SOHO PLAYHOUSE TO BE SOLE OPERATOR OF HUNTRIDGE THEATER
Dapper Cos. has reached a deal with SoHo Playhouse to be the sole operator of the historic Huntridge Theater in downtown Las Vegas. The signing of the lease was completed after the first of the year. In addition to a 1,150-seat multiuse concert hall and 450-seat off-Broadway theatre in the existing building, two additional spaces will be added to the south side of the property for additional venues.
The two additional spaces will be connected to the main theatre via a new interior lobby. A 100-seat cabaret theatre will operate in a building just over 5,300 square feet with a 199-seat 4,800-square-foot theatre (a replicate of their NYC flagship SoHo Playhouse) also being added to the existing property.
Dapper Cos. continues to seek partners to create food and beverage spaces for the 18,000 square feet that remains on the west side of the property.
The Huntridge Theater opened in 1944 and was listed on the National Register of Historic Places in 1993, the State Register of Historic Places in 1999 and most recently added to the city of Las Vegas Historic Register this past September. The shuttered performing arts center has previously rocked with performers such as The Killers, Smashing Pumpkins, Red Hot Chili Peppers, Violent Femmes and more until it closed on July 31, 2004, almost 60 years after it opened. In recent years, it has been the subject of several failed attempts to reopen or redevelop the local landmark that once hosted movies, concerts and groundbreaking performances. Dapper purchased the Huntridge Theater for $4 million in March 2021.
“Out of the many potential operating partners who approached us — and there were many outstanding companies who did — we knew this was the right fit for the theater, the community and the city,” J Dapper, principal, said. “SoHo Playhouse has an impeccable reputation in the arts community on a global scale. I know they will care for this historic venue in the way it deserves.”
Earlier this year, artistic director Darren Lee Cole and his team at SoHo Playhouse targeted Las Vegas to be their second home. With a population of more than 2.5 million people, Southern Nevada is the largest metropolitan area in the U.S. without an off-Broadway-style theater. With family residing in Las Vegas and being a frequent visitor for years, Cole is confident the community is ready to support a performing arts center that will offer local theatre artists, off-Broadway artists and visiting performers a home to workshop and develop projects.
“We couldn’t be more excited to be chosen as the sole operators of the historic Huntridge Theater,” Cole said. “We understand the significance of operating a venue with such a storied tradition in Las Vegas and have experienced the passion residents past and present share about performances they attended there when it was a movie theater and concert venue. Our goal at SoHo Playhouse is to bring new creative experiences to the community, creating new memories for residents of every age and background.”
The Huntridge Theater was originally operated by the Commonwealth Theater Company of Las Vegas, and in 1951 was taken over by the Huntridge Theater Company of Las Vegas, partially owned by the actresses Loretta Young and Irene Dunne. The theater was built on land, which had been owned by the international business magnate Leigh S. J. Hunt, he ensuingly left it to his son, Henry Leigh Hunt, in 1933. The Huntridge Theater and the surrounding Huntridge subdivision are named after the Hunt family.
COLLIERS BROKERS SALE OF SHOPPING CENTER FOR $57M
Chris Clifford, Steve Neiger and Brett Rather of Colliers has announced the sale of The Gateway On The Strip, a rare 37,499-square-foot shopping center prominently positioned in the heart of the Las Vegas Strip. Located on the northeast corner of Las Vegas Boulevard and Sahara Avenue at 2427 S. Las Vegas Blvd., The Gateway sold for $57 million, over $31 million per acre. Colliers’ CNR retail team represented the seller, Sahara Development LLC, in the deal.
Constructed in 2015 and anchored by Walgreens with a long-term lease through 2040, the 42 percent occupied asset featured a tremendous value-add for the buyer, KB Gateway on the Strip LLC. Within a 1.82 acre parcel, the property includes a freestanding parking garage, additional income via electronic billboard contracts, a large upper deck patio and one of the most valuable privilege licenses in the world, an unrestricted gaming license on the Las Vegas Strip.
CNR Retail was recently named NAIOP Las Vegas 2021 Retail Brokerage Team of the Year, a title CNR has held for the majority of the past five years.
SB REAL ESTATE ACQUIRES APARTMENTS FOR $73.1M
SB Real Estate Partners (SBREP) has made its second multifamily investment in Las Vegas over the past seven weeks with the $73.1 million off-market acquisition of St. Croix Apartments, a 256-unit garden-style community. The property will be rebranded as Portola West Vegas.
SBREP entered the Las Vegas market in late October with its $67 million acquisition of the Russell Apartments, a 241-unit multifamily community in southwest Las Vegas, which has since been rebranded to Portola on Russell. The Irvine, California-based real estate investment company plans to invest an additional $300 million over the next 12 months, according to SBREP founder and managing principal, Srijin Bandyopadhyay.
St. Croix is a 1988 vintage garden-style community featuring a mix of one- and predominantly two-bedroom apartment homes spread out across 21, two-story residential buildings. Community amenities include an indoor racquetball court, business center, gym and an expansive resort-style pool. SBREP will begin a $4 million capital improvement program to significantly upgrade unit interiors as well as common area amenities, along with plans to enhance the property’s building exteriors and overall curb appeal.
Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity.
Brass Cap
Brass Cap Development, a Las Vegas developer of industrial space, announced the near-completion and sale of the Executive Airport Crossing, a 70,000-square-foot industrial project that features two free-standing buildings in the West Henderson area near Raiders Way and Volunteer Boulevard. Both buildings are divisible from 14,446 to 40,000 square feet and include dock and grade level loading areas.
“We are excited to see the Executive Airport Crossing approach completion,” said Tim Castello, CCIM, partner at Brass Cap Development. “Both buildings have already been sold, and we look forward to seeing how this space’s logistic offerings will benefit business in the near future.”
The Executive Airport Crossing provides traveling logistics as it is close to the California state line and offers easy access to Interstate 15 and 215 Beltway.
Executive Airport Crossing was designed and built by LM Construction Co., a Las Vegas-based construction company
Brass Cap Development has designed, built and developed over 2 million square feet of industrial space throughout the Las Vegas Valley since their debut in 2015.
CAMINO VERDE TO CONVERT OLD S.C. NAVY BUILDING INTO APARTMENTS
Las Vegas-based Camino Verde Group (CVG) recently acquired North Charleston’s historic Anchor Center in South Carolina. This marks the first purchase in the Eastern U.S. for the real estate investment and development group.
“This purchase is the first step of our portfolio expansion in the Eastern United States. We appreciate the fundamentals of the greater Charleston market because it is one of the fastest growing metropolitan areas that has seen substantial job development due to the recent influx of eminent companies,” said Kevin Romney, co-founder and managing director of Camino Verde Group.
Over recent years, the Noisette area has notably evolved into a high-profile business destination with the influx of manufacturing companies such as Boeing, Volvo and Mercedes-Benz. Other major industries like tech, shipping and engineering are also making the move to the business mecca.
Anchor Center is on a 3.67-acre lot that encompasses an abandoned 158,000-square-foot Navy office building and vacant land in the Metro Charleston area. Decommissioned in 1996, the former military building was once home to the Navy commandant’s office and served a vital role the Vietnam War.
The midcentury property qualifies for South Carolina Abandoned Building and Historic Credits. CVG plans to restore the historically significant features of the building in effort to preserve historic Columbia’s cultural heritage and land, including the commandant’s office and the 130-seat briefing auditorium.
“It’s essential to maintain the historic characteristics of this property to ensure the legacy is preserved,” said Mike Ballard, co-founder of Camino Verde Group. “We plan to revitalize the briefing room as a theatre for movie and comedy events, and the commandant’s office will be available to guests for tours and observation.”
The CVG team plans to refurbish the six-story building, which was originally constructed in 1970, into a multifamily development of 118 units on levels 1-6. The property’s living quarters will consist of 18 studios, 74 one-bedroom units, 18 two-bedroom units and eight three-bedroom units. The residual land will be transformed into another mixed-use development that supports an eight-story building with 295 units.
Located at 2260 Noisette Blvd., the property is within walking distance to Riverfront Park, home to the Greater Charleston Naval Base Memorial, the Eternal Father of the Sea Chapel and a favorite year-round destination for festivals and concerts. The central location also offers convenient access to Downtown Charleston.
COMPLETED SALES TRANSACTIONS
• Kevin Higgins, SIOR, and Garrett Toft, SIOR, of CBRE Inc. represented the seller in the sale of three industrial buildings totaling 1,138,391 square feet at 4640 Nexus Way and 5840 & 5430 Donovan Way to Link Logistics Real Estate for $204,000,000.
• A sale to BCD Acquisitions LLC for two industrial buildings totaling 27,606 square feet. Located at 3635 and 3649 E. Post Road. The transaction amount was $8,875,000. Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International in partnership with Michael Kendall, Gian Bruno and Kenny Patricia of The Colliers Western Region Industrial Capital Markets Team represented the seller, The Monkarsh Family.
• The sale of an office building to Richard C. and Elisa Boyd, comprised of 2.1 acres at 401-433 Max Court in Henderson. The total value of the transaction was $5,400,000. Lisa Hauger and Tim Erickson of Sun Commercial Real Estate Inc. represented the seller, RSA Avanti Max LLC.
• The sale of an office building to Ewing Irrigation Products Inc., comprised of 21,200 square feet at 4705 S. Valley View Blvd. The total value of the transaction was $4,850,000. Lisa Hauger and Tim Erickson of Sun Commercial Real Estate Inc. represented the seller, Lawrence Warehouse Co. Inc.
• A sale to Khusrow Roohani Family Trust. The 2.5-acre land parcel is at the northeast corner of Pyle Avenue and Giles Street. The transaction amount was $1,700,000. Steven D. Haynes of Colliers International represented the sellers Jamshid Jamshidian and Behnam Abadian.
• The sale of an office building to UniRet Real Estate Holdings LLC., comprised of 6,316 square feet at 3127 Warm Springs Road, suites 100 and 400. The total value of the transaction was $1,068,350. Cathy Jones, Paul Miachika, Karim Chatoor and Eric Cramer of Sun Commercial Real Estate Inc. represented the buyer and the seller, Longford 6 LLC.
• The sale of land to K&B Real Estate LLC comprised of 2 acres at 202 & 704 N. 59th Ave., in Phoenix. The total value of the transaction was $925,000. Ed Bassford and Michael Brazill of Sun Commercial Real Estate Inc. represented the buyer.
COMPLETED LEASE TRANSACTIONS
• The lease of an office building to G2G Management LLC, comprised of 3,627 square feet is at 5755 S. Sandhill Road, suite A. The total value of the transaction was $279,369. Pierce Wasserkrug of Sun Commercial Real Estate Inc. represented the tenant.
• The lease of an industrial building to EJN Exhibition LLC, comprised of 7,200 square feet at 2710 Losee Road, suite 6. The total value of the transaction was $175,710. Jenny Li of Sun Commercial Real Estate Inc. represented the tenant.
• The lease of an office building to Nuvo Insurance Services LLC comprised of 1,987 square feet at 2701 Tenaya, Suite 210. The total value of the transaction was $145,364. Jenny Li of Sun Commercial Real Estate Inc. represented the landlord, CAB Properties LLC.
• The lease of an office building to Tinni LLC, comprised of 1,200 square feet at 2960 S. Durango Drive, suite 115. The total value of the transaction was $93,266. Pete Janemark and Travis Laub of Sun Commercial Real Estate Inc. represented the landlord, Marysville Oasis Inc.
• The lease of an office building to DNI Emerging Technologies LLC, comprised of 1,686 square feet at 4775 S. Durango Drive. The total value of the transaction was $78,169. Pete Janemark and Travis Laub of Sun Commercial Real Estate Inc. represented the landlord, JLC General Corp.
• The lease of an office building to Intercapital Asset Management LLC, comprised of 2,103 square feet at 11145 S. Eastern Ave., Suite 100 in Henderson. The total value of the transaction was $77,390. Pierce Wasserkrug of Sun Commercial Real Estate Inc. represented the tenant.
• The lease of an industrial building to Battle Born Garage Corp., comprised of 1,835 square feet at 433 Max Court in Henderson. The total value of the transaction was $75,969. Lisa Hauger and Tim Erickson of Sun Commercial Real Estate Inc. represented the landlord, RSA Avanti Max LLC.
• AZ Sun Services LLC leased approximately 5,605 square feet of industrial space in Pacific Business Center at 1125 American Pacific Drive. Jake Higgins of CBRE represented the landlord.
• A lease to Safe Street USA LLC, a Delaware limited liability company for a 24-month term. The 2,547 square foot office property is within Flamingo Grand Plaza at 1050 E. Flamingo Road, suite W250. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Flamingo LLC, a California limited liability company.
• A lease to Laboratory Corp, of America. The 2,218-square-foot medical office property is in Lake Mead Medical Pavilion at 1815 E. Lake Mead Blvd., suite 311. Stacy Shapiro, CCIM, of Colliers International represented the lessor, 1815 E Lake Mead Blvd LLC.
• A lease to Evolution Carpentry LLC for a 37-month term. The 8,000-square-foot industrial property is within Greyhound Industrial Park at 6230 Greyhound Lane, suite C. The Telles Industrial Team: Gabe Telles, Ryan Hendershot and Chase Pavlov of Colliers International represented the lessor, B&C Properties Inc and the lessee.
• A lease to Next Phase Corp for a 27-month term. The 3,281-square-foot industrial property within Donovan Business Park at 4550 N. Donovan Way, suite 102. The Telles Industrial Team: Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, WBCS DICE, LLC.
• Schenker Inc. leased approximately 393,120 square feet of industrial space in South 15 Airport at 12010 Bermuda Road. Sean Zaher of CBRE represented the tenant.