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DEAL WATCH: CBRE announces sale of Las Vegas Country Club

Updated January 30, 2018 - 8:17 am

CBRE announces sale of Las Vegas Country Club

CBRE Group has announced the recent sale of the legendary Las Vegas Country Club to Samick Music Corp., a U.S. subsidiary of Samick Musical Instruments Co. Ltd., one of the world’s largest musical instrument manufacturers, for an undisclosed price.

However, the club’s new president and CEO, Baik Lee, told the Las Vegas Review-Journal that it sold for a little more than $20 million.

Las Vegas Country Club includes a two-story 54,000-square foot clubhouse. The golf course opened for play in 1967 and was designed by Ed Ault, a successful pioneer in golf course design who is credited with the systematic coordination of pin placements and tee marker locations, which today is common practice on golf courses across the country. The classic course served as host to 20 PGA Tour and LPGA Tour events before undergoing an extensive, $5.4 million renovation in 2009. Additional recreational amenities include a swim and fitness facility, four outdoor tennis courts and two indoor tennis courts, plus an entertainment center with golf simulators, racquetball court, pool table and club lounge.

CBRE represented the LVCC members in the transaction.

Samick Music Corporation through its subsidiary, also owns and operates Redhawk Golf Club, an award-winning daily fee golf course in Temecula, California.

Jeff Woolson, an executive vice president with CBRE who serves as the managing director of its Golf & Resort Group, handled the transaction along with John Knott, an executive vice president with CBRE in Las Vegas.

COMPLETED SALE TRANSACTIONS

• H&M Unlimited purchased a building at 2773 and 2777 N. Lamb Blvd. for $920,356 to serve as company headquarters. Nevada State Development Corp. facilitated the transaction with an SBA loan at a rate of 4.827 percent. Nevada State Bank also assisted with financing.

In 2002, owner/operator Hector Manrique has built the business into a one-stop shop for residential and commercial renovation projects.

“Ever since I started the company, my goal was to be the most successful business owner I could be,” Manrique said. “I’ve always been active in all parts of the business, from management and budgeting to bidding and project completion. Being able to buy my own building, especially at such an attractive interest rate and with a low down payment, will make a huge difference to the future of my company.”

Evan Dickson, president of Nevada State Development Corp., said: “For any company, the opportunity to own their own headquarters outright is one of the most significant and positive steps forward they can take. Instead of ending up with a pile of rent receipts years from now, Hector will be building equity and ensuring that his business prospers.”

In its 15 years serving the community, H&M has established longstanding relationships with most of the insurance companies in the Las Vegas Valley. The firm is often referred to clients by the insurance adjusters and companies for claim repairs.

Nevada State Development Corp. is a nonprofit company that is the largest SBA 504 loan provider in Nevada, with offices in Las Vegas and Reno. Established in 1981, NSDC has funded more than 1,650 loans with an estimated combined value of $745 million, creating more than 19,000 jobs. NSDC was named the Platinum SBA 504 Lender for the state of Nevada by the U.S. Small Business Administration. For further information, visit www.nsdc.com.

• A privately held real estate investment and advisory firm, 29th Street Capital, has acquired Promenade at Sahara Apartments, a 312-unit multifamily community in Las Vegas. The company plans to implement a $2.2 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package.

“We are excited to add Promenade at Sahara to our expanding Las Vegas portfolio,” said Dusty Eddy, 29SC’s vice president of acquisitions for Phoenix and Las Vegas. “We believe the Las Vegas market has strong population and economic fundamentals that will continue for the foreseeable future.”

The company has acquired 16 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S.

Jason Dittenber; Jerad Roberts; Devin Lee, CCIM; and Robin Willett of Northcap Multifamily have announced the recent sale of the Sherwood Apartments for $2,050,000. The sale consisted of 36 multifamily units at 2575 Sherwood St. The transaction closed on Jan. 5. Northcap Multifamily. The transaction closed January 19. The sale price was not disclosed.

• California-based Brixton Capital recently sold its 122,133-square-foot shopping center at 2189 W. Craig Road in North Las Vegas for an undisclosed price.

Brixton, along with limited partner ALTO Real Estate Funds, purchased the former Target building in 2014 and subsequently subdivided the building, adding new tenants Burlington Coat Factory and InStyle Furniture. The property was sold 100 percent occupied to an affiliate of Las Vegas-based Tiberti Management Co.

According to Travis King, CEO of Brixton Capital, “This was a terrific opportunity to divide a challenging large space into smaller spaces that aligned with the tenant demand in the market. Also, repositing the property allowed our firm to maximize value for our investors.”

• A sale to Richmond American Homes. The approximately 16-acre land parcel is on Centennial Parkway and Hualapai Way (APN: 125-19- 401-005, 006, 009, 010 & 011). The transaction value was $6,610,000. Vince Schettler of Colliers International represented the seller, VFR-Southwest Desert Equities.

COMPLETED LEASE TRANSACTIONS

• A lease to MML Physical Therapy. The approximately 2,703-square-foot medical office property is in Lake Mead Medical Arts Pavilion at 1815 E. Lake Mead Parkway, Suite 200. Alexia Crowley, LEED GA, CCIM, and Stacy Scheer, LEED GA, CCIM, of Colliers International represented the lessor, Lake Mead Medical Investors Limited.

• A lease to RiskNomics LLC. The approximately 1,400-square-foot office property is in Seven Hills Business Park at 880 Seven Hills Drive, Suite 180 in Henderson. Taber Thill, SIOR, and Patti Dillon, SIOR, of Colliers International represented the lessee.

• A lease to Caesar Brutus LLC. The approximately 58,400-square-foot industrial property is in CAP Industrial at 3108 Losee Road in North Las Vegas. Eric Molfetta, CCIM, and Chris Zunis of Colliers International represented the lessor.

• A lease to Autosource Motors of Las Vegas LLC. The approximately 49,000-square-foot retail property is at 2121 E. Sahara Ave. Grant Traub and Chris Connell of Colliers International represented the lessee.

• A lease to Everi Holdings LLC. The approximately 3,721-square-foot office property is in The Arroyo at 7255 S. Tenaya Way. Ryan Martin, CCIM, SIOR; Taber Thill, SIOR; Patti Dillon, SIOR; and Teddie Hickey of Colliers International represented the lessor, EJM.

• A lease to Top-Notch Installations LLC. The approximately 3,000-square-foot industrial property is in Mojave Airport Center at 6285 S. Mojave Road, Suite D. Dean Willmore, SIOR; Mike DeLew, SIOR; and Greg Pancirov, SIOR, of Colliers International represented the lessor, ACMEOFFICE.COM LLC.

• A lease to Alexandra Reimann ND LLC. The approximately 2,870-square-foot medical office property is at 8960 W. Cheyenne Ave., Suite 190. Stacy Scheer, CCIM of Colliers International, represented the lessee.

• A lease to FirstMed Health & Wellness. The approximately 2,435-square-foot medical/retail property is in Alexander Square at 3940 N. Martin Luther King Blvd., Suite 105-107 in North Las Vegas. Stacy Scheer, CCIM, of Colliers International represented the lessee.

• A lease to Dina S. Burke, MD LLC. The approximately 1,737-square-foot office is located in The Parkway at 7455 W. Washington Ave. Andrew Kilduff of Colliers International represented the lessor, Parkway Properties LLC.

• A lease to Tanner Law Firm Ltd. The approximately 1,736-square-foot retail property is in Scottsdale Plaza at 1320 E. Pebble Road, Suite 115. Chris Connell and Grant Traub of Colliers International represented the lessor, SREF Scottsdale Plaza LLLP.

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