INDUSTRIAL PROJECT SLATED NEAR RAIDERS STADIUM
A new $5-million industrial project, Diablo Triangle, by Brass Cap Development is underway in the south Las Vegas area near the Raiders stadium.
Diablo Triangle at the southwest corner of Diablo Drive and Edmond Street, offers about 20,000 square feet of industrial space. Two tenants will occupy the space, one of which is confirmed as Bleu Blanc Rouge, a French commercial kitchen.
“With Diablo Triangle, comes new opportunity at a very exciting time for our company. The property is well-positioned in an expanding area of Las Vegas near the Raiders stadium, so we are hopeful for what the future holds for this site and our community as a whole,” says Jason Kuckler, partner at Brass Cap Development.
Diablo Triangle is one of many multimillion-dollar projects by Brass Cap Development. In total, Brass Cap Development has completed four projects with five additional projects in the planning stages throughout the Las Vegas Valley. This includes the $28 million Nevada State Industrial Park project that is adjacent to Diablo Triangle near Russell Road and Edmond Street, slated for completion in early August 2019.
Diablo Triangle is being built by LM Construction Co. and is expected to begin in late winter 2019.
Tenant availability remains at Diablo Triangle, and brokers Dan Doherty and Paul Sweetland of Colliers International will handle the leasing or sale of the project.
Brass Cap Development, founded in 2015, specializes in industrial investment, development, consulting, and management services in Southern Nevada as well as other Western states.
INVESTMENT FIRMS BUY THREE VALLEY APARTMENT COMPLEXES
Continental Realty Advisors Ltd. “CRA,” a Denver-based owner of multifamily communities nationwide, and San Francisco-based real estate investment firm The Roxborough Group LLC, through an affiliate of Roxborough Fund I, L.P. announced the sale of a three-community portfolio comprised of 1,194 units in Las Vegas for $137.5 million. This follows the recent sale of the 400-unit community, Tesoro Ranch in Henderson, also a partnership between Continental Realty Advisors, Ltd. and The Roxborough Group, LLC.
The Las Vegas portfolio included the 440-unit Stonegate Apartments constructed in 1990/1991, 402-unit Loma Vista Apartments constructed in 1998, and 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990.
“The business plan hinged on stabilizing what was perceived at the time of acquisition to be underperforming properties,” said David Snyder, chairman and CEO of CRA. “This was achieved with strategic oversight, upgrades to the community common areas and amenities, as well as light value-add unit enhancements to appeal to the demographics of each location.”
In total, over $5 million was invested into repairs and improvements.
“This portfolio validates one of Roxborough’s primary investment strategies focused on workforce housing and the fundamental imbalances between low cost housing and supply in areas of high-job and net migration. This partnership spent considerable time studying the Las Vegas market and was able to acquire assets before the recent surge of capital inflows. We are very proud this partnership has successfully executed on two investments in the area and we look forward to many more,” said Matt McCormick, managing director of The Roxborough Group.
COMPLETED SALES TRANSACTIONS
• A sale to TLM Holdings LLC. The 38,638-square-foot industrial property is at 6575 S. Hinson St. The transaction value was $7,000,000. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the buyer.
• Zac Zaher of CBRE, Inc. represented the Seller in the sale of 2.23 acres of vacant industrial land at Rafael Rivera Way and Lindell Avenue to Design Source Interiors LLC for $2,100,000.
• A sale to Maximizer Holding LLC. The 6,681-square-foot industrial property is in Post Industrial Park at 4717 W. Post Road. The transaction value was $1,280,000. Brian Riffel, SIOR, and Tyler Jones of Colliers International represented the seller, Post Industrial Park LLC.
• A sale to Valley Development Holdings Inc. The approximately 5,000-square-foot retail property is at 3990 E. Sunset Road. The transaction value was $1,025,000. David Grant and Phillip Dunning, CCIM, of Colliers International represented the seller, Desert Mountain Enterprises Inc.
• Zac Zaher of CBRE, Inc. represented the seller in the sale of 0.97 acres of vacant industrial land at 9540 S. Decatur Blvd. to Annallen LLC for $285,000.
COMPLETED LEASE TRANSACTIONS
• Muse Home Inc. leased 15,371 square feet of industrial space in Lamb Industrial Park at 4305 N.Lamb Blvd. Zac Zaher of CBRE represented the landlord.
• FRJ Inc. signed a 63-month lease for 3,528 square feet of retail space at 5110 Blue Diamond Road. Matt Feustel of Virtus Commercial represented the lessor, Beach City Charity LLC; and Andrea Santanna of Dapper Development represented the lessee in the transaction.
• X.W. Exhibition Design signed a 37-month lease for 975 square feet of industrial space at 4440 S. Arville St., Suite 37. Matt Feustel of Virtus Commercial represented the lessor, MVB Arville Investments LLC, in the transaction.
• MMM Services signed a 37-month lease for 2,400 square feet of office space at 3560 S. Jones Blvd. Gary S. Beck of Virtus Commercial represented the lessor, 3560 Jones LLC, in the transaction.
• Carmel Valley Computer & Phone Repair signed a 62-month lease for 966 square feet of retail space at Buffalo Canyon Retail Center at 1591 N Buffalo Drive, Suite 120. Matt Feustel of Virtus Commercial represented the lessor, SSG Properties LLC, in the transaction.
• Krayton Stephens signed a 64-month lease for 3,080 square feet of office space at Decatur Flamingo Gardens at 4170 S. Decatur Blvd., Suite D9-11. Brett Beck II of Virtus Commercial represented the lessor, Decatur Flamingo Garden LLC, in the transaction.
• Luxe Development LLC signed a 63-month lease for 2,265 square feet of industrial space at at 4440 S. Arville St., Suite 14/33. Matt Feustel of Virtus Commercial represented the lessor, MVB Arville Investments LLC, in the transaction.
• B.B. Films LLC signed a 38-month lease for 1,144 square feet of industrial space at 4440 S. Arville St., Suite 20. Matt Feustel of Virtus Commercial represented the lessor, MVB Arville Investments LLC, in the transaction.
• Marcedes Triplett signed a 62-month lease for 820 square feet of retail space at 5870 S. Decatur Blvd., Suite 9. Brett S. Beck of Virtus Commercial represented the lessor, Oakcrest Trust, in the transaction.
• United Rentals (North America) Inc. renewed 6,650 square feet of industrial space for 60 months at 3682 S. Valley View Boulevard. Chris Emanuel of Virtus Commercial represented the lessor, Fairgrounds Drive Retail LLC, in the transaction.
• Happy Pet Grooming LLC renewed 1,000 square feet of retail space for 64 months at Pecos Russell Plaza at 3380 E. Russell Road, Suite 109. Chris Emanuel of Virtus Commercial represented the lessor, 3380 Partners, in the transaction.
• Marlen Bolanos Ice Cream Parlor renewed 1,258 square feet of retail space for 120 months at Revere Marketplace at 845 W. Craig Road, Suite 103, in North Las Vegas. Chris Emanuel of Virtus Commercial represented the lessor, Las Vegas Adventure LLC, in the transaction.
• Steel Partners LLC renewed 53,143 square feet of industrial space for 12 months at 3593 Procyon St. Chris Emanuel of Virtus Commercial represented the lessor, 3500-3675 Procyon LLC, in the transaction.
• United Rentals (North America) Inc. renewed 6,650 square feet of industrial space for 60 months at 3682 S. Valley View Blvd. Chris Emanuel of Virtus Commercial represented the lessor, Fairgrounds Drive Retail LLC, in the transaction.
• Primerica renewed 4,472 square feet of office space for 36 months at Augusta Park at 1481 W. Warm Springs Road, Suite 144/145, in Henderson. Chris Emanuel of Virtus Commercial represented the lessor, Augusta Park 8 LLC, in the transaction.
• Richland Holdings Inc. renewed 1,816 square feet of office space for 12 months at Spanish Vista Office Park at 4955 S. Durango Drive, Suite 118, 173, 175-177. Chris Emanuel of Virtus Commercial represented the lessor, Amen and Traci Wardy, in the transaction.
• The Dancing Dandelion Flower Shop renewed 1,100 square feet of retail space for six months at Durango Springs Plaza at 8520 W. Warm Springs Road, Suite 102. Chris Emanuel of Virtus Commercial represented the lessor, Amen and Traci Wardy, in the transaction.
Dr. Michael E. Clifford renewed 1,567 square feet of office space for 60 months at PK Office Building at 7151 Cascade Valley Court, Suite 103. Chris Emanuel of Virtus Commercial represented the lessor, Petty-Krob Properties LLC, in the transaction.
• A lease to Saad Ahmed and Individual. The 5,213-square-foot industrial property is in Hacienda Crossing at 5145 S. Arville St., Suite A. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, FJM Vegas Holdings LLC.
• A lease to Sierra Live Productions LLC. The approximately 4,400-square-foot industrial property is in Hacienda Crossing at 5275 Arville St., Suite 308. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, FJM Vegas Holdings LLC.
• A lease to DCLV LLC. The 2,258-square-foot industrial property is in Decatur Bell Commerce Center at 5010 S. Decatur Blvd., Suite C. Dean Willmore, SIOR; Alex Stanisic; and Mike Willmore of Colliers International represented the lessor, FJM Vegas Holdings LLC.
• A lease renewal to Jerry L. Jones M.D. The 1,862-square-foot medical office property is in Shadow Professional Center at 400 Shadow Land, Suite 103. Stacy Scheer, CCIM; Taber Thill, SIOR; and Patti Dillon, SIOR, of Colliers International represented the lessor, Fullerton Vegas Shadow Lane LLC.
• A lease to Cactus Comics. The 825-square-foot retail property is in Pecos Windmill at 2655 Windmill Parkway in Henderson. Scot Marker of Colliers International represented the lessor, CH Retail Fund II/Las Vegas Pecos-Windmill LLC.
• A lease to American Educational Institute Inc. The 598 square foot office property is in Flamingo Grand Plaza at 1050 E. Flamingo Road, Suite W-155. Chris Connell and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Flamingo LLC.