APARTMENT COMPLEXES SELL FOR $72M
Berkadia has announced the sales of Cameron Apartments and Northwind, two garden-style multifamily properties totaling 502 units. Managing Director Brian Anderson and Associate Director Jared Glover of Berkadia’s Las Vegas office completed both sales on behalf of their respective sellers.
Cameron Apartments at 4600 Sirius Ave. sold for $32 million to Florida-based Segundo Cacao. The seller was Nevada-based Exit Properties LLC. The property features 317 units of one- and two-bedroom floor plans. Community amenities include a swimming pool, tennis court, racquetball court, playground and laundry facilities. Residents are afforded convenient access to Nevada State College, Springs Preserve and the shops at Desert Crossing. The deal closed on Aug. 31.
“While we have seen transaction volume slow, private groups are taking advantage of a smaller pool of buyers to compete with and owners are still willing to transact,” Anderson said. “Cameron Apartments reflects this sentiment, with both the seller and buyer able to execute their respective investment thesis.”
Northwind is at 1680 Sky Mountain Drive in Reno. The property traded for $40 million. The buyer was Oregon-based Kinsel Ameri Properties and the seller was Washington-based American Capital Group. The 185-unit property features one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a sauna, basketball court and walking trails. Residents are afforded convenient access to the University of Nevada, Rancho San Rafael Park and the shops and restaurants within Peavine Plaza, Monte Vista Village and Canyon Center. The deal closed on Aug. 28.
“While there is short-term disruption in both Las Vegas and Reno markets, investors continue to see the long-term growth potential and attractiveness of Nevada’s low-tax, business friendly environment,” Glover said.
Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.
DAPPER COS. GETS THREE LEASES AT WINTERWOOD PAVILION
Dapper Cos. has announced the signing of three leases at Winterwood Pavilion at Sahara Avenue and Nellis Boulevard. Farm Basket Chicken, a 40-year staple in the Las Vegas dining scene will join The Great Greek Mediterranean Grill and The Human Bean coffee shop as new tenants at the property. Construction on two new pads to accommodate the new tenants is expected to start first quarter of 2021.
In 2018, the iconic Farm Basket was bought by the longtime local Bayne family. The operations team Billy Bayne, Charlie Rodriguez and Kerry Walters have been tasked with the goal to create a modern fried chicken and turkey restaurant, while at the same time maintaining its familiar vintage character. The new leadership took over the location at Charleston and Jones boulevards, looking to grow to multiple locations around the valley and beyond.
“Expanding to the east side of Las Vegas is an important next step for us,” Bayne said. “The established neighborhoods that surround Winterwood are filled with customers who have grown up with Gobblers and Clucketos, staples of the Farm Basket menu. Our team is excited to bring back former regulars and attracting new customers who I know will be delighted to discover a new local favorite.”
Farm Basket and The Great Greek will reside in a free-standing building built just to the east of Carl’s Junior on the Nellis side of the property and The Human Bean will stand alone on east Sahara.
Winterwood Pavilion is at 2350 S Nellis Blvd.
COMPLETED SALE TRANSACTIONS
• Kevin Higgins, SIOR, of CBRE, Inc. represented the seller in the sale of a 714,460-square-foot industrial
building at 6260 E. Ann Road to RREEF America LLC for $88,500,000.
• Kevin Higgins, SIOR of CBRE Inc. represented the buyer, 6405 E. Centennial LLC, in the purchase of a 213,818-square-foot industrial building at 6405 E. Centennial Parkway for $27,225,000.
• A sale to BCI IV Acquisitions LLC. The approximately 183,560-square-foot industrial property is in the South 15 Airport center at 1720 Chaparral Road, Building C in Henderson. The transaction value was $22,394,970.26. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the buyer.
• Kevin Lee, CCIM; Robin Willett; Jerad Roberts; and Jason Dittenber of Northcap Commercial have announced the recent sale of Cypress Springs Apartments for $20,000,000 ($138,889/unit). This sale consisted of 144 multifamily units at 3651 N. Rancho Drive. This transaction closed on August 21. Northcap Commercial represented the seller, AWI Cypress Springs, LP, on this sale.
• A sale to BCI IV Acquisitions LLC. The approximately 83,000-square-foot industrial property is in South 15 Airport center at 1725 Chaparral Road, Building D in Henderson. The transaction value was $10,126,336. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the buyer.
• A sale to GC Properties LLC. The approximately 2,007-square-foot medical office property is in Quail Park II at 601 S. Rancho Drive, Unit D-28. The transaction value was $400,000. Lauren Willmore; Stacy Shapiro, CCIM; Dean Willmore, SIOR; Alex Stanisic and Mike Willmore of Colliers International represented the buyer.
COMPLETED LEASE TRANSACTIONS
• Nordis Inc. renewed its lease of 13,613 square feet of industrial space in Hughes Airport Center at 1111 Grier Drive. Jake Higgins of CBRE represented the landlord.
• A lease to Silver Linings Advertising LLC. The 10,176-square-foot industrial property is in Eldorado Business Park at 7465 Dean Martin Drive, Suite 101-102. Mike Willmore; Dean Willmore, SIOR; Alex Stanisic; Lauren Willmore; and Stacy Shapiro, CCIM, of Colliers International represented the lessor, Fabrication Technologies Inc.
• A lease to NOVATIO PLLC. The 2,774-square-foot medical office property is at 6080 S. Fort Apache Road, No. 110. Alexia Crowley, CCIM of Colliers International represented the lessor, Tabassi Realty Co. LLC.
• A lease to Metro By T-Mobile. The approximately 2,100-square-foot retail property is in Green Valley Town & Country at 2819 N. Green Valley Parkway in Henderson. Scot Marker of Colliers International represented the lessor, Constantino LLC.
• A lease to Nextel Retail Stores LLC. The approximately 2,040-square-foot retail property is in The Craig Shops at 3053 W. Craig Road, Suite E in North Las Vegas. David A. Grant of Colliers International represented the lessor, Meyer S.F. Partners Limited Partnership.
• A lease to CUPBOP LV UG LLC. The approximately 1,600-square-foot retail property is in University Gardens at 4680 S. Maryland Parkway, Suite 300. Steve Neiger, CCIM; Chris Clifford; and Brett Rather of Colliers International represented the lessor, 4680 S. Maryland Parkway LLC.
• A lease to MD Nails. The 1,488-square-foot retail property is in Longford Shoppes South at 6545 S. Fort Apache Road, Suite 145. Gabriel Skerlich of Colliers International represented the lessee.
• A lease to DCR Services LLC. The 1,425-square-foot office property is in Desert Inn Office Center at 2785 E. Desert Inn Road. Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessee.
• A lease to Rossmoor Investment Inc. The approximately 1,380-square-foot retail property is in Crossroads at Sunset at 1405 W. Sunset, Suite 101 in Henderson. Chris Clifford, Steve Neiger andBrett Rather of Colliers International represented the lessor, SS Capital LLC.
• A lease to iPhone Doctor LLC. The 1,313-square-foot retail property is in The Shops at Craig & Simmons at 2777 W. Craig Road, Suite 102 in North Las Vegas. David A. Grant of Colliers International represented the lessor, Craig & Simmons Retail LLC.
