home community for $67 million, marking the California-based multifamily investment firm’s entry into the Las Vegas real estate market.
The Russell Apartments, which will be rebranded as Portola on Russell, is at 9620 W. Russell Road. The gated community’s one-, two- and three-bedroom apartment homes are situated in 19 two-story residential buildings surrounding a central courtyard with clubhouse and resort-style pool area with a pool-side cabana, barbecue grills and lounge seating areas. Other community amenities include fitness center, dog park, playground, sand volleyball court and putting green. The property was 98 percent leased at closing. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity.
• Garrett Toft, SIOR, and Kevin Higgins, SIOR, of CBRE Inc. represented the seller in the investment sale of a 121,875-square-foot industrial building at 6025 Procyon St. to BlackStone Real Estate/Link Logistics Real Estate for $31,500,000.
• Robin Willett; Devin Lee, CCIM; Jerad Roberts; and Jason Dittenber of Northcap Commercial announced the recent sale of the Siegel Suites Charleston II Apartments for $23,000,000 ($99,138/unit). This sale consisted of 232 units built in 1981 located at 2900 E. Charleston Blvd. This transaction closed on Nov. 1. Northcap Commercial represented the seller, 2900 Charleston LLC, on this sale.
• CBRE has arranged the $13.9 million sale of PSi Commerce Center Phase I, a 73,247-square-foot, two-building flex industrial property, to Credi Gramercy, which will occupy the space as an owner/user. The property will be used as a bakery and food preparation facility. Tyler Ecklund with CBRE represented the seller, Parting Seas Investments, a privately held real estate investment and property management firm. Located in Las Vegas’ southwest submarket, PSi Commerce Center Phase I includes one 48,568-square-foot warehouse at 7175 Belcastro St. and one 24,679-square-foot industrial/flex warehouse at 7255 W. Arby Ave. It is approximately 1 mile from the South Rainbow Boulevard and Interstate 215 interchange.
• Kevin Higgins, SIOR, of CBRE Inc. represented the seller in the sale of 21.33 acres of vacant land at N. Decatur Boulevard and Grand Teton Drive to D.R.Horton Inc. for $9,798,500.
• CBRE announced the sale of a 2.34-acre self-storage development site in North Las Vegas to Madison Capital Group, a private equity real estate investment and development firm with primary focus on the multifamily and self-storage sectors, for $3.25 million. Walter Bauer with CBRE Self Storage Advisory represented the seller, a private investor. The site, located at 345 E. Ann Road, is entitled for a multistory, 77,000-square-foot facility consisting of 670 self-storage units ranging in size from 5-foot-by-5-foot to 10-foot-by-30-foot. The new owner plans to implement multiple amenities at the state-of-the-art facility, including 24-hour video surveillance cameras, ground-level drive-up units and interior climate-controlled units.
Garrett Toft, SIOR, of CBRE Inc. represented the seller in the sale of a 13,218-square-foot flex building at 3230 S. Valley View Blvd. to the buyer, S.L. Properties LLC, represented by Jake Higgins of CBRE, for $2,974,050.
• Jason Dittenber; Jerad Roberts; Devin Lee, CCIM; and Robin Willett of Northcap Commercial announced the recent sale of the 2301 Wengert Ave Apartments for $2,375,000 ($135,714/unit). This sale consisted of 20 units built in 1962 located at 2301 Wengert Ave. This transaction closed on Jan. 19. Northcap Commercial represented the seller, SSAT Investment Properties LLC, on this sale.
• Sean Zaher of CBRE Inc. represented the seller in the sale of a 14,000-square-foot industrial building at 1900 Western Ave. to AKAP LLC for $2,000,000.
• A sale to TCD SPD LVN LLC. The 1.29-acre land parcel is near Speedway Boulevard and Interstate 15 in North Las Vegas. The transaction amount was $1,550,000, which was 92.5 percent of the list price. Steven D. Haynes of Colliers International represented the seller, EOE 126 LLC.
• A sale to AutoZone Development LLC. The 0.84-acre land parcel is near the corner of Volunteer Boulevard and Raiders Way at 3495 Volunteer Blvd. in Henderson. The transaction amount was $1,250,000. Steven D. Haynes of Colliers International represented the seller, EOE Volunteer LLC.
• A sale to Warm Springs Lindell Investments LLC. The 1.25-acre land parcel is near Arville Street and W. Serene Avenue. The transaction amount was $380,000 which was 95 percent of the list price. Steven D. Haynes of Colliers International represented the seller, Frank Gyori.
COMPLETED LEASE TRANSACTIONS
• Parts and Service Solutions LLC leased approximately 44,590 square feet of industrial space in North Las Vegas Business Park at 5360 N. Beesley Drive. Jake Higgins of CBRE represented the landlord.
• The Howard Hughes Corp., developer of the Summerlin and its 400-acre Downtown Summerlin, announced two new leases at 1700 Pavilion, a 10-story, Class-A office building under development at Downtown Summerlin. Clark Hill International Law firm will occupy Suite 500, spanning more than 13,000 square feet; and ER Injury Attorneys will occupy Suite 530, encompassing approximately 7,300 square feet. 1700 Pavilion, slated for completion in fourth quarter 2022, is now 39 percent leased and exhibiting incredibly strong leasing momentum for the remaining space. Spanning approximately 267,000 square feet on just under 3 acres directly south of the Las Vegas Ballpark; it features vantage points with one-of-a-kind views of the entire valley, from the Strip to Red Rock Canyon
• Brothers Trading Co. Inc. expanded their lease with approximately 196,653 square feet of industrial space in Golden Triangle Logistics Center at 3195 E. Washburn Road. Kevin Higgins, SIOR, of CBRE represented the landlord.
• Helix Electric of Nevada LLC leased approximately 12,333 square feet of industrial space in Hughes Airport Center at 823 Pilot Road. Jake Higgins of CBRE represented the landlord.
• Veho Tech Inc. leased approximately 37,620 square feet of industrial space in Henderson Freeways Crossing at 8385 Eastgate Road. Jake Higgins of CBRE represented the landlord.
• Brokers from leading diversified professional services and investment management company Colliers recently collaborated on the lease of a 36,000 square-foot, new office building called Narrative. The leasee, Agilysys Inc., a publicly traded software development firm headquartered in Atlanta, was represented by Colliers’ Senior Vice Presidents Pete Shelton and Taber Thill, based in Atlanta and Las Vegas, respectively. Shelton and Thill negotiated lease terms with Senior Vice President Patti Dillon, also based in Las Vegas, who represented the landlord, G2 Capital Development and LaPour Partners. Agilysys signed a 10-year lease term valuing $15,000,000 and is expected to take up occupancy in spring 2022.
Narrative is a Class A office building spanning four stories located along the 215 beltway near South Durango Drive. The property is near the Las Vegas Strip and Harry Reid International Airport.
• A lease to Aruze Gaming America,Inc. for a 123-month term. The 80,175-square-foot industrial property is in Beltway Business Park at 6900 S. Decatur Blvd., Suite 100/110 in. Suzette LaGrange, CCIM, of Colliers International represented the lessee.
• A lease to MGI Golf Inc for a 37-month term. The 10,699-square-foot industrial property is within Speedway I at 6825 Speedway Blvd., Suite 101. Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessee.
• A lease to Golden Victory Medical LLC. The 4,807-square-foot medical office property is in Partell Medical Center at 2870 S Maryland Parkway, Suite 200 and 220. Stacy Shapiro, CCIM, of Colliers International represented the lessor, Welltower OM Group LLC.
• A lease to Easy Street Realty Las Vegas Inc. The 3,639-square-foot office property is in ViewPointe II at 8215 S. Eastern Ave., Suite 215. Stacy Shapiro, CCIM of Colliers International represented the lessee.
• A lease to Tax Support Team LLC for a 39-month term. The 2,931-square-foot office property is in Marnell Corporate Center V at 6720 Via Austi Parkway, Suite 150. Megan McInerney; Patti Dillon, SIOR; and Taber Thill, SIOR, of Colliers International represented the lessor, The Realty Associates Fund XI Portfolio, L.P.
• A lease to Angel Oak Home Loans for a 39-month term. The 2,285-square-foot office property is in Centra Point at 8311 W. Sunset Road. Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessee.
• A lease to Alexis Sewell. The 1,085-square-foot medical office property is in Partell Medical Center at 2870 S. Maryland Parkway, Suite 210. Stacy Shapiro, CCIM, of Colliers International represented the lessor, Welltower OM Group, LLC.
• A lease to Nader Y. Abdelsayed, M.D. The 1,440-square-foot medical office property is in Lake Mead Medical Pavilion at 1815 E Lake Mead Blvd., Suite 204 in North Las Vegas. Stacy Shapiro, CCIM, of Colliers International represented the lessor, 1815 E Lake Mead Blvd, LLC.
• A lease to Physical Therapy Vegas LLC. The 2,872-square-foot medical office property is in Lake Mead Medical Pavilion at 1815 E. Lake Mead Blvd., Suite 314 in North Las Vegas. Stacy Shapiro, CCIM, of Colliers International represented the lessor, 1815 E Lake Mead Blvd, LLC.
• A lease to Linda Woodson Dermatology, PC. The 7,958-square-foot medical office property is at 2410 Fire Mesa St., Suite 180. Stacy Shapiro, CCIM, of Colliers International represented the lessor, 2410 Fire Mesa LLC.
• A lease to Vivant LLC for a 24-month term. The 3,524-square-foot office property is within City Center West at 7251 W. Lake Mead Blvd., Suite 110. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, 7251 W. Lake Mead LLC.
• A lease to Arevik Bakery LLC. The 800-square-foot retail property is within The Center at Spring Mountain at 3544 Wynn Road. Chris Clifford; Steve Neiger, CCI; and Brett Rather of Colliers International represented the lessor, Harsch Investment Properties Nevada LLC.
• A lease to Senor Iphone LLC. The 1,450-square-foot retail property is within The Center at Spring Mountain at 3923 Spring Mountain Road. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessor, Harsch Investment Properties Nevada LLC.
• A lease to Nacho Daddy LLC for a 39-month term. The 2,270-square-foot office property is within Centra Point at 8345 W Sunset Road, Suite 310 in southwest Las Vegas. Megan McInerney; Taber Thill, SIOR; and Patti Dillon, SIOR, of Colliers International represented the lessee.
• A lease to Golden Corral for a 72-month term. The 12,400-square-foot retail property is within the Crossroads at Sunset Retail Center at 1431 W. Sunset Road in Henderson. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessor, SS Capital LLC.
• A lease to Henderson Physical Therapy LTD for a 60-month term. The 2,602-square-foot office property is at 3005 W. Horizon Ridge Parkway, Suite 101, in Henderson. Megan McInerney; Patti Dillon, SIOR; and Taber Thill, SIOR, of Colliers International represented the lessor, Insight on Horizon LLC.
• A lease to Daybreak Christian Fellowship for a 12-month term. The 3,713-square-foot office property is at 7385 Prairie Falcon Road, Building No. 4. Rebecca Staniec of Colliers International represented the lessor, Patricia Iwamoto.
• GPA Global Molded Fiber NA Inc. leased approximately 208,314 square feet of industrial space in Silver State Commerce Center at 4230 N. 5th St. Garrett Toft, SIOR, and Sean Zaher of CBRE represented the landlord.
• Nordis Inc, renewed their lease of approximately 13,613 square feet of industrial space in Hughes Airport Center at 1111 Grier Drive. Jake Higgins of CBRE represented the landlord.