CAPROCK PARTNERS BUYS LAND IN NORTH LAS VEGAS
CapRock Partners, a Newport Beach, California-based industrial real estate investment and development firm, has announced the acquisition of an approximately 5-acre land site in the North Las Vegas. Acquired from a commercial real estate investment firm for an undisclosed amount, this site will enable CapRock to provide build-to-suit solutions for distribution or manufacturing tenants in need of industrial space ranging from 45,000- to 100,000-plus square feet.
“The recent surge in the adoption of e-commerce has driven industrial demand from e-commerce, third-party logistics and other companies that are experiencing a need to bolster their inventory and supply chain,” said Taylor Arnett, first vice president, acquisitions at CapRock Partners. “The site is ideally located to serve the needs of both manufacturers and distributors, whether they require convenient access to the Las Vegas Strip or need to leverage Las Vegas’ strategic location to reach 61 million people within a one-day truck service.”
Over the past year CapRock Partners has been entitling the site at 3919 E. Cheyenne Ave., which is permit-ready for the construction of a free-standing, 101,332-square-foot, Class A industrial building named CapRock Point @ Cheyenne and will be delivered within nine months of start of construction. Tenants will have the opportunity to customize building plans for build-to-suit.
“The Las Vegas economy has been hit hard by the coronavirus pandemic, but its industrial market has shown resiliency throughout 2020, with many out-of-state companies attracted to the city’s central location in the Western U.S. and its business-friendly environment,” said Jon Pharris, president of CapRock Partners. “In the past few years, Las Vegas has emerged as a key logistics hub in the Southwest and we remain focused on this market, which boasts one of the nation’s most favorable tax climates for businesses.”
Mike Kendall, Gian Bruno, Chris Lane, Paul Sweetland, Jerry Doty and Dan Doherty of Colliers International represented CapRock Partners in the acquisition of the land and Chris Lane, Paul Sweetland, Jerry Doty and Dan Doherty are overseeing leasing for CapRock Point @ Cheyenne.
DERMODY PROPERTIES BUYS INDUSTRIAL BUILDING
Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired 4141 Distribution Circle, a 127,000-square-foot building in North Las Vegas. An expansion is currently underway on the property, named Distribution Circle Commerce Center, and is expected to be complete in the first quarter of 2021. Distribution Circle Commerce Center is strategically located on 12.91 acres in the North Las Vegas.
“Nevada’s labor costs are among the lowest in the Southwest region of the country,” said John Ramous, partner in Nevada for Dermody Properties. “This property is located in a market that currently employs more than 55,000 workers in logistics and manufacturing, and we expect to see continued growth.”
Xavier Wasiak, Rob Lujan and Jason Simon of JLL are the leasing agents for the property.
COMPLETED SALES TRANSACTIONS
• A sale to JD Lockaway LLC. The 25,875-square-foot industrial property is in Craig Corporate Park at 4548 Calimesa St. The transaction value was $3,000,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the buyer.
• Garrett Toft, SIOR, of CBRE, Inc. represented the buyer, Badiee Development Inc.,in the purchase of 4.98 acres of vacant industrial land located at N. Sloan Lane and Howdy Wells Avenue for $2,170,000.
• A sale to TLM Holdings LLC. The 12,654-square-foot industrial property is in Spencer Airport Center at 2060 E. Pama Lane. The transaction value was $2,000,000. Dean Willmore, SIOR; Alex Stanisic; Stacy Shapiro, CCIM; Mike Willmore; and Lauren Willmore of Colliers International represented the seller, BKM Spencer 116 LLC.
• Garrett Toft, SIOR, of CBRE, Inc. represented both the seller and the buyer, Badiee Development, in the sale/purchase of 4.1 acres of vacant industrial land at North Sloan Lane and Howdy Wells Avenue for $1,575,000.
• A sale to LGI Homes, Nevada LLC. The approximately 5.15-acre land parcel is near Clifford Street and Judson Avenue (APN: 140‐19‐101‐014 thru 017 and 140‐19‐201‐003). The transaction value was $1,237,000. Steven Haynes of Colliers International represented the seller, Oxford Pecos Retail LLC.
• A sale to Joe Polati. The 3,510-square-foot Dairy Queen property is at 412 Northland Drive in Cameron, Missouri. The transaction value was $1,025,000. Brian Fike of Colliers International represented the buyer.
• A sale to Thomas Property Management. The approximately 6,000-square-foot industrial property is in Craig Corporate Park at 7930 W. Warm Springs, Suite 130. The transaction value was $1,020,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the seller, Centra Warm Springs Corporate Center.
• A sale to A & P Enterprise LLC. The 8,870-square-foot industrial property is at 2552 Abels Lane. The transaction value was $955,000. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the buyer.
• A sale to JD Lockaway LLC. The 5,057-square-foot industrial property is at 6560 Spencer St., Suite A‐4. The transaction value was $910,000. Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the seller, Brunner Dean R & Penny S 1985 Trust. Dan Doherty, SIOR, of Colliers International represented the buyer.
• A sale to Orchard Creek Properties LLC. The approximately 0.3 acre Jiffy Lube property is at 3420 S. Rainbow Boulevard. The transaction value was $652,000.00. Dan Gluhaich of Colliers International represented the buyer.
COMPLETED LEASE TRANSACTIONS
• Weingarten Realty announced that Burlington Stores, the national off-price retailer is opening at the end of October in Charleston Commons. Charleston Commons at North Nellis and East Charleston boulevards, has a strong national and regional tenant mix including Wal-Mart, PetSmart, Ross Dress for Less, OfficeMax, 99 Cents Only, Catherine’s, KFC and In & Out Burger. Burlington Stores Inc., headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2019 net sales of $7.3 billion. The company operated 739 stores as of the end of the second quarter of fiscal 2020, in 45 states and Puerto Rico, principally under the name Burlington Stores. Vice President Chris Byrd with Weingarten Realty represented the landlord. Vice President Carina Roper with ROI Commercial Real Estate represented the tenant in this deal.
• Kesef, LLC leased approximately 3,618 square feet of industrial space in Harmon Warehouse Center at 4301 S. Valley View Blvd. Sean Zaher of CBRE represented the landlord.
• Wild Leaf Group Nevada Inc. leased approximately 28,800 square feet of industrial space in GBS Distribution Center at 4751 Vandenberg Drive. Sean Zaher of CBRE represented the landlord.
• A lease to J.W. Logistics Operations LLC. The 39,929-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 15) at 3755 E. Post Road, Suite 140 & 150. Spencer Pinter; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the lessor, KTR LV III LLC.
• A lease to Central Cabinets Direct Inc. The 27,342-square-foot industrial property is in Arroyo North Business Center (Phase I) at 6630 Arroyo Springs St., Suite 300 and 400. Spencer Pinter of Colliers International represented the lessor, EJM Arroyo North I Property LLC.
• A lease to Nevada Freight Logistics Inc. The 20,164-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 4) at 3585 E. Patrick Lane, Suite 100-400. Spencer Pinter; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIORm, International represented the lessor, KTR LV IV LLC.
• A lease to Dignity Select Nevada LLC. The approximately 6,000-square-foot medical office property is in Siena Pavilion at 2850 W. Horizon Ridge Parkway in Henderson. Alexia Crowley, CCIM, of Colliers International represented the lessor, Claiwater Associates LLC.
•A lease to McKesson Medical-Surgical Inc. The approximately 5,000 square foot industrial property is located in Arrowhead Commerce Center (Bldg. 7) at 6295 S. Pearl St., Suite 700 in Las Vegas. Spencer Pinter, Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, SIOR, CCIM and Jerry Doty, SIOR of Colliers International represented the lessor, KTR LV IV LLC.
• A lease to Total Dog! Vegas. The 4,122-square-foot retail property is in Centennial Crossroads at 6400 Sky Pointe Drive, Suite 15. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, Centennial Crossroads LLC.
• A lease to GO Wireless. The 2,106-square-foot retail property is in Pebble Marketplace at 1000 N. Green Valley Parkway, No. 400 in Henderson. Scot Marker of Colliers International represented the lessor, Pebble Marketplace LLC.
• A lease to National Business Supply Inc. The 1,639-square-foot industrial property is in Cheyenne Commerce Center at 580 W. Cheyenne Ave., Suite 40, in North Las Vegas. Eric Molfetta, MBA, of Colliers International represented the lessee.
• A lease to Sculpt Spa LV LLC. The approximately 1,500-square-foot retail property is in Siena Town Center at 10140 W. Tropicana Ave., No. 126. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, SIENA TOWN PLAZA L P.
• A lease to Millinda Jimerson DBA Beauty Boss. The 898-square-foot retail property is in Wigwam Retail Center at 8480 S. Las Vegas Blvd., No. 130. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, 8480 South LLC.
• A lease to Suh’dutsing Staffing Services. The 436-square-foot office property is in Flamingo Grand Plaza at 1050 E. Flamingo Road. Grant Traub, SIOR, and Chris Connell, SIOR, of Colliers International represented the lessor, FKC Flamingo LLC.
• A lease to Curesupport NA LLC. The approximately 23,000-square-foot industrial property is at 5425 S. Valley View Blvd. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessor, 5425 S. Valley View LLC.
• A lease to Wood Cab Fab LLC. The 11,310-square-foot industrial property is in Valley View Corporate Center at 6283 S. Valley View Blvd., Suite J. Spencer Pinter of Colliers International represented the lessee and the lessor, Valley View LLC.
• A lease to Pigeonly LLC. The 11,186-square-foot industrial property is at 2252 E. Pama Lane. Alex Stanisic; Stacy Shapiro, CCIM; Lauren and Mike Willmore; and Dean Willmore, SIOR, of Colliers International represented the lessee.
• A lease to Breslin Builders Inc. The 8,925-square-foot industrial property is at 4710 W. Post Road, Unit 140. Dean Willmore, SIOR; Alex Stanisic; Mike and Lauren Willmore; and Stacy Shapiro, CCIM, of Colliers International represented the lessee.
• A lease to Purple Rose Supply LLC. The approximately 7,200-square-foot industrial property is at 5380 S. Valley View Blvd., Suite B. Lauren and Mike Willmore; Dean Willmore, SIOR; Alex Stanisic; and Stacy Shapiro, CCIM, of Colliers International represented the lessor, Valley View I LLC.
• A lease to PrimeTime LLC. The 7,150-square-foot industrial property is in Mountain West Industrial Park on Rainbow Boulevard and Post Road (APN: 163-34-701-031 – Future Building 3, Suite 309). Mike Willmore; Dean Willmore, SIOR; Alex Stanisic; and Stacy Shapiro, CCIM, of Colliers International represented the lessor, SD Parcels LLC. Lauren Willmore of Colliers International represented the lessee.
• A lease to Back to Basics LV dba Cars R Us LV. The 4,890-square-foot retail property is at 2121 E. Sahara Ave. Grant Traub, SIOR, and Chris Connell, SIOR, of Colliers International represented the lessor, Autosource Motors of Las Vegas.
• A lease to Manuel Coello & Kassin Kairy. The approximately 3,500-square-foot industrial property is in Patrick Airport Center at 2700 E. Patrick Lane, Suite 6. Dean Willmore, SIOR; Mike and Lauren Willmore; Alex Stanisic; and Stacy Shapiro, CCIM, of Colliers International represented the lessor, BKM MAC 228 LLC. Stacy Shapiro, CCIM of Colliers International represented the lessee.
• A lease to Arabesque Dance and Fitness. The 3,408-square-foot retail property is in Blue Diamond Marketplace at 8060 Blue Diamond Road, Suite Nos. 110, 120 and 130. Alexia Crowley, CCIM, of Colliers International represented the lessee.
• A lease to Bryan Lindsey. The 2,866-square-foot industrial property is in Patrick Airport Center at 6045 Harrison Drive, Suite 5. Dean Willmore, SIOR; Mike and Lauren Willmore; and Stacy Shapiro, CCIM, of Colliers International represented the lessor, BKM MAC 228 LLC. Alex Stanisic of Colliers International represented the lessee.
• A lease to AR Elevator USA. The 2,491-square-foot industrial property at 4357 Corporate Center Drive, Suite 430, in North Las Vegas. Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessor, Realty Associates Fund XI Portfolio, L.P. Ryan Hendershot of Colliers International represented the lessee.
• A lease to Original Harold’s Chicken Shack. The 1,950-square-foot retail property is at 1381 W. Sunset Road in Henderson. Scot Marker of Colliers International represented the lessor, CH Retail Las Vegas.