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DEAL WATCH: Canadian cannabis company buys Nevada land

Updated May 7, 2019 - 12:00 pm

CANADIAN CANNABIS COMPANY BUYS NEVADA LAND

CROP Infrastructure Corp. has announced it has completed the purchase of the suite of recreational cannabis licenses and the 1,012-acre property in its Elite Ventures Group 49 percent interest holding.

The total purchase price was $8,009,000, consisting of $4,058,100 amortized over 20 years for 843 acres of the real estate. CROP has paid $3,950,900 for 169 acres, including a down payment for the 20-year vendor financing for the remaining 843 acres. CROP has an option on all licenses once federally legal and will recoup 100 percent of its investment.

The State of Nevada has granted recreational adult use cultivation and product manufacturing and distribution licenses for the company’s Esmeralda Cannabis Project. The company is constructing a wall around the 40-acre outdoor cannabis cultivation area for 2019 on the 1,012-acre property.

CROP CEO, Michael Yorke, stated: “Closing this acquisition is the largest transaction CROP has ever completed to date. CROP now has the largest licensed recreational cannabis farm in the United States and perhaps the world with over 1,000 acres of which 40 acres will be planted this year.”

The company is focused on cannabis branding and real estate assets. CROP’s portfolio of projects includes cultivation properties in California, two in Washington State, a 1,000-acre Nevada cannabis farm, 2,115 acres of Hemp CBD farms and a growing portfolio of common share equity in upcoming listings within the cannabis space.

COMPLETED SALES TRANSACTIONS:

• The sale of an industrial building was completed on May 1. The 25,212-square-foot property is at 3105 Coleman St. in North Las Vegas. The total value of the transaction was $3,125,000. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the seller, 3105 Coleman LLC.

• A sale to Red Rupee LLC. The 2.02-acre land parcel is on North Hualapai Way and 215-Beltway (APN: 125-19-401-002). The transaction value was $1,500,000. Joe Bonifatto of Colliers International represented the buyer.

• The sale of an office building was completed on April 30. The 10,500-square-foot property is at 3110 W. Cheyenne Ave. in North Las Vegas. The total value of the transaction was $1,125,000. Michael Brazill and Edward Bassford of Sun Commercial Real Estate Inc. represented the seller, Credit Executives Education Foundation.

• A sale to Soundtronics Wireless LLC. The 5,101-square-foot industrial property is at 4306 Alexander Road. The transaction value was $612,120. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the buyer.

• The sale of an office condo was completed on April 1. The 1,824-square-foot property is at 3161 E. Warm Springs Road, Unit 300. The total value of the transaction was $301,000. Paul and Wil Chaffee and John Kirtley of Sun Commercial Real Estate Inc. represented the buyer, KC West LCSW Clinical Counseling Services LLC and Brentwood West LLC represented the seller.

COMPLETED LEASE TRANSACTIONS:

• The lease with Bombard Electric LLC was completed on April 11. The 57,584-square-foot industrial space is at 7390 Eastgate Road, Suite 160 in Henderson. The total value of the transaction was $1,272,672.00. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the tenant, Bombard Electric LLC and Harsch Investment Properties represented the landlord.

• The lease with Tooska Wood LLC & Byco LLC was completed on April 1. The 6,400-square-foot industrial space is at 4837 Lincoln Road, Suite E&F in North Las Vegas. The total value of the transaction was $121,386. Sun Commercial Real Estate Inc. represented the landlord, Magna Enterprises and Griffis Realty Investments LC represented the tenant, Tooska Wood LLC & Byco LLC.

• The lease with Clean & Healthy Homes LLC was completed on April 19. The 2,468-square-foot office space is at 8170 W. Sahara Ave., Suite 204-205. The total value of the transaction was $94,178.88. Michael Brazill and Edward Bassford of Sun Commercial Real Estate Inc. represented the landlord, Manpower Professional Center LLC and Global Time Realty represented the tenant, Clean & Healthy Homes LLC.

• The lease with Ten Tigers Martial Arts was completed on April 1. The 1,213-square-foot retail space is at 3950 N. Tenaya Way, Suite 140. The total value of the transaction was $81,271.00. Eric Rogosch of Sun Commercial Real Estate Inc. represented the tenant, Ten Tigers Martial Arts and MDL Group represented the landlord, CJ Legacy II LLC.

• The lease with Unicron Logistics Solutions LLC was completed on April 1. The 2,430-square-foot office space is at 2625 Green Valley Parkway, Suite 260 in Henderson. The total value of the transaction was $57,715.04. Pete Janemark, CCIM, of Sun Commercial Real Estate Inc. represented the landlord, 2625 GV LLC.

The lease with Infinite Possibilities Behavioral Healthcare LLC was completed on April 5. The office space is at 830 S. Durango Drive, Suite 100. The total value of the transaction was $57,674.61. Pete Janemark, CCIM, of Sun Commercial Real Estate Inc. represented the landlord, SET Properties.

• Melt Creative LLC leased 4,672 square feet of flex/industrial space in Hughes Airport Center at 500 Pilot Road. Zac Zaher of CBRE represented the landlord.

• NovaStar North America Inc. leased 5,695 square feet of industrial space in Hughes Airport Center at 750 Pilot Road. Jake Higgins of CBRE represented the landlord and tenant.

• A lease to Farrington Productions Inc. The 2,131-square-foot industrial property is in Decatur Bell Commerce Center at 5030 S. Decatur Blvd., Suite E. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, FJM Vegas Holdings LLC.

• A lease to Laurentina Ruiz dba Laurita’s Taco Shop. The 1,505-square-foot retail property is in Scottsdale Plaza at 8880 S. Maryland Parkway, Suite 130. Grant Traub, SIOR, and Chris Connell of Colliers International represented the lessor, Highland and Sterling LLC, a California LLC.

• A lease to Nestle Toll House Cafe by Chip. The 1,290-square-foot retail property is in Rancho Alta Mira at 4990 W. Craig Road, Suite A-2. Scot Marker of Colliers International represented the lessor, CW Asset Management.

• A lease to Sonny Nguyen dba Glamour Nails. The 1,197-square-foot retail property is in Scottsdale Plaza at 8880 S. Maryland Parkway, Suite 125. Grant Traub, SIOR, and Chris Connell of Colliers International represented the lessor, Highland and Sterling LLC.

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