Las Vegas Business Press

DEAL WATCH: Centennial Square sells for $16M

RETAIL CENTER SELLS FOR $16M

Chris Richardson, CCIM, and Jason Otter of Logic Commercial Real Estate (Logic) has announced the sale of Centennial Square, a 46,316-square-foot multitenant retail center on South Durango Road in the northwest Las Vegas Valley. Logic represented the seller, Monaco Properties and Colliers International, Steven Haynes, represented the buyer, Weightman Holdings. The property closed at $16 million, which was $346 per square foot, at a 7.14 percent CAP rate.

COMPLETED SALES TRANSACTIONS:

• Marcus & Millichap announced the sale of Atlantic Apartments, a 14-unit apartment property in Henderson. The asset sold for $1,250,000. Michael R. LaBar and Michael L. Shaffner, 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 private investor.

• A sale to Nardo Wigwam LLC for $1,275,000. The 9,729-square-foot industrial building is at 5895 W. Wigwam Ave. Sean Zaher of CBRE Inc. represented the buyer.

• Marcus & Millichap announced the sale of a 1,869-square foot Wienerschnitzel, situated on 0.52-acres. The property sold for $975,000. Dustin R. Alvino, first vice president investments in Marcus & Millichap’s Las Vegas office, represented the seller, a private investor, and also secured the buyer who was based out of Arizona. The property was purchased with 85 percent, loan-to-value financing, sourced by Nick Gray, director Capital Markets of Marcus & Millichap Capital Corp.

• A sale to Wang Real Estate LLC. Pageantry Business Park is at 8887 W. Flamingo Road, APN:163-20-516-003, sold for $600,000. The seller was Evan Ahern/Ahern Energy, which was represented by Travis Landes and Marc Magliarditi, CCIM, of Logic Commercial Real Estate. The buyer was represented by Wayne Wu of Wang Real Estate LLC.

COMPLETED LEASE TRANSACTIONS:

• A lease to Pacific Paper Tube Inc. The 56,847-square-foot industrial property is at 2695 N. Lamb Blvd. Total consideration is $2,299,904.57. The landlord is Colfin 2017-5 Industrial Owner LLC, which was represented by CBRE. The tenant’s broker was Larkin Industrial Group, NAI Vegas.

• A lease to Dayton Parts LLC. The 89,728-square-foot industrial property is at 3101 Marion Drive, Suite 101. Total consideration was $2,152,566.92. The landlord is Icon Pac Nevada Owner Pool 3 Nevada LLC. The tenant broker was Larkin Industrial Group, NAI Vegas.

• A lease to Home Furnishings A-Z LLC dba Design Lab MN. The 35,392-square-foot industrial property is at 8385 Eastgate Road, B-1, in Henderson. Total consideration was $1,789,773.22. The landlord is Colfin 2018-5 Industrial Owner LLC, which was represented by Colliers International. The tenant’s broker was Larkin Industrial Group, NAI Vegas

• A lease to Weisser Distributing Inc. The 47,060-square-foot industrial property is at 4550 Engineers Way, Suite 108 in North Las Vegas. Total consideration was $1,065,438.40. The landlord is Golden Triangle Industrial Park LLC, which was represented by Travis Landes and Marc Magliarditi of CBRE. The tenant’s broker was Larkin Industrial Group, NAI Vegas.

• Yves Pham, DMD, PLLC leased 2,400 square feet of retail space at 281 W. Centennial Parkway, Suites 100 and 101, from Centennial Commerce LLC. Total consideration was $496,800. Newmark Knight Frank Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler represented the lessor in the transaction.

• A lease to California Cabinets Distributor Inc. The 6,496-square-foot industrial property is at 7585 Commercial Way, Suite F, in Henderson. Total consideration was $282,876. The landlord is HIP Valley Freeway LLC and Eridanus Valley Freeway LLC. The tenant was represented by Larkin Industrial Group, NAI Vegas

• Steven and Aleman Enterprises LLC dba Habaneros Taco Grill leased 1,932 square feet of retail space at 171 W. Centennial Parkway, Suite 101, from Centennial Commerce LLC. Total consideration was $277,048. Newmark Knight Frank Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler represented the lessor in the transaction.

• A lease to Advanced Wheel Sales Inc. The 39,875-square-foot industrial property is in Freeport West Distribution Center at 3030 N. Lamb Blvd., Suite 106. Dean Willmore, SIOR, of Colliers International represented the lessor, Natomas Creek Nevada LLC.

• A lease to MinleonSP LLC. The 2,631-square-foot industrial property is in Eldorado Business Park at 7485 Dean Martin Drive, No. 108. Dean Willmore, SIOR, and Mike Willmore of Colliers International represented the lessor, TLF Logistics II Eldorado Business Center.

• A lease to Touchup Laser Inc. The approximately 1,500-square-foot retail property is in Paradise Marketplace at 3870 E. Flamingo Road, Suite A-6. Al Twainy, CCIM, and Amelia Henry of Colliers International represented the lessor, Paradise Marketplace LLC.

• A lease to Hightower Trucking Inc. The 46,080-square-foot industrial property is in Sunrise Industrial Park, No. 2 at 3101 Marion Drive, Suite 107 in North Las Vegas. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane; and Jerry Doty of Colliers International represented the lessor, ICON PAC Nevada Owner Pool 3 Nevada.

• A lease to Genesis Gaming Solutions. The 12,414-square-foot industrial property is in Airport Industrial Park at 3245 E. Patrick Lane. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane; and Jerry Doty of Colliers International represented the lessor, Time’s Up dba H & H Enterprises.

• A lease to Dark Moon Coffee. The approximately 1,600-square-foot retail property is in Maryland & Eastern Shopping Center at 11041 S. Eastern Ave., Suite 115, in Henderson. Scot Marker of Colliers International represented the lessor, Eastern Sunbridge Group LLC. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.

• A lease to Strawberry Cookie Children’s Clothing. The approximately 1,400-square-foot retail property is in Galleria Pavilion at 605 Mall Ring Circle, No. 105, in Henderson. Scot Marker of Colliers International represented the lessor, CIII Asset Management.

• A lease to Big Mama’s Wings. The approximately 1,050-square-foot retail property is in Green Valley Town and Country at 2833 N. Green Valley Parkway in Henderson. Scot Marker of Colliers International represented the lessor, CW Asset Management.

• Advanced Wheel Sales LLC renewed a lease of approximately 31,500 square feet of industrial space and expanded an additional 7,875 square feet of industrial space in Freeport West Distribution Center at 3030 N. Lamb Blvd. Zac Zaher of CBRE represented the tenant.

• Xtreme Manufacturing LLC leased approximately 163,000 square feet of industrial space in Henderson Freeways Crossing at 8390 Eastgate Road. Kevin Higgins, SIOR, of CBRE represented the landlord.