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DEAL WATCH: Industrial building sells for $20.2M

Updated October 15, 2018 - 3:58 pm

HENDERSON INDUSTRIAL BUILDING SELLS FOR $20.2M

TVP Assets has sold a 156,564-square foot, 100-percent-leased, core multitenant industrial building in the Suncrest Commerce Center of Henderson for $20,200,000.

Representing TVP in the disposition were Amy Ogden, SIOR, and Danielle Steffen, SIOR. They brought in the Western Region Capital Markets team of Jeff Chiate and Jeff Cole to collaborate on the deal.

Ogden and Steffen sold the facility to TVP Asset in 2016 where they proceeded to fully lease the building up to 100 percent with a robust roster of regional and national credit tenants including Goodyear Tire, Farmer Bros and Quality Custom Distribution (QCD, a Division of Golden State Foods).

The team managed to secure a healthy return of 30 percent for their client in only two years.

“This sale represents the highest valued multitenant industrial facility for Southern Nevada in 2018,” says Steffen, SIOR senior director.

COMPLETED SALES TRANSACTIONS

• San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Cornerstone Crossing Apartments, a 540-unit multifamily project in northwest Las Vegas, for $49.75 million. Tower 16 will oversee $6.5 million in renovations and upgrades to the project. The community is at 6666 West Washington Ave. and was built in 1984. This is Tower 16’s third acquisition in Las Vegas. Earlier this year, the company acquired Altura on Duneville, a 228-unit property undergoing significant upgrades, and Altura on Tropicana Avenue, a 512-unit multifamily project in Spring Valley also being renovated.

• Ben Millis, SIOR, and Dave Wrzesinski of Avison Young represented the seller, Assaf Nevada Inc. in the sale of a 145,910-square-foot building at 7350 Prairie Falcon Road to the buyer, Prospect Street Prairie Falcon LLC. The total value of the sale was $12,800,000.

Jerad Roberts, Devin Lee, CCIM; Robin Willett; and Jason Dittenber of Northcap Commercial Multifamily, have announced the recent sale of Swenson Apartments for $4,350,000 ($58,784/unit). This sale consisted of 74 multifamily units built in 1972. The complex is at 3850 Daisy St.This off-market transaction closed on Oct. 10. Northcap Multifamily represented the sellers, Lee Forman and Kenneth Friedman.

• Marcus & Millichap has announced the sale of two office buildings, comprising approximately 15,220-square feet. The two buildings sold for a combined price of $3,200,000.

Ryan McCullough and Tyler J. Jaynes, investment specialists in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the properties on behalf of the seller, a private investor. The properties are at 5530 & 5550 S. Jones Blvd.

• A sale to NGP Stephanie Property LLC. The 8,262-square-foot industrial property is in Sunpac Industrial Park at 520 E. Sunset Road in Henderson. The transaction value was $1,037,500. Dean Willmore, SIOR of Colliers International represented the buyer.

• A sale to YGCH LLC. The 25,372-square-foot industrial property is at 4280 Wagon Trail Ave. Susan Borst, CCIM, SIOR; Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the buyer.

• A sale to Parting Seas Investments LLC. The approximately 5-acre land parcel is near Arby Aveune and Bel Castro St. (APN: 176-03-801-002). Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the seller, Sire Inc.

COMPLETED LEASE TRANSACTIONS:

• A lease to American Linehaul Corp. The 13,470-square-foot industrial property is in Arroyo North Business Center (Phase II) at 7575 W. Sunset Road, Suite 150 & 160. Spencer Pinter of Colliers International represented the lessor, EJM Arroyo North II Property LLC.

• A lease to Mesa Energy Systems Inc. The 13,378-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 7) at 6295 S. Pearl St., Suite 1300 & 1400. Spencer Pinter; Dan Doherty; SIOR; Paul Sweetland, SIOR; Chris Lane; and Jerry Doty of Colliers International represented the lessor, KTR LV IV LLC. Spencer Pinter of Colliers International represented the lessee.

• A lease to Element LLC. The 7,040-square-foot industrial property is in Warm Springs Business Center (Phase I) at 7140 Dean Martin Drive, Suite 600 & 700. Spencer Pinter of Colliers International represented the lessor, WSL Properties LLC.

• A lease to WB Play to Win LLC. The 6,599-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 8) at 3655 E. Patrick Lane, Suite 200. Spencer Pinter; Dan Doherty, SIOR; Chris Lane; and Jerry Doty of Colliers International represented the lessor, KTR LV I LLC.

• A lease to Dyson Direct Inc. The 5,169-square-foot industrial property is in Eldorado Business Park at 7485 Dean Martin Drive, No. 110. Dean Willmore, SIOR, and Mike Willmore of Colliers International represented the lessor, TLF Logistics II Eldorado Business Center.

• A lease to Creative Light Source Inc. The 5,099-square-foot industrial property is in Northpointe Business Center at 4150 N. Lamb Blvd., Suite 110. Dean Willmore, SIOR, of Colliers International represented the lessor, FJM Northpointe Associates LLC. Alex Stanisic of Colliers International represented the lessee.

• A lease to Golden Hour Data Systems Inc. The 3,395-square-foot office property is in Flamingo Grand Plaza at 1050 E. Flamingo Road, Suite S-107. Chris Connell and Grant Traub of Colliers International represented the lessor, FKC Flamingo LLC.

• A lease to 7OM2 LLC. The 2,580-square-foot office property is in Cheyenne Fairways at 8660 W. Cheyenne Ave. Steven Haynes; Taber Thill, SIOR; and Patti Dillon, SIOR, of Colliers International represented the lessor, Ali Forootan.

• A lease to Dr. Naz Wahab MD. PC. The approximately 2,000-square-foot office property is in Southern Palms Pavillions at 6050 S. Fort Apache Road, Suite 200-B. Dean Willmore, SIOR, and Mike Willmore of Colliers International represented the lessor, Fort Apache Office LLC.

• A lease to Sean J Lewis. The 1,601-square-foot industrial property is in Cameron Hacienda at 5320 Cameron St., Suite 5. Chris Clifford, Steve Neiger and Brett Rather of Colliers International represented the lessor, VTT-Cameron Properties LLC.

• A lease at 4525 W. Reno Ave, Suite A-8, for 920 square. Total consideration was $11,592. Landlord is Apollo Property Holdings LLC. Larkin Industrial Team, NAI Vegas represented the landlord and the tenant, which was not named.

• A lease at 4525 W. Reno Ave, Suite A-3, for 974 square feet. Total consideration was $11,688. Landlord is Apollo Property Holdings LLC.Larkin Industrial Team, NAI Vegas represented the landlord and tenant, Retail Concepts Corp.

• A lease at 4545 W. Reno Ave, Suite B-5, for 2,560 square feet. Total consideration was $99,256.32. The landlord is Apollo Property Holdings LLC. Larkin Industrial Team, NAI Vegas represented the landlord and tenant, 4Winners Field Hockey.

• A lease at 3863 S. Valley View Blvd, Unit 24, for 860 square feet. The total consideration was $8,838.40. The Landlord is Valley View Industrial Investors LP. Larkin Industrial Team, NAI Vegas represented the landlord and tenant, Major Minor’s Garage Rentals.

• A lease at 3863 S. Valley View Blvd, Units 11/42, for 1,610 square feet. The total consideration was $16,812. The landlord is Valley View Industrial Investors LP. Larkin Industrial Team, NAI Vegas represented the landlord and tenant,Vesta Minerals Inc.

• A lease at 3859 S. Valley View Blvd, Units 17 & 18, for 1,724 square feet. The total consideration was $16,964.16. The landlord is Valley View Industrial Investors LP. Larkin Industrial Team, NAI Vegas represented the landlord and tenant, Reign Entertainment Productions Inc.

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