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DEAL WATCH: NV Energy Pearson Building sells

MOONWATER CAPITAL BUYS NV ENERGY PEARSON BUILDING

Real estate merchant banking firm Dekel Capital has secured $35 million in debt and equity on behalf of real estate investment firm Moonwater Capital for its acquisition of the NV Energy Pearson Building, a 262,000-square-foot corporate headquarters building in Las Vegas.

Moonwater Capital acquired the property as a core-plus asset to add to their growing office real estate portfolio in the Las Vegas market, which totals approximately 700,000 square feet of commercial office space.

NV Energy Pearson Building is a four-story, Class A office building located at 6226 W. Sahara Ave., four miles west of downtown Las Vegas in the city’s 5-million-square-foot West Center office submarket. Characterized by its distinctive triangular shape, the property is the corporate headquarters of NV Energy, which has been the sole tenant of the building since it was constructed in 1983. The public utility, wholly owned by Berkshire Hathaway Energy, provides a wide range of energy services throughout Nevada.

“We had strong interest from the investment community and brought in a private REIT managed by Realty Mogul for the majority of the equity,” said Dekel Capital Principal and Founder Shlomi Ronen. “All of the investors were immediately attracted to the opportunity given the low-cost basis and strong cash flow from a large credit tenant.”

In addition to raising the joint venture equity for the Las Vegas-based sponsor, Dekel also arranged $23.845 million in long-term, fixed rate, first mortgage debt from a West Coast-based regional bank.

“The debt financing was competitively bid by a variety of lending sources and our client elected to go with the regional bank, which provided the greatest prepayment flexibility and the highest probability of closing on the terms provided,” Ronen added.

Dekel Capital is a Los Angeles-based real estate merchant bank with proven expertise in capital market advisory and private equity in commercial real estate. The firm serves an elite group of commercial real estate operators, investors and developers with an exclusive, boutique approach, allowing them to create tailored solutions that address unique capital challenges.

Moonwater Capital is a boutique real estate investment firm with a global view highly focused on returns. Moonwater Capital was founded in 1997, and, since its inception, has leveraged its deep knowledge of real estate, strong relationships in the investor and real estate communities and global experience to identify, secure and profit from real estate projects. Moonwater Capital is a company that is intimately involved in its projects, values transparency with its investor partners, committed to its relationships and has a track record of successful project-based returns. Constantly in motion, Moonwater Capital continues to seek unique projects and investment capital to deliver extraordinary results.

COMPLETED SALES TRANSACTIONS

• A sale to GLM Cabinets. The approximately 12,878-square-foot industrial property is in Matter Business Park @ Warm Springs at 7930 W. Warm Springs, Suite 170. The transaction value $2,060,480. Dan Doherty, SIOR; Paul Sweetland, SIOR; Jerry Doty; and Chris Lane, SIOR, CCIM, of Colliers International represented the seller, Matter Business Park @ Warm Springs.

• Revolution Engineering Inc. has purchased a building at 3590 E. Patrick Lane to serve as company headquarters. Nevada State Development Corp., the state’s largest SBA 504 loan provider, assisted with financing on the $525,000 deal. First Savings Bank also partnered on the package.

• A sale to Arev Holdings LLC. The approximately 1.21-acre land parcel is at 4390 Sobb Ave. (APN: 162-31-701-010) in Las Vegas. The transaction value $500,000. Brian Riffel, SIOR and Tyler Jones of Colliers International represented the seller, DAC Realty LLC.

• Panattoni Development has purchased a parcel of land from Soro, LLC. The newly acquired 38.84 acres of land is at the intersection of St. Rose Parkway and Bermuda Road. Joe Kennedy of Doherty Industrial Group (DIG) at Colliers International represented the buyer and the seller in this transaction.

COMPLETED LEASE TRANSACTIONS

• A lease renewal to Derse Inc. The approximately 133,400-square-foot industrial property is in Las Vegas Corporate Center at 3200 E. Gowan Road in North Las Vegas. Dan Doherty, SIOR; Chris Lane, SIOR, CCIM; Paul Sweetland, SIOR; and Jerry Doty of Colliers International represented the lessor, Icon Pac Nevada Owner Pool 3 Nevada LLC.

• A lease renewal to West Edna Associates LTD. The approximately 18,743-square-foot industrial property at 5245 Procyon St. Dan Doherty, SIOR; Chris Lane, SIOR, CCIM; Paul Sweetland, SIOR; and Jerry Doty of Colliers International represented the lessor, JPD Hayward Limited Partnership.

• A lease to SLS Production LLC. The approximately 7,000-square-foot industrial property is in Sunset Decatur Center at 6545 S. Decatur Blvd., Suite E. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessee.

• A lease to Security National Mortgage Co. The approximately 5,788-square-foot office property is in Gardner Plaza at 2635 St. Rose Parkway, Suites 100,110 and 120 in Henderson. Stacy Shapiro, CCIM of Colliers International represented the lessee.

• A lease to Hair Club For Men LLC. The approximately 5,539-square-foot office property is in Rainbow Corporate Center at 500 N. Rainbow Blvd., Suite 200. Taber Thill, SIOR; Patti Dillon, SIOR; and Megan McInerney of Colliers International represented the lessee.

• A lease to Spring Valley Insulation Contractors Inc. The approximately 5,169-square-foot industrial property is in Eldorado Business Park at 7485 Dean Martin Drive, Suite 112. Dean Willmore, SIOR; Mike Willmore; Alex Stanisic; Lauren Willmore; and Stacy Shapiro, CCIM, of Colliers International represented the lessor, Fabrication Technologies Inc.

• A lease to CL Global Enterprises LLC. The approximately 2,705-square-foot industrial property isin Matter Park @ West Henderson at 1371 Executive Airport Drive, Suite 180 in Henderson. Dan Doherty, SIOR; Chris Lane, SIOR, CCIM; Paul Sweetland, SIOR; and Jerry Doty of Colliers International represented the lessor, Matter Park @ West Henderson LLC.

• A lease to Accelerated Enterprises Inc. The approximately 2,580-square-foot industrial property is in Patrick Airport Center at 6038 Topaz St., Suite 8. Alex Stanisic; Dean Willmore, SIOR; Mike and Lauren Willmore; and Stacy Shapiro, CCIM, of Colliers International represented the lessor, BKM MAC 228 LLC. Alex Stanisic of Colliers International represented the lessee.

• A lease to Fausto & Evilia Vega. The approximately 1,365-square-foot retail property is in Horizon Pointe at 2654 W. Horizon Ridge Parkway, Suite B-7 in Henderson. David A. Grant of Colliers International represented the lessor, Villa La Paloma LLC.

• A lease to Made in the Shade Inc. The approximately 1,327-square-foot retail property is in Scottsdale Plaza at 8850 S. Maryland Parkway, Suite 100. Chris Clifford; Steve Neiger, CCIM; and Brett Rather of Colliers International represented the lessor, Highland and Sterling LLC.

• A lease to Passion Nails LLC. The approximately 1,044-square-foot retail property is in The Craig Shops at 3053 W. Craig Road, Suite B. David A. Grant of Colliers International represented the lessor, Meyer S.F. Partners Limited Partnership.

• A lease to Serenity Funeral Homes. The approximately 12,158-square-foot industrial property is in Cheyenne Airport Center at 3575 W. Cheyenne Ave., Suite Nos. 105-107 in North Las Vegas. Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessor, BKM Capital Partners.

• A lease to Manan Bakery LLC. The approximately 8,688-square-foot retail property is in Grand Flamingo Plaza at 6620-6680 W. Flamingo Road, Suite 1-9. Al Twainy, CCIM, and Jennifer Lehr, CCIM, of Colliers International represented the lessor, Flamingo Plaza LLC.

• A lease to S Shops LLC. The approximately 8,008-square-foot industrial property is at 2711 E. Craig Road, Suite GC. Alex Stanisic; Dean Willmore, SIOR; Mike Willmore; Stacy Shapiro, CCIM; and Lauren Willmore of Colliers International represented the lessee.

• A lease to Element LLC. The approximately 7,608-square-foot industrial property is in Airport Distribution Center at 1889 E. Maule Ave., Suite B. Spencer Pinter of Colliers International represented the lessor, Lincoln Center Properties III LLC.

• A lease to Nevada Rhythmic Academy LLC. The approximately 7,150-square-foot industrial property is in Mountain West Industrial Park at 6415 S. Tenaya Way, Building C ‐ Suite 125. Mike and Lauren Willmore; Alex Stanisic; Stacy Shapiro, CCIM; and Dean Willmore, SIOR, of Colliers International represented the lessor, SD Parcels LLC.

• A lease to Summit Swing Stage USA, Inc. The approximately 5,971-square-foot industrial property is in Wynn Road East Business Center at 5470 Wynn Road, Suite 300. Spencer Pinter of Colliers International represented the lessor, Wynn Road East L.L.C.

• A lease to Kouretas Entertainment LLC. The approximately 3,498-square-foot industrial property is in Brunner Commerce Park at 1610 Raiders Way, Suite 130 and 135 in Henderson. Grant Traub, SIOR; Chris Connell, SIOR; Dan Doherty, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty of Colliers International represented the lessor, Retko Group LLC. Paul Sweetland, SIOR, of Colliers International represented the lessee.

•A lease to JV Beltran Tax Service LLC. The approximately 960-square-foot retail property is in Grand Flamingo Plaza at 6620-6680 W. Flamingo Road, Suite 11. Al Twainy, CCIM, and Jennifer Lehr, CCIM of Colliers International represented the lessor, Flamingo Plaza LLC.

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