DOWNTOWN MID-RISE OFFICE BUILDING SELLS FOR NEARLY $15M
Newmark Knight Frank has announced it facilitated the sale of Bonneville Square, a five-story office building in downtown Las Vegas, for $14.9 million.
Mark Schuessler and Mike Tabeek of NKF represented the seller, Positive Investments Inc., a Southern California-based real estate investment and management company.
The 92,402-square-foot property is at 411 E. Bonneville Ave. and is positioned within walking distance of more than 40 law firm offices, 16 government offices and six courthouses. The building is anchored by the Federal Public Defender’s office and was 79 percent leased at the time of sale.
The downtown office market is one of the fastest growing submarkets in Las Vegas with a high concentration of government agencies and law firms, according to NKF Research. With new investments from both the private and public sector over the past few years, Downtown is expected to continue to trend upward as rents remain 12 percent below pre-recession levels.
COMPLETED SALES TRANSACTIONS
• Robin Willett; Devin Lee, CCIM; Jerad Roberts; and Jason Dittenber, of Northcap Commercial, announced the recent sale of the Andiamo Apartments for $21,400,000 ($110,880/unit). This sale consisted of 193 multifamily units built in 1986 at 4600 Vegas Drive. This transaction closed on Nov. 25. Northcap Commercial represented the seller, Vegas Decatur LLC.
• Cushman & Wakefield completed the sale of 2200 Paseo Verde, a 60,499-square-foot office building at 2200 Paseo Verde Parkway in Henderson. PREH Paseo Verde LLC purchased the property from Pacific Oak SOR II. Charles Moore, Marlene Fujita and Hunter Bradshaw of Cushman & Wakefield brokered the $19,450,000 sale on behalf of the seller. The three-story, Class A office building is at the entrance of The District at Green Valley Ranch, a 400,000-square-foot mixed-use property. The freestanding office building, built in 2004, was part of the first phase of The District, which also included 50 lifestyle retail shops and restaurants and 88 luxury loft and flat condominiums.
• Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas have announced the sale of Skyline Parc Apartments, a 192-unit complex at 3675 Cambridge St. The Sauter Multifamily Advisors represented the buyer, Pacific Ardent Capital LLC in the sale of the property by Cambridge Equity LLC. The property sold for $18,500,000 ($96,354 per door) on Nov. 8. NAI Vegas and the Sauter Multifamily Advisors have been involved in over $2 billion dollars in transactions including multifamily, office, retail, industrial and land.
• Robin Willett; Devin Lee, CCIM; Jerad Roberts; and Jason Dittenber of Northcap Commercial have announced the recent sale of the Rancho Mirada Apartments for $17,319,762 ($108,249/unit). This sale consisted of 160 multifamily units built in 1996 at 1650 N. Pecos Road. This transaction closed on Nov. 7. Northcap Commercial represented the seller, ABJ Group Enterprises LLC on this sale.
• Robin Willett; Devin Lee, CCIM; Jerad Roberts; and Jason Dittenber, of Northcap Commercial have announced the recent sale of the Alpha Gardens & Villas Apartments for $14,407,366 ($116,188/unit). This sale consisted of 124 multifamily units built in 2000 and 2007 at 1695 Mary Jane Drive and 4860 Stanley Ave. This transaction closed on Nov. 7. Northcap Commercial represented the seller, ABJ Group Investments LLC, on this sale.
• MCA Realty, a real estate investment and management company, has sold Walnut Business Park, a two-building, 94,808 square-foot multitenant industrial business park. MCA sold the asset to CapRock Partners, LLC for $7.85 million. According to Tyler Mattox, principal at MCA Realty, the firm initially acquired the property for $5.15 million in 2016 and implemented a strategic repositioning plan, which allowed the company to stabilize and sell the asset for an approximate 52.4 percent increase three years later. Walnut Business Park is at 3020-3060 N. Walnut Road. Dan Doherty, Chris Lane, Paul Sweetland, Mike Kendall and Jerry Doty of Colliers represented as the seller in this transaction.
• Omar Lopez of Berkshire Hathaway HomeServices Nevada Properties has completed the sale of a 51,535-square-foot self-storage facility for $4.09 million. The facility is at 3851 Pennwood Ave., near the corner of Pennwood and Valley View Boulevard.
Lopez represented the seller, Rosales Investment LLC. The buyer’s representative was Matt Jennings of Millennium Commercial Properties.
• Sun Commercial Real Estate Inc. announced the sale of two office buildings, which was completed on Jan. 13. The 15,551- square-foot property is at 2780 & 2790 W. Horizon Ridge Parkway in Henderson. The total value of the transaction was $3,975,000. Adam Drake and Linda Gonzales of Sun Commercial Real Estate Inc. represented the seller, Horizon Coronado LLC.
• A sale to Mattone Rosso LLC. The approximately 19,130 square foot industrial property is in Matter Business Park @ Warm Springs at 7930 W. Arby Road, Suite 100 & 110. The transaction value was $3,622,800. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented both the buyer and the seller,Matter Business Park @ Warm Springs.
• The sale of an industrial building was completed on Jan. 10. The 17,720-square-foot property is at 3570 W. Post Road. The total value of the transaction was $3,500,000. Cathy Jones, CPA, SIOR, CCIM; Art Farmanali, SIOR; Paul Miachika; Michael Hsu; and Schane Cabatu of Sun Commercial Real Estate Inc. represented the seller, Post Road Investment LLC.
• A sale to Mersho GRJT. The approximately 1.51-acre land parcel is at E. Sahara Ave. and S. Sandhill Road (APN: 161-06-401-008). The transaction value was $2,125,000. Dan Gluhaich of Colliers International represented the buyer.
• A sale to Jose Garavito. The approximately 10,000 square foot industrial property is at 4450 E. Cheyenne Ave. The transaction value was $1,150,000. Alex Stanisic; Mike Willmore; and Dean Willmore, SIOR, of Colliers International represented the seller, 4450 Cheyenne LLC.
• The sale of an industrial building was completed on January 2. The 4,920-square-foot property is at 4185 W. Tompkins Ave. The total value of the transaction was $1,065,000. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the seller, Ernesto and Nora Lodigiani.
• The sale of a restaurant building was completed on Dec. 30. The 5,995-square-foot property is at 2250 E. Warm Springs Road. The total value of the transaction was $900,000. Paul Chaffee, CCIM; Wil Chaffee; Eric Rogosch; and Jason Park of Sun Commercial Real Estate Inc. represented the seller, MCB Properties LLC.
• Jason Dittenber; Jerad Roberts; Robin Willett; and Devin Lee, CCIM, of Northcap Commercial have announced the recent sale of 828 F Street Apartments for $815,000 ($40,750/unit). This sale consisted of 20 distressed multifamily units built in 1955 at 828 F. Street. This transaction closed on January 24. Northcap Commercial represented the seller on this sale.
• A sale to UNLV (Board of Regents of the NV System of Higher Education). The approximately 0.33-acre land parcel is at 922 & 926 Martin Luther King Blvd. The transaction value was $750,000. Stacy Scheer, CCIM, and Steven Haynes of Colliers International represented the seller, Amalgamated Investments Trust.
• The sale of APN 176-13-401-002 was completed on January 10. The 2.5 gross-acre parcel is at W. Ford Avenue, east of S. Jones Boulevard. The total value of the transaction was $375,000. Art Farmanali, SIOR, and Schane Cabatu of Sun Commercial Real Estate Inc. represented the seller, Ford Acres LLC.
COMPLETED LEASE TRANSACTIONS
• The lease with Family Health & Wellness Center was completed on Dec. 31. The 2,268-square-foot office space is at 1597 E. Windmill Lane, Suite 200. The total value of the transaction was $242,843.75. Linda Gonzales of Sun Commercial Real Estate Inc. represented the landlord, Haikal Exemption Trust.
• The lease with Kat Fab LLC was completed on Nov. 1. The 3,015-square-foot office/warehouse space is at 417 Max Court, Suite 417-419 in Henderson. The total value of the transaction was $205,773.75. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, RSA Avanti Max LLC.
• The lease with Dependable Home Health of Nevada LLC was completed on Dec. 30. The 1,676-square-foot office space is at 2625 Green Valley Parkway, Suite 280 in Henderson. The total value of the transaction was $77,465.26. Pete Janemark, CCIM, of Sun Commercial Real Estate Inc. represented the landlord, 2625 GV LLC.
• The lease with Multisoft Inc. was completed on Dec. 20. The 1,533-square-foot office space
is at 2625 Green Valley Parkway, Suite 110 in Henderson. The total value of the transaction was $76,777.96. Pete Janemark, CCIM, of Sun Commercial Real Estate Inc. represented the landlord, 2625 GV LLC.
• The lease with At Peace Inc. was completed on Dec. 27. The 1,483-square-foot office space is at 2755 E. Desert Inn Road, Suite 160. The total value of the transaction was $60,506.24. Pete Janemark, CCIM, of Sun Commercial Real Estate Inc. represented the landlord, 2625 GV LLC.
• A lease to Bellissimo Distribution LLC. The approximately 30,000-square-foot industrial property is in Beltway Business Park (Bldg. 7) at 7055 S. Decatur Blvd., Suite 110. Spencer Pinter of Colliers International represented the lessee.
• A lease to WASH Multifamily Laundry Systems LLC. The approximately 6,050-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 11) at 6155 S. Sandhill Road,
Suite 300. Spencer Pinter; Dan Doherty; SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.
• A lease to Anthony Connelly Holdings LLC. The approximately 4,315-square-foot retail property is in Warm Springs Business Center (Phase II) at 7260 Dean Martin Drive, Suite 800. Spencer Pinter of Colliers International represented the lessor, WSL Properties LLC. Mike and Lauren Willmore of Colliers International represented the lessee.
• A lease to Key Realty LLC. The approximately 2,000-square-foot retail property is in the Center at Spring Mountain at 3823 Spring Mountain Road. Steve Neiger, CCIM of Colliers International represented the lessor, Harsch Investment Properties.
• A lease to NSK Enterprise. The approximately 1,588-square-foot retail property is in The Village at Centennial Springs at 7575 Norman Rockwell Lane, Suite 140. Chris Clifford; Brett Rather; and Steve Neiger, CCIM, of Colliers International represented the lessor, RH Centennial LLC and Centennial Holdings LLC. Steve Neiger, CCIM, of Colliers International represented the lessee.
• A lease to Colliers Nevada LLC. The approximately 15,737-square-foot office property is in Narrative at I-215 and Durango Drive. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, Clever Development Partners LLC. Taber Thill, SIOR, and Patti Dillon, SIOR, of Colliers International represented the lessee.
• A lease to GeckoWraps Inc. The approximately 6,818-square-foot industrial property is in Arroyo South Business Center (Phase I) at 7200 Montessouri St., Suite 130. Spencer Pinter of Colliers International represented the lessor, EJM Arroyo South I Property LLC.
• A lease renewal to Schneider. The approximately 5,555-square-foot office property is at 731 Pilot Road. Patti Dillon, SIOR; Taber Thill, SIOR, and Megan McInerney of Colliers International represented the lessee.
• A lease to Flightline Films Inc. The approximately 4,800-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 13) at 6255 S. Sandhill Road, Suite 500. Spencer Pinter; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, KTR LV II LLC. Chris Connell and Grant Traub, SIOR, of Colliers International represented the lessee.
• A lease to KNOCKEDUP LLC. The approximately 2,400-square-foot retail property is in Runnin’ Rebel Plaza at 4550 S. Maryland Parkway, Suite 14 & 15. Chris Clifford; Brett Rather; and Steve Neiger, CCIM, of Colliers International represented the lessor, GVT Grandkids Trust.
• A lease to A Gamers Paradise Inc. The approximately 1,952-square-foot retail property is in The Center At Spring Mountain at 4079 Spring Mountain Road. Chris Clifford; Brett Rather;andSteve Neiger, CCIM, of Colliers International represented the lessor, Harsch Investment Properties.
• A lease to Managed Mobile. The approximately 3,500-square-foot industrial property is in
Patrick Airport Center at 2700 E. Patrick Lane, Suite 15. Alex Stanisic; Dean Willmore, SIOR; and Mike and Lauren Willmore of Colliers International represented the lessor, BKM MAC 228 LLC.
• A lease to FYT Medical Supplies. The approximately 2,800-square-foot industrial property is in Patrick Airport Center at 2700 E. Patrick Lane, Suite 5. Dean Willmore, SIOR; Alex Stanisic, and Mike and Lauren Willmore of Colliers International represented the lessor, BKM MAC 228 LLC.
• A lease to Live Nation Worldwide Inc. The approximately 2,069-square-foot industrial property is in Marnell Corporate Center V at 6720 Via Austi Parkway, Suite 500. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, The Realty Associates Fund XI Portfolio L.P.
• A lease to Ideal Image of Nevada LLC. The approximately 1,983-square-foot retail property is at 1550 N. Green Valley Parkway, Suite 360 in Henderson. Scot Marker of Colliers International represented the lessor, CH Retail Fund II/R Las Vegas Pebble LLC.
• Southwestern Furniture of Wisconsin LLC leased approximately 21,765 square feet of industrial space in Silverado Business Park at 4168 N. Pecos Road. Sean Zaher of CBRE represented the landlord.
• Gencos USA LLC leased approximately 12,000 square feet of industrial space in Suncrest Commerce Center at 1051 Mary Crest Road. Sean Zaher of CBRE represented the tenant.
• M&T Expo LLC leased approximately 5,600 square feet of industrial space in GBS Industrial Center at 4620 Mitchell St. Sean Zaher of CBRE represented the landlord.
• Sin City Scenic Inc. leased approximately 8,246 square feet of industrial space in Harmon Warehouse Center at 4301 S. Valley View Blvd. Sean Zaher of CBRE represented the
landlord.
• A lease to Updike Distribution Logistics LLC. The approximately 115,243 square foot industrial property is in Sunpoint Crossing at 3732 N. Las Vegas Blvd. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessee.
• A lease to Matheson Flight Extenders Inc. The approximately 22,040 square foot industrial property is in Arrowhead Commerce Center (Bldg. 10) at 3650 E. Post Road, Suite D. Spencer Pinter; Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC.
• A lease to Wilson Elser, Moskowitz, Edelman & Dicker. The approximately 12,743 square foot office property is in Town Square at 6689 S. Las Vegas Blvd. Patti Dillon, SIOR, and Taber Thill, SIOR, of Colliers International represented the lessee.
• A lease to Velocity Graphics Ltd. The approximately 5,800 square foot industrial property is at 3391 W. Oquendo Road. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, Dean & Penny Brunner 1985 Trust.
• A lease to The Marshall Retail Group. The approximately 5,051 square foot industrial property is in Sunset Parkway at 3455 W. Sunset Road, Suite E & K. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, The Expo Group Inc.
• A lease to SHKB LLC. The approximately 2,750 square foot retail property is in Galleria Pavilion at 605 Mall Ring Circle, Suite 130 in Henderson. Scot Marker of Colliers International represented the lessor, PEBB Galleria NV LLC.
• Redfern Enterprises, Inc. leased approximately 8,706 square feet of industrial space in Silverado Business Park at 4168 N. Pecos Road. Sean Zaher of CBRE represented the landlord.
• TemperPack Technologies Inc. renewed its lease of approximately 75,250 square feet of industrial space and expanded the lease to an additional 60,000 square feet of industrial space in Craig Industrial Center at 4390 Flossmoor St. Garrett Toft, SIOR, of CBRE represented the tenant.