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DEAL WATCH: Atlas Apartment Homes sells for $35.25M

Updated August 3, 2021 - 12:29 pm

California firm buys Atlas Apartments

CBRE has secured a $35.25 million bridge loan for the acquisition of Atlas Apartment Homes, a 198-unit multifamily community in Las Vegas.

Located at 5067 Madre Mesa Drive, the garden-style community was originally constructed in 2008. The 197,351-square-foot property is comprised of 26 buildings with a mix of one- and two-bedroom apartments. Community amenities include spa and hot tub, business center, clubhouse, sundeck, dog park and pool. The property is proximate to U.S. highway 95.

Shaun Moothart, Bob Ybarra, Dana Summers, Bruce Francis and Doug Birrell of CBRE arranged the loan on behalf of the buyer, InTrust Property Group, a Newport Beach, California-based multifamily investment firm.

“As Las Vegas is recovering from the pandemic, we saw this as a window of opportunity to buy into a durable product at a favorable basis,” said Josh Needle, managing principal of InTrust. “With the area’s main employment drivers returning, there is a clear path to upside by executing a targeted renovation program.

He added, “InTrust has enjoyed great success in sourcing non-institutional properties and repositioning them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies and implementing top-quality property management. Atlas presented an ideal opportunity for our group as we look to expand our presence within the market.”

Upon acquisition, InTrust plans to update the common areas as well as renovate all units to include stainless steel appliances, wood-like vinyl flooring, new cabinetry and quartz countertops. The loan will provide funding for future capital improvements and renovation programs and was structured with a three-year term and two one-year extension options.

COMPLETED SALES TRANSACTIONS

Kevin Higgins, SIOR, and Garrett Toft, SIOR of CBRE Inc., represented the seller in the sale of a 143,983-square-foot industrial complex at 3355-3375 W. Cheyenne Ave. to Rising Realty Partners LLC for $20,850,000.

Garrett Toft, SIOR, of CBRE Inc. represented the buyer, Apex Grand LLC, in the purchase of 93.72 acres of vacant industrial land at U.S. 93 & Grand Valley Parkway for $6,530,000.

• A sale to LVBN Property LLC. The 60,000-square-foot industrial property is at 3855 North Las Vegas Blvd. The transaction value was $5,100,000. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the purchaser.

• A sale to 963963 LLC. The 20,064-square-foot industrial property is in Stadium Industrial Park at 3873 W. Oquendo Road, Building 8. The transaction value was $2,865,000. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the seller, FJM Valley View Associates LLC.

• A sale to KLBN LLC. The 18,320-square-foot industrial property is at 7370 Commercial Way in Henderson. The transaction value was $2,800,000. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the purchaser.

• A sale to Forte Specialty Contractors. The approximately 1.92-acre land parcel is at Post Road and Buffalo Drive (APN: 163‐34‐301‐020). The transaction value was $1,400,000. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the buyer.

• A sale to B&C Properties. The approximately 10,500-square-foot industrial property is at 3236 Meade Ave. The transaction value was $1,395,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the buyer.

Jason Dittenber; Jerad Roberts; Devin Lee, CCIM; and Robin Willett of Northcap Commercial, have announced the recent sale of 300 and 301 W. Cleveland Ave Apartments for $1,350,000 ($75,000/unit). This sale consisted of 18 multifamily units built in 1955/1956, at 300 and 301W. Cleveland Ave.This all-cash transaction closed in 28 days on July 19. Northcap Multifamily represented the seller, Hem C. Gupta.

• A sale to Cap Rock Acquisitions. The approximately 4.3-acre land parcel is near E. Centennial Parkway and Beesley Drive (APN: 123‐27‐101‐003) in North Las Vegas. The transaction value was $1,200,000. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the seller, Elkfast LLC.

• A sale to Crosstown LLC. The 5,500-square-foot industrial property is at 2910 Brookspark Drive in North Las Vegas. The transaction value was $736,000. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the purchaser.

• A sale to Arville Industrial LLC. The 1.05-acre parcel is at W. Russell Road and Arville Street (APN#177-36-613-007). The transaction value was $615,000. Mike De Lew, SIOR, of RealComm Advisors represented the purchaser. Greg Pancirov, SIOR, and Paul Hoyt, SIOR, of RealComm Advisors represented the seller, Russell Commerce Center II LLC.

• A sale to Royal Stop LLC. The 5,120-square-foot retail property is at 2510 E. Lake Mead Blvd. in North Las Vegas. The transaction value was $520,000. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the purchaser.

• A sale to BMV Properties LLC. The approximately 1.89-acre land parcel is at Lone Mountain Road and N. Durango Drive (APN: 125‐32‐804‐003). The transaction value was $350,000. Steven Haynes of Colliers International represented the seller, Efren & Nevarrie Deleon Et. Al.

COMPLETED LEASE TRANSACTIONS

• The Newport Beach office of Trammell Crow Co. and Washington Capital Management, on behalf of their client, announced the signing of a 258,705-square-foot lease at Golden Triangle Logistics Center in North Las Vegas. Brothers Trading Co. Inc., a wholesale grocery distributor, will occupy part of Building 2, which spans 652,000-square feet. The lease marks an expansion for the company, which will be moving its wholesale operations to the building in August 2021. Located at 3195 E. Washburn Road, Building 2 is part of the first phase of construction at Golden Triangle Logistics Center, which includes just over 1 million square feet of space across two buildings.The property owner was represented by Kevin Higgins of CBRE in the transaction, while the tenant was represented by Donna Alderson of C&W.

• An undisclosed user leased approximately 788,841 square feet of industrial space in North 15 Logistics II at 5603 E. el Campo Grande Ave. Garrett Toft, SIOR, of CBRE represented the landlord.

• A sublease to Landing Furniture Inc. The 78,000-square-foot industrial property is in Jones Corporate Park at 6420 Karms Park Court, Suite 104. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the tenant.

• A lease to Landing Furniture Inc. The 65,000-square-foot industrial property is in Jones Corporate Park at 6420 Karms Park Court, Suite 103. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the tenant.

• A lease renewal/expansion to Bachiero Event Services LLC. The 24,000-square-foot industrial property is in Suncrest Commerce Center at 1051 Mary Crest Road, Suite L & M in Henderson. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Adin Realty (Henderson Distribution Center North NV) LP.

• A sublease to Alpha Paw LLC. The 21,000-square-foot industrial property is in Sunset Parkway at 3455 W. Sunset Road, Suite K. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the tenant.

• A lease renewal to T & M Automotive Inc. The 20,000-square-foot industrial property is in Stadium Industrial Park at 3921 W. Oquendo Road. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, FJM Investments Inc.

• A lease to Desert Eagle Industries Inc. The 18,320-square-foot industrial property is at 7370 Commercial Way in Henderson. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, KLBN LLC.

• A lease to Genuine Brands Inc. The 12,369-square-foot industrial property is in Patrick Commerce Center at 6231 McLeod Drive, Suite G & H. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the landlord, Harsch Investment Properties LLC.

• A lease to Global Address Me Inc. The 10,890-square-foot industrial property is in Arroyo North II Business Center at 6560 S. Tioga Way, Suite 110. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the tenant.

• A lease to Abyss Creations LLC. The 10,136-square-foot industrial property is at 5025 W. Diablo Drive. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, California Property Investors LLC.

• A lease to Green Source Organics Inc. The 7,800-square-foot industrial property is in Koll Am Pac Industrial Park at 180 Cassia Way, Suite 502 & 503 in Henderson. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the landlord, Am Pac Industrial Park LLC.

• A lease to Nevada Department of Transportation. The 6,513-square-foot industrial property is in Insight Air Center at 3068 E. Sunset Road, Units S8-S11. Mike De Lew, SIOR; Greg Pancirov, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Diamond Sunset Airparc Ltd.

• A sublease to Beyond Metals Inc. The 5,780-square-foot industrial property is in Silverado Industrial Park at 4800 W. University Ave. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Axis Portable Air LLC.

• A lease expansion to CO2 Monitoring LLC. The 5,530-square-foot industrial property is in Brookhollow Cameron East Business Park at 4310 Cameron St., Suite 6. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Cameron Industrial Park LLC.

• A lease to EFlow Nutrition LLC. The 5,116-square-foot industrial property is in Arrowhead Commerce Center at 3655 E. Patrick Lane, Suite 1000. Greg Pancirov, SIOR; Mike De Lew, SIOR; andPaul Hoyt, SIOR, of RealComm Advisors represented the tenant.

• A lease to Crossrope LLC. The 4,800-square-foot industrial property is in Patrick Commerce Center at 6171 McLeod Drive, Suite H. Jennifer Levine, CCIM, and Elizabeth Moore of RealComm Advisors represented the landlord, Harsch Investment Properties LLC.

• A lease to My Wheel Guy LLC. The 4,616-square-foot industrial property is in Saddleback Business Park at 169 N. Gibson Road in Henderson. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, One Sixty-Nine LLC.

• A lease renewal to GoJump America LLC. The 3,830-square-foot industrial property is in Valley View Business Park at 6555 S. Valley View Blvd., Suite 510. Greg Pancirov, SIOR; Mike De Lew, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, McB Valley View, LLC.

• A lease renewal to V2 Holdings LLC. The 3,828-square-foot industrial property is in Diamond Industrial Center at 4535 Statz St., Unit E, in North Las Vegas. Mike De Lew, SIOR; Greg Pancirov, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, DM Real Estate Holdings LLC.

• A lease to Omnia Cargo Solutions LLC & MV Truck & Trailer Repair LLC. The 3,680-square-foot industrial property is in Diamond Industrial Center at 4535 Statz St., Unit J, in North Las Vegas. Mike De Lew, SIOR; Greg Pancirov, SIOR; and Paul Hoyt, SIOR, of RealComm Advisors represented the landlord, Hijina LLC.

• A lease to Earth Water USA LLC. The 2,672-square-foot industrial property is in Koll Am Pac Industrial Park at 901 American Pacific Drive, Suite 100, in Henderson. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Am Pac Industrial Park LLC.

• A lease renewal to Unify Financial Federal Credit Union. The 2,316-square-foot office property is in Canyon Plaza at 7985 W. Sahara Ave., Suite 101. Bob Hawkins of RealComm Advisors represented the landlord, Winner Properties LLC.

• A lease to Skinetic Aesthetics LLC. The 1,831-square foot office property is in Canyon Plaza at 7975 W. Sahara Ave., Suite 103. Bob Hawkins of RealComm Advisors represented the landlord, Winner Properties LLC.

• A lease to Machine Studio. The 1,800-square-foot office property is in Palms Business Center North at 3002 Rigel Ave., Suite 110. Bob Hawkins of RealComm Advisors represented the landlord, Fisher Brothers Las Vegas LLC.

• A lease to Phlebotomy Training Specialists LLC. The 1,447-square-foot office property is in Pointe Flamingo at 4000 S. Eastern Ave., Suite 120. Bob Hawkins of RealComm Advisors represented the landlord, AILP LLC.

• A lease renewal to PSI Construction LLC. The 1,440-square-foot industrial property is in Koll Am Pac Industrial Park at 931 American Pacific Drive, Suite 107, in Henderson. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Am Pac Industrial Park LLC.

• A lease renewal to Malcolm Drilling Co. Inc. The 1,250-square-foot office property is in McLeod Business Centre at 6220 McLeod Drive, Suite 110. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the landlord, Mi Casa Holdings Ltd.

• A lease to ParizSalon LLC. The 1,209-square-foot retail property is in Montelago Village at 25 Via Bel Canto, Suite 120, in Henderson. Elizabeth Moore and Jennifer Levine, CCIM, of RealComm Advisors represented the tenant.

• A lease to Immigration Law Group LLP. The 1,117-square-foot office property is in Beltway Corporate Center at 8985 S. Eastern Ave., Suite 160. Bob Hawkins of RealComm Advisors represented the landlord, 8985 Eastern LLC.

• A lease to Tri-Mesa Investments LLC. The 460-square-foot office property is in Pointe Flamingo at 4040 S. Eastern Ave., Suite 110. Bob Hawkins of RealComm Advisors represented the landlord, Pointe Flamingo Holdings LLC.

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