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DEAL WATCH: Matter Real Estate buys North Las Vegas land

MATTER REAL ESTATE BUYS 42 ACRES IN NORTH LAS VEGAS

Matter Real Estate Group announced the purchase of a 42-acre land site in North Las Vegas at the Tropical/I-15 interchange. The site will be home to Matter Logistics @ North 15, a 1 million-square-foot industrial development. Matter will break ground on the project later this year with an opening planned for late 2022. Matter Logistics @ North 15 is funded by Principal Real Estate Investors.

Unique to this project is its size, since the Las Vegas Valley has an increasingly limited supply of land for buildings this large. Matter Logistics @ North 15 will encompass two buildings, one with over 685,000 square feet and the other with approximately 250,000 square feet. Tenants will benefit from ample trailer parking and 40 feet of height clearance. The project architects are Ware Malcomb.

“This latest project is a continuation of our efforts to meet the demands of the greater Las Vegas business community with high-quality developments that exceed the expectations of our tenants,” said Jim Stuart, partner at Matter Real Estate Group. “Opportunities like this one are becoming exceedingly rare and we have given a great deal of critical thought into developing a thoughtful, meticulously planned industrial warehouse space.”

20-UNIT APARTMENT COMPLEX SELLS FOR $1.7M

Avison Young announced the Sauter Multifamily Group has brokered the $1.7 million sale of Las Vegas Apartments, a 20-unit multifamily property at 201, 255 and 275 N Decatur Blvd.

Avison Young principals Patrick Sauter, Art Carll-Tangora and Steve Nosrat represented the seller, a Las Vegas-based privately held corporation.

Built in 1960, Las Vegas Apartments features 20 studio apartments with private patios. It is minutes from the freeway, with good walkability to numerous shops, services, amenities and public transportation.

CREDIT ONE BANK HEADQUARTERS COMPLETES PHASE II

Grand Canyon Development Partners announce the completion of Phase II of the expansion of Credit One Bank headquarters, Class A office space at 6801 S. Cimarron Road.

Development for Phase II of this project, which kicked off in early 2020, involved a four-story building with 150,000 square feet of workstations, conference rooms, a dining area and a game room. The building is unique in that it is one of the few four-story tilt-up buildings in Las Vegas, and the exterior of the development is a new custom Sherwin Williams gray color. Functional office space blends with artistic architectural design as the building features a state-of the-art atrium that is fully encased in glass, overlooking the common area below.

“This new development offers a remarkable space to employees and guests alike,” said Sam Nicholson, president and founder of Grand Canyon Development Partners. “As we transition back into working in office spaces, the public is seeing how important a well-balanced work environment can be. Credit One took many key areas into consideration when planning this phase.”

“It’s an exciting time at Credit One Bank,” said John Coombe, senior vice president of marketing. “As we expand our lines of financial products and features, our staffing needs have also grown. Our expansive and modern new building ensures we will be able to continue to be a premier employer in Las Vegas and provide collaborative workspaces for our growing teams.”

PHOENIX COMPANY BUYS INDUSTRIAL SPACE IN NORTH LAS VEGAS

Alignment Realty Capital, a direct, net-leased acquisitions group based in Phoenix, has acquired two free-standing, single-tenant industrial assets in North Las Vegas. Alignment is providing the seller/current occupant a short-term sale-leaseback as existing on-site operations are consolidated. The company will execute a value-add renovation plan before bringing the assets to market for a new user.

Both buildings feature 19- foot-to-22-foot clear heights, multiple dock and grade doors, rare secured/gated yards, heavy power and convenient access to Interstate 15. The buildings total 32,283 square feet.

COMPLETED SALES TRANSACTIONS

Kevin Higgins, SIOR; Garrett Toft, SIOR; and Jake Higgins of CBRE Inc. represented the seller in the investment sale of a 175,818-square-foot industrial business park at 901, 911, 921 & 931 American Pacific Drive and 175, 177 & 180 Cassia Way to Nicola Wealth Real Estate for $42,056,000.

Garrett Toft, SIOR, and Jake Higgins of CBRE Inc. represented the buyer, Maule Realty Investments LLC, in the purchase of 9.05 acres at West Maule Avenue and S. Jones Boulevard for $9,345,000.

Kevin Higgins, SIOR, of CBRE Inc. represented the buyer, SCSP3 LLC in the purchase of 4.8 acres of vacant industrial land at Oso Blanca Road and Grand Canyon Drive for $3,250,000.

Kevin Higgins, SIOR, and Garrett Toft, SIOR, of CBRE Inc. represented the seller in the sale of 3.86 acres of vacant industrial land at Rivero Street and West Neal Avenue to The Last Dance Revocable Living Trust for $2,050,000.

Jason Dittenber; Robin Willett; Devin Lee, CCIM; and Jerad Roberts of Northcap Commercial announced the recent sale of 1922 Fairfield Ave. Apartments for $1,785,000 ($74,375/unit). The sale consisted of 24 units. This transaction closed on August 13. Northcap Commercial represented the seller, Naoki Hyakuta, on this sale.

Jerad Roberts; Devin Lee, CCIM; Robin Willett; and Jason Dittenber of Northcap Commercial announced the recent sale of Palm Street and Angeles Apartments for $1,650,000 ($68,750/unit). This sale consisted of 24 units at 108 E. Coogan Drive and 1633 Palm St. in Henderson. This transaction closed on August 13. Northcap Commercial represented the seller, Kevin and Angeles Duffy, on this sale.

• A sale to Visionary 2, LLC. The 1.25-acre, southwest land parcel is near the corner of Arville Street and W. Serene Avenue. The transaction amount was $375,000, which was 100 percent of the list price. Steven D. Haynes of Colliers International represented the seller, Donel Development.

• A sale to Avi’s Construction Corp. The 2.5-acre, northwest land parcel is near the corner of N. Durango Road along W. Rosada Way. The transaction amount was $500,000, which was 100 percent of the list price. Steven D. Haynes of Colliers International represented the seller, Mason and Bonnie Hall.

COMPLETED LEASE TRANSACTIONS

• A lease to Agilysys Inc., an Ohio corporation for a 129-month term. The 36,181-square-foot southwest Class A office property is in Narrative at 6795 Narrative Way. Agilysys is Narrative’s newest multifloor tenant, providing hospitality software and solutions for hotels, resorts and restaurants. Taber Thill, SIOR, of Colliers International represented the lessee. Patti Dillon, SIOR, and Megan McInerney of Colliers International represented the lessor, Clevnar-P1 LLC.

• A lease to Precision Realty LLC for an 40-month term. The 2,743-square-foot Summerlin office property is at 1120 N. Town Center Drive, Suite 220. Taber Thill, SIOR; Patti Dillon, SIOR, and Megan McInerney of Colliers International represented the lessee.

• A lease to pet groomer, Party of Six LLC for a 123-month term. The 1,625-square-foot retail property is in Summerlin Gateway at 7500 W. Lake Mead, Suite C2. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, Summerlin Gateway.

• A lease to Texas Roadhouse Holdings for a 180-month term. The 8,100-square-foot retail property is within Crossroads at Sunset at 1431 W. Sunset Road in Henderson. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessor, SS Capital LLC.

• SimTech US, LLC leased approximately 21,096 square feet of industrial space in Hughes Airport Center at 950 Pilot Road. Jake Higgins of CBRE represented the landlord.

• STORD Warehousing LLC leased approximately 177,238 square feet of industrial space in North 15 Logistics at 6714 E. North Belt Road. Sean Zaher of CBRE represented the landlord.

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