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DEAL WATCH: California-based firm acquires multifamily property

California-based Sunroad Enterprises acquires multifamily property

Sunroad Enterprises of San Diego has acquired Avery Park Apartments at 2200 N. Torrey Pines Drive. Avery Park Apartments is the fourth existing property to be acquired under Sunroad Enterprises’ rapidly growing Multifamily Division, which now has in excess of 2,250 units in various stages of new vertical construction or active value-add renovation. Sunroad’s multifamily growth has been primarily focused in California, Arizona and Nevada.

The Avery Park acquisition was completed by Sunroad Enterprises exclusively, who has plans to renovate the common areas and unit interiors over the next two years.

“This community has enormous potential, and we’re excited to bring the experience and proven track record of our renovation and rehab team, as well as our management expertise to the Las Vegas market,” said Dan Feldman, president of Sunroad Asset Management.

Financing for the acquisition and renovation was provided by Prime Financial and arranged by Holiday Fenoglio Fowler, L.P.

Avery Park Apartments consists of 320, Class B units. The existing property was built in 1988 and sits on 15 acres of land nine miles northwest of downtown Las Vegas. Shared amenities include a clubhouse, two swimming pools with a grill area, fitness center, business center and a pet park.

Michael Dow, principal of Impact Multifamily Advisors, and former president of Sunroad’s Multifamily Division, has been retained to execute the value-add and repositioning strategy at Avery Park. Now in his fourth project for Sunroad, Michael Dow adds, “this project offered a unique opportunity in a compelling submarket and we are excited to take it to the level of quality that is now expected in Las Vegas.”

Founded in San Diego in 1977, Sunroad Enterprises is a diversified holding company consisting of two distinct divisions: real estate and automotive. The company has built over 3,000,000 square feet of Class A office space, in addition to the 600 slip Sunroad Resort Marina, 500 multifamily units, and Maderas Golf Club, recently ranked by Golf Digest for the fourth year in a row as a top 100 Golf Course. Sunroad Enterprises has been involved in projects in California, Colorado and Mexico, and has earned numerous quality commendations from local, regional and national organizations. On the auto side, Sunroad owns and manages 11 car dealerships in Mexico and the U.S.

COMPLETED SALE TRANSACTIONS

• MCA Realty has sold five industrial units at its Lamb Technology Center, a 116,052-square-foot, multitenant industrial property consisting of 17 buildings. MCA Realty sold the five units for a combined total of $2.5 million. Lamb Technology Center is at 2725-2797 North Lamb Blvd. Garrett Toft, Sean Zaher, Zac Zaher and Jake Higgins at CBRE represented MCA Realty as the seller and Michael Levin at Signature Real Estate Group and Joe Griffis of Griffis Realty Investment represented two of the buyers.

• MCA Realty sold a 24,806-square-foot industrial building on Pama Lane in Las Vegas for $2.9 million. The building is at 2020 Pama Lane, two miles from McCarran International Airport. Danielle Steffen and Amy Ogden at Cushman & Wakefield represented MCA Realty as the seller, and Oren Sha at Commercial Professionals represented the buyer.

• The sale of a multitenant office was completed Jan. 11. The 104,795-square-foot property is at 6325 S. Rainbow Blvd. The total value of the transaction was $33,000,000. Cathy Jones, Roy Fritz, Jessica Cegavske and Jennifer Lehr of Sun Commercial Real Estate Inc. represented the seller, WGH II Acquisitions LLC.

• The sale of a single tenant retail building was completed Jan. 5. The 3,960-square-foot property is at 1331 W. Craig Road in North Las Vegas. The total value of the transaction was $3,840,000. Cathy Jones, Roy Fritz, Jessica Cegavske and Jennifer Lehr of Sun Commercial Real Estate Inc. represented the Seller, BSWC Properties LLC. Craig Series and Aegis REI Group represented the buyer, Mehran Alagheband.

• A sale to Shiv Shakti LLC. The approximately 3,032-square-foot office property is at 4485 S. Buffalo Drive. The transaction value was $550,000. David A. Grant of Colliers International represented the seller, CKT Nevada Properties LLC.

COMPLETED LEASE TRANSACTIONS

• MCA Realty brought its Gibson Tech Center asset to 100 percent occupancy with a 29,988-square-foot lease to a global, publicly traded call center operator. The Gibson Tech Center is at 168 N. Gibson Road in Henderson. Ryan Martin, Taber Thill and Patti Dillon of Colliers International represented MCA Realty as the lessor and Randy Broadhead and Gray Rudolph of CBRE represented the tenant.

• Marcus & Millichap has announced the sale of Meineke/Econo Lube N’ Tune, a 2,828-square-foot, net-leased property at 842 N. Nellis Blvd. The asset sold for $1,230,000. Dustin R. Alvino, first vice president investments, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Dustin R. Alvino.

• High Impact Sign and Design LLC leased a 53,760-square-foot industrial space at 820 Wigwam Parkway in Henderson. The landlord is Juliet Development Co. Total lease consideration was $4,914,868.22. Erik Sexton of Sun Commercial Real Estate Inc. represented the tenant.

• The ground lease with Green Valley Grocery was completed in January. The .93 acre vacant parcel is at the NEC of Windmill Road and Decatur Boulevard (APN 177-07-401-011). The total value of the transaction was $1,692,062.40. Rob Moore of Sun Commercial Real Estate Inc. represented the tenant, Green Valley Grocery and Tami Campa Realty represented the landlord, LD Properties.

• The lease with Medical Enterprises was completed on Jan. 1. The 3,424-square-foot office space is at 8084 W. Sahara Ave., Suites B,C,H. The total value of the transaction was $180,758.88. Paul Chaffee, Wil Chaffee and Debbie German of Sun Commercial Real Estate Inc. represented the landlord, Sahara Plaza LLC and the tenant was unrepresented.

• The Lease with Advanced Neuro Connections was completed on Jan. 1. The 2,945-square-foot office is at 4325 N. Rancho Drive, Suite 150. The total value of the transaction was $92,031.25. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Deichler Exempt Lifetime Trust and Albright Callister & Associates represented the tenant, Advanced Neuro Connections.

• A lease to EVO — Emergency Vehicle Outfitters Inc. The approximately 7,085-square-foot industrial property is at 6645 S. Eastern Ave., Suite 100. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, Parkview East LLC.

• A lease to The Imprint Group Inc. The approximately 2,274-square-foot industrial/office property is in a Polaris Avenue office/warehouse building at 5525 S. Polaris Ave., Suite D. Dean Willmore, SIOR, of Colliers International represented the lessor, Breslin Builders.

• A lease to Walk Church of Las Vegas Inc. The approximately 2,000-square-foot retail property is in Scottsdale Plaza at 8810 S. Maryland Parkway, Suite 105-110. Chris Connell and Grant Traub of Colliers International represented the lessor, SREF Scottsdale Plaza LLLP.

• A lease to Firebird Services LLC. The approximately 1,505-square-foot retail property is in Scottsdale Plaza at 8778 S. Maryland Parkway, Suite 100s. Chris Connell and Grant Traub of Colliers International represented the lessor, SREF Scottsdale Plaza LLLP.

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