WAREHOUSE DISTRIBUTION FACILITY SELLS FOR $62.4M
Colliers International | Las Vegas announces the $62.4 million sale of Raceway Industrial Park, a warehouse distribution facility in northeast Las Vegas.
Colliers International’s Doherty Industrial Group, including Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty in partnership with the firm’s Capital Market team Michael Kendall and Gian Bruno completed the first off-market industrial sale of 2020 to Black Creek Group, a real estate investment management and development firm.
Black Creek Group purchased the 670,798-square-foot property Jan. 7 from Hines, a global real estate development and management firm, for $62,384,241. Raceway Industrial Park completed construction in the fourth quarter of 2019 and is at 5605 North Hollywood Blvd.
Raceway Industrial Park was the first industrial project developed by Hines in the Las Vegas market. It provides tenants the opportunity to lease a cross-dock distribution building with secure truck courts and ample trailer parking. More than a third of the building was leased to a Fortune 500 company as a distribution center in December of 2019.
The warehouse distribution facility is near North Las Vegas, the largest submarket in the valley totaling nearly 50 million square feet. North Las Vegas has experienced substantial growth year after year with 3.3 million square feet under construction and 9.5 million square feet planned to break ground within the next year.
COMPLETED SALE TRANSACTIONS
• A sale to GKT 5 LLC et al. The approximately 8.24-acre retail property is a Bloomin’ Brands ground lease at 8701 W. Charleston Blvd. The transaction value was $7,800,000. David Grant of Colliers International represented the seller, Micah 6:8 Holding Limited Partnership.
• A sale to Ideal Property Investments. The approximately 22,805-square-foot industrial property is in Matter Business Park @ Warm Springs at 7925 W. Arby Ave., Suite 130-150. The transaction value was $3,854,045. Dan Doherty, SIOR; Chris Lane, CCIM; Jerry Doty; and Paul Sweetland, SIOR, of Colliers International represented the seller, MatterBusiness Park @ Warm Springs.
• A sale to Manley Grier Investments LLC. The approximately 22,007-square-foot office and industrial property is at 1100 and 1120 Grier Drive. The transaction value was $3,450,000. Chris Connell and Grant Traub, SIOR, of Colliers International represented the buyer.
• The sale of a retail/automotive building was completed on Feb. 5. The 17,023-square-foot property is at 4020 Boulder Highway. The total value of the transaction was $2,490,000. Paul Chaffee, CCIM, and Wil Chaffee of Sun Commercial Real Estate Inc. represented the seller, Shankle LLC.
• The sale of an industrial building was completed on Jan. 22. The 10,484-square-foot property is at 3583 Birtcher Drive. The total value of the transaction was $2,100,000. Cathy Jones, CPA, SIOR, CCIM; Art Farmanali, SIOR; Paul Miachika; Michael Hsu; and Schane Cabatu of Sun Commercial Real Estate Inc. represented the seller, Prat LLC.
• A sale to state of Nevada Water LLC. The approximately 1.15-acre land parcel is at the northeast corner of Sunset Road and Hualapai Way (APN: 163-31-401-005). The transactions value was $2 million. Joe Bonifatto and Brian Fike of Colliers International represented the seller, Sunset Plaza LLC.
• Two multi-family units at 2300-2304 Sunrise Ave. with a total of 20 units sales price was sold for $1,500,000. Buyer’s agent was Edward Orasi-Orasi Group Real Estate with Keller Williams Realty. Listing agent was Jonathan Magno with Keller Williams Southern Nevada
• A sale to Sierra Holding Co. LLC. The approximately 3.5-acre land parcel is at the southeast corner of E. Alexander Road and N. 5 th St. (APN: 139-11-101-001) in North Las Vegas. The transactions value was $1,162,515.39. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the seller, North Fifth Street Associates Limited Partnership.
• A sale to Bajan Ventures LLC. The approximately 5,130-square-foot office property is in Palm Court Business Center at 6871 S. Eastern Ave. The transactions value was $1,050,000. Suzette LaGrange, CCIM, and Kara Walker, CCIM, of Colliers International represented the seller, Wey Investments LLC.
The Sale of a Retail suite was completed on February 10, 2020. The 1,200 square foot property is located at 4211 W. Sahara Avenue, Unit F, Las Vegas, NV 89102. The total value of the transaction was $230,000.00. Eric Rogosch and Jason Park of Sun Commercial Real Estate, Inc. represented the Seller, RGR Investors, LLC.
COMPLETED LEASE TRANSACTIONS
• A lease to AIK Consultants Corp. The approximately 46,080-square-foot industrial property is in Sunrise Industrial Park No. 2 at 3101 N. Marion Drive, Suite 107. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, ICON PAC Nevada Owner Pool 3 Nevada LLC.
• A lease renewal to Daily Direct LLC. The approximately 34,432-square-foot industrial property is in Sunrise Industrial Park No. 8 at 2970 N. Lamb Blvd., Suite 101. Dan Doherty, SIOR; Paul Sweetland, SIOR; and Jerry Doty of Colliers International represented the lessor, Prologis NA3 NV LLC. Chris Lane, CCIM of Colliers International represented the lessee.
• A lease to Bluberi Gaming Canada. The approximately 21,629-square-foot industrial property is in Warm Springs Distribution Center at 7970 Dean Martin Dr., Suite 407. Spencer Pinter; Dan Doherty, SIOR; Paul Sweetland, SIOR; and Jerry Doty of Colliers International represented the lessor, KTRV LV LOAN II LLC. Chris Lane, CCIM, of Colliers International represented the lessee.
• A lease to Superior Overnight Services Inc. The approximately 21,120-square-foot industrial property is in Sunrise Industrial Park at 4601 E. Cheyenne Ave., Suite 121. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, ICON PAC Nevada Owner Pool 3 Nevada LLC.
• A lease to Black Mountain Fulfillment LLC. The approximately 8,056-square-foot industrial property is at 6320 S. Sandhill Road, Suite 6 and 7. Alex Stanisic; Dean Willmore, SIOR; and Michael and Lauren Willmore of Colliers International represented the lessor, TheoPacific Las Vegas I, LLC/LGSMT LLC.
• A lease to Thermo Systems LLC. The approximately 7,870-square-foot industrial property is in Matter Park @ West Henderson at 1371 Executive Airport Drive, Suite 160 in Henderson. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, Matter Park @ West Henderson LLC.
• A lease renewal to Preferred Electric LLC. The approximately 5,685-square-foot industrial property is at 4405 W. Sunset Road. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, Brigite Land Management LLC.
• A lease renewal to Bayou Buds LLC. The approximately 4,278-square-foot industrial property is at 2553 Washburn Road in North Las Vegas. Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, CCIM; and Jerry Doty of Colliers International represented the lessor, Dean and Penny Brunner 1985 Trust.
• A lease to Liberty Mutual. The approximately 3,807-square-foot office property is in City Center West at 7251 W. Lake Mead Blvd., Suite 430. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, Odyssey Real Estate Capital.
• A lease to HNTB. The approximately 2,120-square-foot office property is in Marnell Corporate Center V at 6720 Via Austi Parkway, Suite 360. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessor, TA Realty.
• The lease with Apropos Minutiae Entities LLC was completed on Jan. 22. The 2,500-square-foot retail space is at 5615 Losee Road, Suite 110 in North Las Vegas. The total value of the transaction was $255,484.00. Ofir Ben-Moshe of Sun Commercial Real Estate Inc. represented the landlord, Losee Group LLC.
• The lease with Facilities Protection Systems was completed on Dec. 2. The 4,520-square-foot office/industrial space is at 289 Pilot Road, Suite B. The total value of the transaction was $145,341.48. Renae Russo, LEED GA of Sun Commercial Real Estate Inc. represented the landlord, Potts Properties LLC.
• The lease with Vadym and Elena Kuznetsov was completed on Jan. 1. The 2,675-square-foot office/warehouse space is at 431 Max Court in Henderson. The total value of the transaction was $86,670. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, RSA Avanti Max LLC.
• The lease with Vasquez Multiservices LLC was completed on Jan. 1. The 1,000-square-foot retail space is at 1820 E. Lake Mead Blvd., Suite C. The total value of the transaction was $54,000.00. Eric Rogosch and Jason Park of Sun Commercial Real Estate Inc. represented the landlord, Passco Lake Meade LLC.
• MSolutions Inc. leased approximately 6,872 square feet of industrial space in Hughes Airport Center at 6700 Paradise Road. Jake Higgins of CBRE represented the landlord.
• A lease to Hard Rock Hotel. The approximately 24,000 square foot industrial property is in Las Vegas Corporate Center at 4145 Corporate Center Drive, Suite 300. Lauren and Mike Willmore; Alex Stanisic; and Dean Willmore, SIOR, of Colliers International represented the lessee.
• A lease to Goodwill. The approximately 17,248-square-foot office property is in Hughes Airport Center at 250 Pilot Road. Taber Thill, SIOR; Patti Dillon, SIOR; Spencer Pinter; and Megan McInerney of Colliers International represented the lessee.
• A lease to Marucci’s Hitters House. The approximately 10,455-square-foot industrial property is in Buffalo Business Park at 7155 South Buffalo Drive, Suite 100-110. Dean Willmore, SIOR; Brian Riffel, SIOR; Alex Stanisic; Tyler Jones; and Mike and Lauren Willmore of Colliers International represented the lessor, RW Buffalo LLC.
• A lease to Rescue Pebble LLC. The approximately 8,362-square-foot retail property is at 1000 N Green Valley Parkway, No. 100 and 110 in Henderson. Scot Marker of Colliers International represented the lessor, CH Realty VII/R Las Vegas Pebble LLC.
• A sublease to Candy Buffet Store LLC. The approximately 8,266-square-foot industrial property is located Harsch — Patrick Commerce Center at 3095 E. Patrick Lane, Suite 12. Lauren and Dean Willmore, SIOR, and Alex Stanisic and of Colliers International represented the sublessor. Mike Willmore of Colliers International represented the sublessee.
• A lease to Run Summerlin LLLP dba Hash House A Go Go. The approximately 6,000-square-foot retail property is a freestanding restaurant in Canyon Point Shopping Center at 10810 W. Charleston Blvd. David Grant of Colliers International represented the lessor, DMCP LLC.
• A lease to Sierra Live Productions LLC. The approximately 4,271-square-foot industrial property is in Hacienda Crossing at 5275 Arville St, Suite 312. Lauren, Mike and Dean Willmore, SIOR, and Alex Stanisic of Colliers International represented the lessor, FJM Vegas Holdings LLC.
• A lease to American Key Supply Inc. The approximately 3,739-square-foot industrial property is in Hacienda Crossing at 5275 Arville St, Suite 11. Lauren, Mike and Dean Willmore, SIOR, and Alex Stanisic of Colliers International represented the lessor, FJM Vegas Holdings LLC.
• A lease to Firestop Commercial LLC. The approximately 2,727 square foot industrial property is in Pace Commerce Center at 4489 Reno Ave in Las Vegas. Mike Willmore, Dean Willmore, SIOR, Alex Stanisic and Lauren Willmore represented the lessor, FJM Vegas Holdings LLC.
• A lease to The Idea Room. The approximately 2,723-square-foot industrial property is in Matter Park @ West Henderson at 1371 Executive Airport Drive, Suite 110 in Henderson. Dan Doherty, SIOR; Chris Lane, CCIM; Paul Sweetland, SIOR; and Jerry Doty of Colliers International represented the lessor, Matter Park @ West Henderson LLC.
• A lease to Tu Sabor Crepe Café. The approximately 1,415-square-foot retail property is at 2845 Green Valley Parkway, Suite 2846, in Henderson. Scot Marker of Colliers International represented the lessor, Constantino Noval Nevada & Marverde LLC.
• Las Vegas CP1, LLC dba Core Progression leased 4,210 square feet of retail space at 4215 S. Grand Canyon Drive, Suite 105, from Grand Canyon Center, LP. Total consideration was $844,601. Managing director Michael Zobrist and Managing Director Lauren Tabeek, CCIM, of Newmark Knight Frank represented the lessor in the transaction.
• United Health Care Solutions Inc. dba The Medicine Shoppe Long Term Care Operations and Allied Health Care Solutions Inc. dba The Medicine Shoppe Retail Operation leased 4,000 square feet of retail space at 5801 W. Craig Road, Suites 100 and 120 from 5801 W. Craig LLC. Total consideration was $521,145. Managing Director Michael Zobrist and Managing Director Lauren Tabeek, CCIM of Newmark Knight Frank represented the lessor in the transaction.
• Allied LV Communications Group LLC dba Boost Mobile leased 1,517 square feet of retail space at 655 W. Craig Road, Suite 104, from Craig Promenade LLC. Total consideration was $164,167. Managing Director Michael Zobrist and Managing Director Lauren Tabeek, CCIM, of Newmark Knight Frank represented the lessor in the transaction.
• Daniel M. Kim and Younji C. Kim dba U & I Chiropractic leased 1,331 square feet of retail space at 5597 S Rainbow Blvd, Suite 140 from Harpo Rainbow LLC. Total consideration was $127,776. Managing Director Michael Zobrist and Managing Director Lauren Tabeek, CCIM, of Newmark Knight Frank represented the lessor in the transaction.