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DEAL WATCH: Sunroad Enterprises buys Adobe Ranch Apartments

SAN DIEGO-BASED FIRM BUYS ADOBE RANCH APARTMENTS

Sunroad Enterprises, a San Diego-based real estate investment and development firm, acquired the 234-unit Adobe Ranch Apartments located in Henderson for an undisclosed price. The firm has already begun significant interior and exterior property renovations and part of repositioning and rebranding the property as Cyan.

“With Henderson’s continuous job growth, demand for housing, and strong demographics, repositioning Cyan provides needed, modernized housing units in the area,” said Dan Feldman, president of Sunroad Asset Management. “Cyan provides Sunroad Enterprises the ability to continue our multifamily repositioning and property management expertise in the Las Vegas market.”

The two-story property was built in 2003 and offers one- and two-bedroom units with certain units including direct access garages. Cyan’s shared amenities include a clubhouse, large swimming pool with a grill area, fitness center, business center and pet park.

The acquisition of Cyan increases Sunroad Enterprises’ rapidly growing multifamily division, which is now more than 4,000 units in various stages of new vertical construction or active value add renovation. Sunroad’s multifamily growth has been primarily focused in California, Arizona, Washington and Nevada.

COMPLETED SALES TRANSACTIONS:

• MCA Realty, based in Orange County, California, has sold Gibson Tech Center, a 29,988-square-foot office building in Henderson for $6.98 million. The firm acquired the asset in late 2016 for $3.15 million, according to Tyler Mattox, principal at MCA Realty. Gibson Tech Center is at 168 North Gibson Road. MCA Realty was represented by Gary Stache, Anthony DeLorenzo and Doug Mack at CBRE and Taber Thill and Patti Dillon at Colliers as the seller. The buyer, a private investor, was represented by Randy Sheinbein at NAI Capital.

• The sale of an office building was completed Oct. 31. The 42,640-square-foot property is at 1291 Galleria Drive in Henderson. The total value of the transaction was $5,150,000. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske and Taylor Vasquez of Sun Commercial Real Estate Inc. represented the seller, SF Galleria LLC.

• Decatur Sunset Plaza at 6530 S. Decatur Blvd. (177-06-001) sold for $3,750,000, or $384 per square foot. The 9,772-square-foot retail strip center sits on 0.70 acres. Jeff and Mica Berg of Logic Commercial Real Estate represented the seller, Angaur LLC & Balaji Properties Investment LLC. The buyer was 3829 Broadway LLC. The property was 100 percent occupied at close of escrow.

Kevin Higgins, SIOR, and Zac Zaher of CBRE Inc. represented the buyer, PKM Properties LLC in the purchase of a 24,500-square-foot industrial building at 4065 Nevso Drive for $2,550,000.

• Evans Senior Investments represented the sale of Vintage Park at San Martín, a 30-unit memory care community for $2.1 million, or $70,000 per unit. Built in 2010, Vintage Park at San Martín features one- and two-bedroom units with a total of 60 beds. The community is five miles southwest of downtown Las Vegas. At the time of listing, the it was 61 percent occupied and 100 percent of the occupants were private pay residents. ESI represented the seller, a publicly traded company in the transaction. The buyer was a national private equity firm with a local footprint in the Las Vegas area.

• A property at 2029 Alta Drive sold for $1,500,000 on Nov. 15. Jim Hill of ROI Commercial Real Estate represented the seller, Harris Investments LLC. Mathew Brady of JTH Real Estate Services, represented the buyer, Tribuca LLC.

• The sale of an office building was completed Oct. 31. The 4,790-square-foot property is at 5935 Edmond St., Suite 115. The total value of the transaction was $1,137,500. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the seller, Star Babies LLC and Logic CRE represented the buyer, Braddon Cornish.

• The last of three former UFC headquarter buildings at 2880 W. Sahara Ave. sold for $950,000 on Oct. 18. Jim Hill of ROI Commercial Real Estate represented the seller, Zuffa, LLC. Ben Millis of Avison Young, represented the buyer, 2880 Sahara LLC.

• The sale of an office building was completed Nov. 13. The 3,700-square-foot property is at 6212 W. Desert Inn Road. The total value of the transaction was $728,000. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske and Taylor Vasquez of Sun Commercial Real Estate Inc. represented the buyer, West Valley National Bank and MDL Group represented the seller, Stone & Associates Inc.

• The sale of an office building was completed Nov. 16. The 2,400-square-foot property is at 3357 S. Eastern Ave. The total value of the transaction was $280,000. Renae E. Russo, LEED GA of Sun Commercial Real Estate Inc. represented the buyer. Continental Message Solution Inc and Albright Callister represented the seller, Kim Juhyun.

COMPLETED LEASE TRANSACTIONS:

• The sublease with Zen Dining Inc. was completed Nov. 12. The 2,687-square-foot retail space is at 225 W. Centennial Parkway in North Las Vegas. The total value of the transaction was $667,149.75. Edward Bassford of Sun Commercial Real Estate Inc. represented the sublessor, KFC Corp.

• The lease renewal with Fidelity National Title Agency of Nevada Inc. was completed Nov. 9. The 5,987-square-foot office space is at 6180 Brent Thurman Way, Suite 160. The total value of the transaction was $581,549.64. Paul and Wil Chaffee and John Kirtley of Sun Commercial Real Estate Inc. represented the landlord, Constantino Noval Nevada 3 LLC. Orion Realty Group represented the tenant, Fidelity National Title Agency of Nevada Inc.

• The lease with Map Communication was completed Nov. 12. The 3,100-square-foot office space is at 2920 N. Green Valley Parkway in Henderson. The total value of the transaction was $197,499.72. Renae E. Russo, LEED GA, of Sun Commercial Real Estate Inc. represented the landlord, JL Dyer LLC and CBRE represented the tenant, Map Communication.

• The lease with Arcadia Security & Patrol was completed Nov. 2. The 2,041-square-foot office space is at 3291 E. Warm Springs Road, Suite 100. The total value of the transaction was $146,053.96. Sun Commercial Real Estate Inc. represented the tenant, Arcadia Security & Patrol.

• The lease with ZM Auto Repair was completed Oct. 19. The 3,477-square-foot industrial space is at 3855 S. Valley View Blvd., Suite 45-47. The total value of the transaction was $101,806.56. Sun Commercial Real Estate Inc. represented the landlord, Spring Oaks Business Center.

• The lease with Adelson, Testan, Brundo, Novell & Jimenez was completed on Oct. 29. The 1,224-square-foot office space is at 4775 S. Durango Drive, Suite 103. The total value of the transaction was $81,699.17. Paul Chaffee and Chaffee and John Kirtley of Sun Commercial Real Estate Inc. represented the landlord, JLC General Corp. and CBRE represented the tenant, Adelson, Testan, Brundo, Novell & Jimenez.

• Sandbags LLC renewed its lease of 12,773 square feet of industrial space in Harmon Warehouse Center at 4301 S. Valley View Blvd. Zac Zaher of CBRE represented the landlord.

• Eachpole Inc. leased 95,513 square feet of industrial space in Northgate Distribution Center at 5840 Donovan Way. Kevin Higgins, SIOR, of CBRE represented the landlord.

• Crane Payment Innovations Inc. leased 19,265 square feet of industrial space in Hughes Airport Center at 950 Pilot Road. Jake Higgins of CBRE represented the landlord.

• MMU Corp. leased 15,303 square feet of industrial space in Lamb Industrial Park at 4305 N. Lamb Blvd. Zac Zaher of CBRE represented the landlord.

• A lease to Bella Grande Entrances LLC. The 4,936-square-foot industrial property is in Eldorado Business Park at 7485 Dean Martin Drive, Suite 107. Dean Willmore, SIOR, and Mike Willmore of Colliers International represented the landlord, TLF Logistics II Eldorado Business Center.

• A lease to Mares Inc. The 2,631-square-foot industrial property is in Eldorado Business Park at 7465 Dean Martin Drive, Suite 103. Dean Willmore, SIOR, of Colliers International represented the landlord, TLF Logistics II Eldorado Business Center. Mike Willmore of Colliers International represented the tenant.

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