Cushman & Wakefield announced the sales of three high-quality office buildings totaling 172,469 square feet that comprise the Green Valley Corporate Center-North complex in Henderson. The assets, which consisted of Plaza 8, 9 and 10, transpired over two separate investment transactions for a combined price of $37.05 million.
The properties are part of a larger, massive high-class regional real estate portfolio in the process of being sold by American Nevada Co., which was represented in the disposition by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego, California, who both primarily focus on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego and Phoenix markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton and Michael Dunn based in Las Vegas are also performing local expert advisory in the dispositions.
Reeder, executive managing director, said, “Green Valley Corporate Center-North represents premier stable assets that are well leased to credit tenants and desirably located within the Las Vegas metro area, internationally recognized as one of the most exciting tourist destinations in the world. The metro is coextensive with Clark County, the heartbeat of Southern Nevada, which encompasses nearly 8,000 square miles, five cities and a growing population.”
He added, “An appealing incentive for these properties is Nevada attracts numerous companies from a diverse range of industries that relocate here for the state’s pro-business/non-restrictive tax structure, no personal state income tax, lower cost of living and expanding labor pool.”
Sold as a single asset of 54,365-square-foot Plaza 8 was acquired by real estate investment firm JMA Ventures for a price of $13.15 million or $242 per square foot. Situated on 3.68 acres, Plaza 8 is a classically designed, two-story office building that was 100 percent leased at the time of sale with tenants including, Atkins, Barrick Gold and Signature Gallery of Homes. Developed in 2002, the building’s high-quality construction is highlighted by a dramatic entry flanked with soaring palm trees, reflective glass providing abundant natural light, an inviting lobby with polished granite accents, large and flexible floor plates and modern interior finishes. Extensive window lines also provide tenants with views of the surrounding area and the attractive, tree-lined landscaping.
Sold as a joint asset, Plaza 9 and Plaza 10 total a combined 118,104 sf and were acquired by Strategic Office Partners, a joint venture between Gramercy Property Trust and TPG Real Estate, for a price of $23.9 million or $202 per square foot. The acquisition marked the Buyer’s first entry into the Las Vegas metro market. The pair of buildings were 100 percent leased at the time of sale to long-term tenant Barclays Services Corp., a multinational banking and financial services company. Completed in 2000, Plaza 9 is a two-story structure totaling 63,959 square feet on 5.62 acres that features striking architectural designs, tenant balconies, prominent signage and expansive floor designs that accommodate a variety of needs. Plaza 9 has large windows framing scenic views, meticulous landscaping and generous parking. Developed in 1999, Plaza 10 consists of a two-story 54,145-square-foot building on 5.06 acres featuring similar architectural designs to the neighboring Plaza buildings. Plaza 10 offers high-end construction with extensive dual-glazed reflective glass and extensive window lines producing picturesque views, spacious floor plates, high-end commercial finishes, multiple tenant entries, and an ample parking ratio. Further enhancing the corporate environment of these two properties are pedestrian walkways linking them to one another as well as to Plaza 8.
As part of the larger American Nevada portfolio, the Cushman & Wakefield listing team had sold the Green Valley Town Center in Henderson in September. Henderson Town Center LLC had acquired the 194,757-square-foot mixed-use center consisting of Green Valley Town Center II & III (4300 & 4500 E. Sunset Road) and Athenian Shops (4350 E. Sunset Road) for $21.5 million.
COMPLETED SALES TRANSACTIONS
• Devin Lee, CCIM, James Hahn, CCIM and Robin Willett of Northcap Commercial, are pleased to announce the recent sale of the Pinto Apartments for $2,805,400. The sale consisted of 46 multifamily units at 1525 Pinto Lane. Northcap Commerical was worked with the buyer, Revive Apartments LLC, in this transaction.
• Tortilla Inc. purchased 4.95 acres of industrial land at 2980 Lincoln Road for $1,150,000. The buyer was represented by Sean Zaher, CBR, NAI Vegas. The seller was Far East Aluminum Works Corp. and was represented by The Larkin Industrial Group, NAI Vegas.
• A sale to NV LAS DEC LLC. The approximately 2.5-acre land parcel is near Jones Boulevard and Roy Horn Way (APN: 176-01- 201-008). The transaction value was $3,500,000. Brian Fike of Colliers International represented the buyer.
• A sale to Kanawati Group. The 44-unit multifamily property, Skyline Terrace Apartments, is at 1225 E. Hacienda Ave. The transaction value was $3,175,000. Thomas Olivetti of Colliers International represented the buyer and the seller, Alpha Wave Investors.
• A sale to Christopher Lim. The approximately 6,245 square-foot industrial property is at 5154 W. Patrick Lane. The transaction value was $865,000. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the seller, 288 Investments LLC.
• A sale to 969 Empire LLC. The approximately 6,800-square-foot industrial property is at 971 Empire Mesa Way in Henderson. The transaction value was $782,000. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the seller, Peterson-Thompson LLC.
• A sale to Diamond Decatur Limited. The approximately 1.35-acre land parcel is at S. Decatur Boulevard and W. LeBaron Ave. (APN: 177-30- 201-001). The transaction value was $300,000. Steven Haynes of Colliers International represented the seller, Oscar A. and Sonia Matheu. Mike DeLew, SIOR, and Greg Pancirov, SIOR of Colliers International represented the buyer.
• A sale to Play Golf Designs Inc. The approximately 1,521-square-foot office property is in The Square at 7336 W. Post Road, Unit 8. The transaction value was $296,595. Brian Riffel, SIOR, Chris Connell, Grant Traub and Tyler Jones of Colliers International represented the seller, Professional Warehouse Office Condos.
COMPLETED LEASE TRANSACTIONS
• Liz Clare, CCIM, and Jacqueline Young of Avison Young represented the landlord, Monterey Vista Village Shopping Center LLC in the 126-month retail lease at 3555 South Fort Apache Road. Cory Argubright of Dunbar Commercial represented the tenant, 9 Rounds. The total value of the transaction was $253,008.00.
• A lease to New Wave Enviro Inc. The approximately 29,250-square-foot industrial property is in Henderson Freeways Crossing at 8385 Eastgate Road. Pat Marsh, SIOR, and Sam Newman of Colliers International represented the lessor, Henderson Freeways Crossing LLC.
• A lease to Olsen Gaming Inc. The approximately 6,500-square-foot industrial property is in Mojave Airport Center at 6285 S. Mojave Road, Suite F-G. Mike DeLew, SIOR; Greg Pancirov, SIOR; Dean Willmore, SIOR; and Alex Stanisic of Colliers International represented the lessor, Stockbridge Patrick and Mojave LLC.
• A lease to Sports Science Training LLC. The approximately 6,000-square-foot office property is in V Centre Trails at 1845 Village Center Circle. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.
• A lease renewal to Preferred Electric LLC. The approximately 5,685-square-foot industrial property is at 4405 W. Sunset Road. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, Brigite Land Management LLC.
• A lease to L5 Parcel Services LLC. The approximately 5,500-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 6) at 6295 S. Pearl St., Suite 500. Spencer Pinter, Dan Doherty, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.
• A lease to Capitol Builders Hardware Inc. The approximately 5,386-square-foot industrial property is in Highland Industrial Center at 2910 S. Highland Drive, Suite P. Chris Connell and Grant Traub of Colliers International represented the lessor, FKC Highland LLC.
• A lease to Ashley Briggs dba: Forge Performance. The approximately 4,195-square-foot industrial property is in Northpointe Business Center at 4210 N. Lamb Blvd., Suite 130. Dean Willmore, SIOR, of Colliers International represented the lessor, Danny Muallem. Alex Stanisic of Colliers International represented the lessee.
• A lease to Vegas Signs Inc. The approximately 4,008-square-foot industrial property is in Civic Center Corporate Park at 3858 Civic Center Drive in North Las Vegas. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane; and Jerry Doty of Colliers International represented the lessor, MCA Civic Center II LLC.
• A lease to West Coast Commercial Services Inc. The approximately 4,008-square-foot industrial property is in Civic Center Corporate Park at 3874 Civic Center Drive in North Las Vegas. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane; and Jerry Doty of Colliers International represented the lessor, MCA Civic Center II LLC.
• A lease to American Academy of Urology. The approximately 3,490-square-foot medical office is in Sansone Pecos I-215 at 9053 S. Pecos Road, Suite 2900 in Henderson. Stacy Scheer, CCIM, LEED GA, of Colliers International represented the lessee.
• A lease to Vetfed Carenet LLC. The approximately 2,538-square-foot office is in Sunset Ridge Professional Plaza at 2920 N. Green Valley Parkway, Suite 312 in Henderson. Alexia Crowley, CCIM, LEED GA, of Colliers International represented the lessee.
• A lease to Firehouse Subs. The approximately 1,650-square-foot retail property is in DC Plaza at 8461 W. Farm Road, No. 170. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessee.
• A lease to Dinh Tran dba Posh Nails 24/7. The approximately 1,200-square-foot retail property is at 280 E. Flamingo Road. Phillip Dunning, CCIM, of Colliers International represented the lessor, Flamingo Corridor LLC.