THE LENNOX SELLS FOR $38.5M
Cushman & Wakefield has advised on the sale of The Lennox, a luxury apartment community. Constructed in 2015, the 100-unit “A” class multifamily asset is located at 430 E Cactus Road and sold to an undisclosed buyer for $38.5 million, or $385,000 per unit.
Taylor Sims, Carl Sims and Brady Cleary with Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller, Interwest Capital Group, in the transaction.
“The Lennox is a top of market asset in the Silverado Ranch submarket, and also one of the nicer multifamily assets in the greater Las Vegas (area). It’s only 100 units, but is midrise construction with structured parking, well-amenitized, and offers desirable floor plans. The demand for this kind of rental housing is extremely high in Las Vegas, right now, and we expect new ownership to do very well with this acquisition,” said Taylor Sims, senior director.
The Lennox offers a mix of one-bedroom, two-bedroom, three-bedroom, and penthouse floor plans. The community features an oversized fitness center, luxurious resident clubhouse and Wi-Fi lounges, resort-style pool and luxury home finishes. In addition to the on-site amenities, residents also have access to nearby lifestyle retail and amenities along Saint Rose Parkway.
CAPROCK SELLS NORTH LAS VEGAS INDUSTRIAL COMPLEX
CapRock Partners has announced the disposition of CapRock Interchange Industrial Center, a 684,000-square-foot Class A industrial complex in North Las Vegas the firm developed in 2020 and 2021. CapRock Interchange Industrial Center is CapRock’s first development outside of California and the sale comes as the firm strategically expands and invests in key logistics markets throughout the Western U.S. and Texas. Leading into 2022, CapRock’s portfolio and proven track record includes nearly 30 million square feet of industrial real estate assets acquired, entitled, developed or under construction.
Located within the North Las Vegas Speedway submarket, CapRock Interchange Industrial Center is positioned directly north of the Interstate 15 and Interstate 215 freeway interchange, offering significant freeway visibility and accessibility. The development includes two state-of-the-art industrial warehouses. Building 1 is approximately 174,000 square feet and features 32-foot clear height, 39 dock high doors, two grade-level doors and 105 parking spaces. Building 2 is a 510,000-square-foot cross-dock building that features 36-foot clear height, 89 dock-high doors, four grade-level doors, 115 trailer parking stalls and 249 parking spaces.
At the time of sale, CapRock Interchange Industrial Center was 100 percent leased to BarkBox, Boxabl and Evanesce Packaging Solutions. Newmark represented CapRock in the sale transaction, led by Andrew Briner and Brett Hardy. Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock as the local market experts. Terms of the sale transaction are not disclosed.
Including CapRock Interchange Industrial Center, CapRock has acquired, developed or is under construction on approximately 3 million square feet in the Las Vegas area since 2017.
The asset’s sale follows a stream of new transactions and achievements for CapRock in the second half of 2021. The activity includes the disposition of four industrial assets totaling nearly 1 million square feet and three new acquisitions for either value-add repositioning or ground-up development.
“2021 was an outstanding year for CapRock Partners. We remain steadfast in our commitment to creating world-class logistics facilities and repositioning existing industrial properties to meet the demands of the nation’s evolving supply chain through our entrepreneurial approach,” said Jon Pharris, co-founder and president of CapRock Partners. “We are in the midst of a massive shift in how the world economy operates with the integration of ecommerce and highly sophisticated technology in the industrial sector. With our expertise, geographic reach and relationships, CapRock is at the forefront of this changing landscape.”
CapRock Partners will be under construction on approximately 10 million square feet of industrial space in the next twelve months in key logistics markets in Southern and Central California, Las Vegas and Phoenix.
COMPLETED SALES TRANSACTIONS
• A sale to Henderson Owner, LLC. The 45.39-acre land parcel is at Galleria Drive and Pabco Road in Henderson. The transaction amount was $17,796,006. Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the buyer.
• A sale to Dog Island LLC. The 40,000-square-foot land parcel is within Executive Airport Crossing at 905 E. Dale Ave. in Henderson. The transaction amount was $7,425,200.
• A sale to Power Holdings, LLC. The 29,214-square-foot land parcel is within Executive Airport Crossing at 915 East Dale Ave. in Henderson. The transaction amount was $5,258,520. Doherty Industrial Group: 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, The Beedie Group Developments LTD, in the purchase of 4.13 acres of vacant industrial land at S. Teco Avenue and W. Sunset Road for $4,700,000.
• MCA Realty purchased Windy Road Warehouses,, a 19,901-square-foot, seven-building industrial project for $3.45 million in an off-market transaction as well 3.68 acres of land, which the firm plans to develop. Both assets are close proximity to the Harry Reid International Airport, the Las Vegas Strip and Allegiant Stadium.
• A sale to Hopewell Development II, LP. The 4.59-acre land parcel is at E. Tropical Avenue and Shatz Street. The transaction amount was $3,200,000.Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the buyer.
• A sale to EBS Realty Partners LLC. The 3.68-acre southwest submarket land parcel is at Warbonnett Way and Sunset Road. The transaction amount was $2,244,211.20.Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the buyer. Doty, SIOR, of Colliers International represented the seller, Southwest Corporate Campus, LLC.
• Sean Zaher of CBRE Inc. represented the seller in the sale of a 9,764-square-foot industrial unit at 12600 chaparral Road to Red Holdings LLC for $2,050,230.
• A sale of a 2,769-square-foot medical office space in a well-maintained professional and medical office building at 4425 S. Pecos Road. The transaction amount was $600,000. Alexia Crowley, CCIM, of Colliers International represented the buyer.t
COMPLETED LEASE TRANSACTIONS
• Rolf C. Hagen (USA) Corp. leased an approximately 201,500 square foot industrial building in Prologis I-15 Speedway Logistics Center 10 at Ann Road and Beesley Drive. Garrett Toft, SIOR, of CBRE represented the landlord.
• Fasteners Inc. Southwest Supply leased approximately 201,032 square feet of industrial space in Golden Triangle Logistics Center at 2815 E. Washburn Road. Kevin Higgins, SIOR, of CBRE represented the landlord.
• American Tire Distributors Inc. renewed their lease of approximately 86,773 square feet of industrial space in Northpoint Business Center at 3101 N. Lamb Blvd. Garrett Toft, SIOR, of CBRE represented the landlord.
• MedWand Solutions Inc. leased approximately 95,764 square feet of industrial space in Northern Beltway Industrial Center located at 5360 E. El Campo Grande Ave. Sean Zaher of CBRE represented the landlord and Jake Higgins of CBRE represented the tenant.
• A lease to Infusion Management Inc. The 3,672 square-foot medical office property is located within Cheyenne Corporate Center at 7730 W. Cheyenne Ave., Suite 104. Stacy Shapiro, CCIM, of Colliers International represented the lessee.
• A lease to Artform Salon for a 12.5-month term. The endcap 3,561-square-foot retail space is within Siena Town Center at 10080 W. Tropicana Ave., Suite 161. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, Siena Town Plaza LP.