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DEAL WATCH: Hacienda Heights Apartments closes for $33,75M

Las Vegas Self-Storage facility sells for $4.09M

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.

Camino Verde Group acquires two apartment communities

Camino Verde Group LLC, a Nevada-based real estate investment firm, has acquired The Desert Inn Apartments and the Sherwood Apartments in Las Vegas. The communities include 36 units each and are in high-employment areas. The value of the acquisitions is greater than $5.4 million.

The Sherwood Apartments were originally built in 1960. The 36-unit community is in Las Vegas near the Las Vegas Country Club and the Sahara. This two-story community includes studios and one- and two-bedroom apartments with up to 775 square feet. Sherwood Apartments sit on 0.68 acres with one garden-style building, totaling 22,575 square feet. This community is fully gated. This location provides residents convenient access to nearby public transportation, including bus stops and the Las Vegas Monorail.

Built in 1963, the Desert Inn Apartments are comprised of 36 one-bedroom, two-bedroom and three-bedroom floor plans. Desert Inn Apartments sit on 0.89 acres with four garden-style buildings, totaling 27,400 square feet, offering large kitchens and closets. This community is situated in the heart of Las Vegas, less than one-half mile from the Las Vegas Convention Center.

“These areas by the Las Vegas Convention Center and the north end of the Las Vegas Strip make them ideally suited for affordable workforce housing,” said Mike Ballard, managing director and founder of Camino Verde Group, LLC. “There is significant construction near these properties that are creating jobs, including Resorts World, the Drew, the Majestic Las Vegas Resort and $980-million expansion of the Las Vegas Convention Center. Those four projects should add more than 20,000 jobs and are all within walking distance of our properties.

“Both The Sherwood Apartments and Desert Inn Apartments are near the Monorail and other major transit lines, making transportation throughout the city easy for residents,” Ballard said. “Priced below $900 on average, these units are designed to be workforce housing, for which there is a significant need.

According to the 2017 State of the Nation’s Housing study by Harvard Research, while construction of high-end Class A properties has increased in recent years, it has fallen for the Class B and C properties. In other words, workforce housing is facing a shortfall of units.

That study found, that in the decade between 2005 and 2015, the supply of rental housing stock increased by nearly 100 percent for high-end units, but during that same period the stock of affordable units fell by 2 percent.

Hacienda Heights Apartments closes for $33,75M

Cameron Glinton of LOGIC Commercial Real Estate (Logic) has announced the sale of Hacienda Heights, a 216-unit apartment building in the southeast submarket built in 2008. Logic represented the seller, DK Nellis LLC and procured the buyer, Oak Residential Partners (Oak) of Deerfield, Illinois. The property closed at $33,75 million, which was $175 per square foot, and $156,250 per unit. Logic was engaged to identify a qualified buyer who was familiar with the market and asset to enact a successful close.

COMPLETED SALE TRANSACTIONS

Kevin Higgins, SIOR, and Garrett Toft, SIOR, of CBRE Inc. represented the buyer, CLPF Craig N. Fifth LLC, in the purchase of 149.13 acres of vacant industrial land at N. 5th St. & Craig Road for $58 million.

• A sale to South 15 Airport Park LLC. The approximately 40-acre land parcel is near Executive Airport Drive at Bermuda Road and E. Bruner Avenue (APNs: 191-03-401-001; 191-03-201-002) in Henderson. The transaction value was $19,166,400. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the buyer.

• Cushman & Wakefield announced that Landstar, one of the top industrial investors in Las Vegas, purchased 5 acres on East Bruner Avenue in the West Henderson submarket for a future industrial development. The multitenant spec industrial project will be a joint venture with BrassCap. On behalf of both Landstar and the private seller, Amy Ogden and Danielle Steffen of Cushman & Wakefield negotiated the purchase for $2.4 million.

• NAI Vegas, McCullough Jaynes Investment Group has arranged the sale of 6431 W. Sahara Ave. for $2,300,000. This 15,200-square-foot, multitenant professional office building is in the heart of the West Las Vegas submarket. At the time of sale, the property delivered 100 percent occupancy. Ryan McCullough, Tyler Jaynes and Connor Watson represented the seller, M & T One LLC. The McCullough Jaynes Investment Group specializes in the sale of industrial, professional and medical office properties.

• A sale to StarStar LLC. The 9,755-square-foot industrial property is in Matter Business Park @ Warm Springs at 7930 W. Warm Springs Road, Suite 160. The transaction value was $1,658,350. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the seller, Matter Real Estate Group.

• A sale to Liquidation Warehouse Inc. The approximately 6,000-square-foot industrial property is in Matter Business Park @ Warm Springs at 7930 W. Warm Springs Road, Suite 110. The transaction value was $1,008,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the seller, Matter Real Estate Group.

• Newmark Knight Frank represented Summerlin Asset Management LLC and Iron Rock Properties LLC in the sale of a 1.4-acre parcel of land at the SEC of Decatur Boulevard and Ford Avenue to Zheng Da LLC. Total consideration was $1 million. Managing Director Michael Zobrist and Executive Managing Director Nelson Tressler of Newmark Knight Frank represented the seller in the transaction.

• A sale to Savio Capital LLC. The approximately 6,000-square-foot industrial property is in Matter Business Park @ Warm Springs at 7930 W. Warm Springs Road, Suite 140. The transaction value was $960,000. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the seller, Matter Real Estate Group. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the buyer.

• A sale to Diamond Valley. The approximately 2.37-acre land property is near W. Craig Road and Valley Drive (APN: 139‐06‐301‐005) in North Las Vegas. The transaction value was $500,000. Steven Haynes of Colliers International represented the seller, Zornes Family Trust.

COMPLETED LEASE TRANSACTIONS

• A lease to Motive Energy. The approximately 15,000-square-foot industrial property is in Nellis Industrial Park at 4407 McGuire St. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, ICON PAC Nevada Owner Pool 3 Nevada LLC.

• A lease to Jenny Craig. The 2,481-square-foot retail property is in Pebble Marketplace at 1000 N. Green Valley Parkway in Henderson. Scot Marker of Colliers International represented the lessor, CH Retail Fund II/R Las Vegas Pebble LLC.

• A lease to SJW Injury Attorneys LLC. The 2,378-square-foot retail property is in The Village at Centennial Springs at 7570 Norman Rockwell Lane, Suite 210 & 230. Chris Clifford; Steve Neiger; CCIM; and Brett Rather of Colliers International represented the lessor, RH Centennial LLC and Centennial Holdings LLC.

• A lease to FUWA. The 2,070-square-foot retail property is at 1381 W. Sunset Road in Henderson. Scot Marker of Colliers International represented the lessor, CH Retail Fund II/R Las Vegas Pebble LLC.

• Pinpiya Manmalai dba Nene Sushi and Japanese Contemporary Bistro leased 1,654 square feet of retail space at 4165 S. Grand Canyon Drive, Suite 100 from Grand Canyon Center LP. Total consideration was $289,781. Newmark Knight Frank Managing Director Michael Zobrist and Managing Director Lauren Tabeek, CCIM, represented the lessor in the transaction.

• The List Salon LLC dba The List Salon leased 1,400 square feet of retail space at 1275 W. Warm Springs Road, Suite 120, from Exeter 16290 NV LLC. Total consideration was $136,080. Managing Director Michael Zobrist, Executive Managing Director Nelson Tressler and Managing Director Lauren Tabeek, CCIM, of Newmark Knight Frank represented the lessor in the transaction.

• A lease to Terrible Herbst. The 2.35-acre ground lease to Terrible Herbst is at the southwest corner of W. Oleta Ave. and S. Jones Boulevard (APN: 176 23-601-022). Steven Haynes of Colliers International represented the lessor, Nicholas Perrone Trust.

• A lease to Spirit Halloween Superstores LLC. The 44,934-square-foot retail property is in Crossroads at Sunset at 1425 W. Sunset Road in Henderson. Chris Clifford, Brett Rather and Steve Neiger of Colliers International represented the lessor, Henderson 2830 LLC, A Delaware LLC.

• A lease to Refined Labs LLC. The 20,064-square-foot industrial property is in Stadium Industrial Park at 3873 Oquendo Road. Mike Willmore, Alex Stanisic and Dean Willmore, SIOR, of Colliers International represented the lessor, FJM Valley View Associates LLC.

• A lease to Big Horn Law LLC. The 1,150-square-foot retail property is in The Center At Spring Mountain at 4089 Spring Mountain Road. Chris Clifford, Brett Rather and Steve Neiger of Colliers International represented the lessor, Harsch Investment Properties.

• A lease to Creslite Tax Services. The approximately 1,000-square-foot retail property is in The Center At Spring Mountain at 3541 Valley View Blvd. Chris Clifford, Brett Rather and Steve Neiger of Colliers International represented the lessor, Harsch Investment Properties.

• ON CBD LLC signed a 37-month lease for 1,560-square-feet of industrial space at 7235 Bermuda Road, Suite H. Matt Feustel of Virtus Commercial represented the lessor, Bermuda Vegas Investment LLC, in the transaction.

• Vitality Restored Chiropractic signed a 60-month lease for 2,201 square feet of office space at Atlas Professional Park at 1742 W. Horizon Ridge Parkway, Suite 110, in Henderson. Allen Jenkins of Virtus Commercial represented the lessee; and Randal Gibson of First Federal Realty Desimone represented the lessor, Atlas Building LLC, in the transaction.

• Patenaude & Felix renewed 5,590 square feet of office space for 39 months at The Pines Office Park at 7271 W. Charleston Blvd., Suite 100. Chris Emanuel of Virtus Commercial represented the lessor, The Pines Office Park LLC; and Nick Barber of JLL represented the lessee in the transaction.

• Green Valley Club renewed 1,655 square feet of office space for 85 months at Augusta Park at 1481 W. Warm Springs Road, Suite 137, in Henderson. Jackie Zlatanovski of Virtus Commercial represented the lessor, Augusta Park 8 LLC, in the transaction.

• Davita Green Valley renewed 7,276 square feet of office space for 60 months at Augusta Park at 1489 W. Warm Springs Road, Suite 122, in Henderson. Jackie Zlatanovski of Virtus Commercial represented the lessor, Augusta Park 8 LLC, in the transaction.

• Hecker Real Estate & Development renewed 314 square feet of office space for 36 months at Spanish Vista Office Park at 4955 S. Durango Drive, Suite 155. Jackie Zlatanovski of Virtus Commercial represented the lessor, Amen and Traci Ward, in the transaction.

• Durango Llantera & Auto Service renewed 2,442 square feet of retail space for 84 months at 2635 E. Tropicana Ave., Suite B. Chris Emanuel of Virtus Commercial represented the lessor, 2615 Tropicana Ave. LLC, in the transaction.

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