SAN DIEGO FIRM ACQUIRES APARTMENT COMPLEX FOR $32.5M
San Diego-based Tower 16 Capital Partners, in a joint venture with Henley Investments, has acquired Five89 Apartments, a 312-unit multifamily project for $32.5 million. The property was acquired on an off-market basis from a private seller.
“Five89 Apartments fits very well with our investment strategy of purchasing assets below replacement cost in emerging locations with strong demand drivers,” said Tower 16 Principal Tyler Pruett.
This is the firm’s seventh acquisition in the last 18 months, having acquired more than 2,300 units in that time frame and its fifth purchase in the Las Vegas market.
“We are still very bullish on the Las Vegas market given the strong job and population growth, limited new supply and overall occupancy projections for workforce housing,” said Mike Farley, principal.
Five89 Apartments is at 4801 E. Sahara Ave., within five miles of the Las Vegas Strip. The community consists mostly of two- and three-bedroom apartments with covered parking and private balconies or patios, two swimming pools, fitness center, playground and leasing office.
Tower 16 will be overseeing $4 million in renovations and upgrades to the project, including new outdoor amenities, an upgraded leasing office and interior renovations.
Pinnacle, a national multifamily real estate management firm, will take over as property manager.
SHADY REST MOBILE HOME PARK SELLS FOR $1.35M
Jerad Roberts; Jason Dittenber; Devin Lee, CCIM; and Robin Willett of Northcap Commercial have announced the recent sale of The Shady Rest Mobile Home Park for $1,350,000 ($48,214/unit). This sale consisted of 28 multifamily units, which were built in 1938, at 1735 Athol Ave., in Henderson.
This transaction closed on Sept. 6. Northcap Commercial represented the seller, MWS Ventures LLC.
SALE TRANSACTIONS
• Logic Commercial Real Estate, on behalf of the Beltway One Development Group LLC (seller) has completed the sale of a $24.3M, class A office portfolio.
• A sale to Matter Park Corporate Center LLC. The approximately 11.51 acre land parcel is on Executive Airport Drive (APN: 191-03-710-002) in Henderson. The transaction value was $6,300,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the buyer.
• Newmark Knight Frank represented Cornet Plaza LLC in the sale of 771 E. Horizon Drive, a 26,888-square-foot retail center, to C&C Elliot Street LP. Total consideration was $6,380,000. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the seller in the transaction.
• A sale to 101 N. Mojave LLC. The approximately 20,000-square-foot industrial property is at 101 N. Mojave Road. The transaction value was $3,925,000. Pat Marsh, SIOR, and Sam Newman of Colliers International represented the seller, Land Baron III LLC.
• A sale to Eastern Studio LLC. The 9,573 square foot retail property is at 8575 S. Eastern Ave. The transaction value was $2,760,000. David A. Grant of Colliers International represented the buyer.
• Kevin Higgins, SIOR, of CBRE Inc. represented the seller in the sale of 4.19 acres of vacant industrial land at Emerald Avenue and Stephanie Street to General Gifts Inc. for $1,150,000.
LEASE TRANSACTIONS
• Dapper Cos., headed by local real estate developer J. Dapper, has announced that Broken Yolk Café has signed a lease for the ground floor at what will now be known as the S&L building at 201 S. Las Vegas Blvd. in downtown Las Vegas. Last year, Dapper purchase the office and retail building and the adjoining parking lot at 200 S. 6th St.
The original Broken Yolk Café started in 1979 in Pacific Beach, a local beach community in San Diego. Best known for their inventive and classic breakfast creations, large menu, ample portions and high-quality food, Broken Yolk Café now has 34 locations nationwide, including the restaurant at Town Square, which opened earlier this year. Both Las Vegas locations are owned by local franchisees Randy Corrigan and Barry Tu.
Among one of Las Vegas’ most historic buildings, 201 S. Las Vegas Blvd. was built in 1975 by famed architects Walter Zick and Howard Sharp, who designed many notable buildings in Las Vegas, including the Moulin Rouge Hotel (demolished in 2010), The Mint (now part of Binion’s), the First National Bank of Nevada Building on East Carson and Clark High School, among others. It was originally known as the Nevada Savings and Loan Association Building.
Dapper has been working with local architectural firm Carpenter Sellers Del Gatto Architects for both the exterior and interior of the building, including the 30,000 square feet of office space that will be redesigned by Henriksen/Butler, a company known for creating spaces.
Announced earlier this year for the S&L building was a rooftop collaboration from former corporate chef for the Tao Group, Marc Marrone, who is partnering with Fukuburger’s Colin Fukunaga for the space. Cabrio Structures, a nationally recognized designer and manufacturer of patented retractable roofs and patio enclosures is designing the rooftop space for the building.
Dapper Cos. continues to be one of the most active developers in Downtown Las Vegas, having completed the renovation of the former Gamblers Book Club at 630 S. 11th St., purchasing and developing the Huntridge Center at Charleston Blvd. and Maryland Parkway, in addition to properties for future development.
• Syrinix Inc. signed a 39-month lease for 1,822 square feet of industrial space at AmPac Industrial Park at 931 American Pacific Drive, Suite 108, in Henderson. Brett Beck II of Virtus Commercial represented the lessee in the transaction.
• Benson Riseman signed a 37-month lease for 1,141 square feet of industrial space at 4440 S. Arville St., Suite 27. Matt Feustel of Virtus Commercial represented the lessor, MVB Arville Investments LLC, in the transaction.
• 2AE Inc. signed a 37-month lease for 1,200 square feet of industrial space at 4440 S. Arville St., Suite 32. Matt Feustel of Virtus Commercial represented the lessor, MVB Arville Investments LLC, in the transaction.
• Opportunity Village Association for Retarded Citizens signed a 60-month lease for 2,615 square feet of office space at 4300 E. Sunset Road, Suite C6. Brett S. Beck of Virtus Commercial represented the lessor, Henderson Town Center LLC; and Shannon Steinbach represented the lessee in the transaction.
• V-Shred LLC signed a 36-month lease for 8,668 square feet of industrial space at 5165 N. Russo Road, Suite E. Brett Beck II of Virtus Commercial represented the lessor, Capital Reef LLC, in the transaction.
• Nevada Mortgage renewed 1,511 square feet of office space for 36 months at Augusta Park at 1481 W. Warm Springs Road, Suite 131, in Henderson. Jackie Zlatanovski of Virtus Commercial represented the lessor, Augusta Park 8 LLC, in the transaction.
• Smokes & Vapors 6 renewed 1,200 square feet of retail space for 60 months at Sunridge Village Plaza at 10960 S. Eastern Ave., Suite 106, in Henderson. Jackie Zlatanovski of Virtus Commercial represented the lessor, Eastern Plaza LLC, in the transaction.
• The Dancing Dandelion Flower renewed 1,100 square feet of retail space for 61 months at Durango Springs Plaza at 8520 W. Warm Springs Road, Suite 102. Jackie Zlatanovski of Virtus Commercial represented the lessor, Amen and Traci Wardy, in the transaction.
• Bullfrog International LC dba Bullfrog Spas leased 14,700 square feet of retail space at 209 N. Stephanie St., from Stephanie Promenade LLC. Total consideration was $764,954. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.
• BB Holdings NV LLC dba Dutch Bros leased 820 square feet of retail space at 251 N. Stephanie St., from Stephanie Promenade, LLC. Total consideration was $630,000. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.
• Blue Sky Group LLC dba Marco’s Pizza leased 1,400 square feet of retail space at 171 W. Centennial Parkway, Ste 100, from Centennial Commerce LLC. Total consideration was $284,210. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.
• Maria L. Vega dba Allstate Insurance leased 1,045 square feet of retail space at 4195 S. Grand Canyon Drive, Suite 106, from Grand Canyon Center LP. Total consideration was $128,534. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the lessor in the transaction.
• A lease to Dal-Tile Distribution Inc. The approximately 75,000-square-foot industrial property is in Majestic Runway Center at 3755 W. Sunset Road, Suite C/D. Pat Marsh, SIOR, and Sam Newman of Colliers International represented the lessee.
• A lease to Vegas Sheets LLC. The approximately 56,000-square-foot industrial property in the Beltway Business Park at 7055 Lindell Road. Pat Marsh, SIOR, and Sam Newman of Colliers International represented the lessee.
• A lease to Dal-Tile Distribution Inc. The approximately 43,800-square-foot industrial property is in the Majestic Runway Park at 3455 W. Sunset Road, Suite G. Pat Marsh, SIOR, and Sam Newman of Colliers International represented the lessee.
• A lease SBL LLC. The 20,182-square-foot industrial property is in the Stadium Industrial Park at 5979 S. Valley View Blvd. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, FJM Valley View Associates LLC.
• A lease to Chaos Home Loans LLC a Nevada Limited Liability Company. The 13,679-square-foot office property is at 900 S. Fourth St. Chris Connell and Grant Traub, SIOR, of Colliers International represented the lessor, Downtown Holding Group LLC a Wyoming Limited Liability Co.
• A lease to SCP Manufacturing Inc. The 5,715-square-foot industrial property is in Walnut Business Park at 3060 N. Walnut Road, Suite 150 in North Las Vegas. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, MCA Walnut LLC.
• A lease to 3rd Reef Divers. The approximately 2,400-square-foot retail property is in Pecos Legacy Center at 2884 Wigwam Parkway in Henderson. Scot Marker of Colliers International represented the lessor, CK Pecos Legacy and Legacy Retail LLC.
•A lease to Alexis Baker dba. P&O Brake. The approximately 2,160-square-foot industrial property is at 6330 S. Sandhill Road, Suite 12. Dean Willmore, SIOR, and Mike Willmore of Colliers International represented the lessor, TheoPacific Las Vegas I LLC. Alex Stanisic of Colliers International represented the lessee.
•A lease to Dustin Industries Corp. The approximately 2,160-square-foot industrial property is in Sandhill Airport Park at 6330 S. Sandhill Road, Suite 5. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, TheoPacific Las Vegas I LLC.
Lease of Interest
• Papillon Airways Inc. leased 3,095 square feet of office space in Hughes Airport Center at 680 Pilot Road. Jake Higgins of CBRE represented the landlord.
