Woodcreek Apartment Homes sell for $16M
The Woodcreek Apartment Homes at 4485 Pennwood Ave. has been purchased by an Idaho investor for $16 million.
“This low-income housing community provides an appealing opportunity for investment due to the in-place, above-market yield and strong location near The Las Vegas Strip,” said Thomas Olivetti, associate vice president of Colliers International in Las Vegas. “The buyer plans to improve the quality of the asset through renovations and explore options with the Nevada Housing Division to maximize operations.”
Olivetti worked with Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers International in Greater Phoenix negotiating the sale transaction. Tablerock Capital LLC, an Idaho limited liability company purchased the property from Pennwood Partners, a Nevada limited partnership. Financing for the purchase was provided by CBRE Affordable Housing.
Woodcreek Apartment Homes was built in 1978 and contains 232 rental units. Situated on 11.94 acres, the apartment development includes 16 buildings. It was converted to low-income housing in 2002 through the LIHTC rehab development program. The collection of two-story buildings offers one, two, three and four-bedroom units with assigned, covered parking. Apartments have storage, balconies, patios and appliances. Some units feature walk-in closets, vaulted ceilings and fireplaces. The community is landscaped and provides a children’s play yard, two pools, sports court and clubhouse. There are on-site laundry facilities and a picnic area with barbecue.
SALES TRANSACTIONS:
• The $13.75 million sale of City Center West A, an office building at 7201 W. Lake Mead Blvd. Charles Moore, CSM; Marlene Fujita-Winkel and Bart DeBuono of CBRE’s Las Vegas office represented the seller, Torchlight, in the $13,750,000 transaction encompassing 105,761 square feet. The buyer, RFII Acquisitions, LLC, did not have representation.
The property is adjacent to U.S. Highway 95 and is near the corner of W. Lake Mead Boulevard and Tenaya Way.
• Virtus Commercial represents the buyer in an $8.95 million transaction of Spanish Vista, a 51,834-square-foot, garden-style office park at 4955 S. Durango Drive, 215 Beltway. Virtus Commercial will be handling the property management and leasing at the property, which includes an executive suite component. The unnamed buyer was represented by Chris Emanuel, Virtus Commercial. The seller, WJA Properties LLC & Gold Pac Capital LLC was represented by Tina Taylor and Ryan McCullough of Marcus & Millichap.
• A sale to Steven Mutnick. The approximately 16,126-square-foot retail property is in Shoppes at Summerlin at 7591-7595 W. Washington Ave. in Las Vegas. The transaction value was $5,097,000. Joe Bonifatto of Colliers International represented the seller, PWREO Buffalo and Washington LLC.
• The sale of APN 163-32-601-008 was completed Aug. 8. The 4.18-acre parcel is on the southwest corner of Durango Drive and Oquendo Road. The total value of the transaction was $3.19 million. Michael Brazill and Edward Bassford of Sun Commercial Real Estate Inc. represented the seller, Durango Oquendo LLC and Simply Vegas represented the buyer, Thanhnhi Trust.
• A sale to KB Homes. The approximately 5.23-acre land parcel is on Andermatt Lane (APN: 176-08- 201-007) in Las Vegas. The transaction value was $2,484,250. Steven Haynes of Colliers International represented the seller, Alon & Rosana Miller Family Trust.
• A sale to 777 Corporate Relocation LLC. The approximately 19,125-square-foot industrial property is in Craig Corporate Park at 4480 Calimesa St. The transaction value was $2,237,625. Dan Doherty, SIOR; Chris Lane and Jerry Doty of Colliers International represented the seller, NLV Sagebrush LLC.
• A sale to John Morotti. The approximately 8,258 square foot industrial property is at 6623 S. Schuster St. The transaction value was $1,156,120. Dean Willmore, SIOR, of Colliers International represented the buyer.
• A sale to Vandrey Properties LLC. The approximately 1.01-acre land parcel is at S. Decatur Blvd. and W. Teco Ave. (APN: 162-31- 401-040). The transaction value was $750,000. Scott Gragson and Robert Torres of Colliers International represented the seller, Decatur & Sunset Investments & Kenneth Yvonne Gragson Family Trust. Mike DeLew, SIOR; and Greg Pancirov, SIOR, of Colliers International represented the buyer.
• Marcus & Millichap, a national commercial real estate investment services firm, brokered the sale of a 8,690-square-foot industrial property at 2645 W.est Cheyenne Ave. for $725,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.
Tina D. Taylor, first vice president, investments, and Ryan McCullough, associate, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, Mekad, LLC, was secured and represented by Taylor and McCullough as well.
• The sale of an industrial building was completed on July 27. The 5,910-square-foot space isat 4650 Judson Ave., Unit A. The total value of the transaction was $295,000. Timothy Erickson, Lisa Hauger and Tim Behrendt of Sun Commercial Real Estate Inc. represented the seller, Sinicrope & Sons Inc. and Century 21 Gavish Real Estate represented the buyer, OS Housing Co. LLC.
• Marcus & Millichap announced the sale of Desert Oaks Plaza, a 7,620-square-foot, multitenant retail center located at 3930 West Craig Road in North Las Vegas. The asset sold for $1,625,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.
Chris Cunning, senior vice president, investments, in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor.
LEASE TRANSACTIONS:
• The Lease with The Center was completed on July 13. The 6,678-square-foot office space is at 4325 N. Rancho Drive, Suite 110 & 120. The total value of the transaction was $402,683.40. Lisa Hauger, Tim Behrendt and Timothy Erickson of Sun Commercial Real Estate Inc. represented the Landlord, SLP Northbrooke 3 LLC and New Growth Commercial RE represented the tenant, The Center.
• The lease with 6th Gear Enterprises LLC was completed on July 25. The 2,905 square-foot retail space is at 3000 W. Ann Road, Suite 105 & 106 in North Las Vegas. The total value of the transaction was $273,216. Lisa Hauger, Timothy Erickson and Tim Behrendt of Sun Commercial Real Estate Inc.represented the tenant, 6th Gear Enterprises, LLC and Virtus Commercial represented the landlord, Simmons Centre LLC.
• The lease with Collection Consultants Nevada LLC was completed on July 1. The 2,661-square-foot office space is at 5440 W. Sahara Ave., Suite 300. The total value of the transaction was $192,684.24. Paul Chaffee and Wil Chaffee of Sun Commercial Real Estate Inc. represented the tenant, Collection Consultants Nevada LLC and Tim Behrendt, Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Sahara Vista, LLC.
• A lease to Good Spirits Distributing LLC. The approximately 32,563-square-foot industrial property is in Harsch Traverse Point Commerce Center at 880 Wigwam Parkway, Suite 130 in Henderson. Greg Pancirov, SIOR; and Mike Delew, SIOR of Colliers International represented the lessor, Harsch Investment Properties and the lessee.
• A lease to Liberty Dental Plan. The approximately 22,145-square-foot office property is in Rainbow Sunset Pavilion at 6385 S. Rainbow Blvd. in Las Vegas. Ryan Martin, CCIM, SIOR; Taber Thill, SIOR; Patti Dillon, SIOR; and Teddie Hickey of Colliers International represented the lessee.
• A lease to M&K Enterprise LLC. The approximately 3,199-square-foot retail property is in Grand Bazaar Shops at 3643 Las Vegas Blvd. Phillip Dunning, CCIM, of Colliers International represented the lessee.
• A lease to Eurpac Service Incorporated. The approximately 49,250-square-foot industrial property is in Henderson Freeway Crossing at 8385 Eastgate Road in Henderson. Pat
Marsh, SIOR; and Sam Newman of Colliers International represented the lessor, Henderson Freeway Crossing LLC.
• A lease to PRA Group Inc. The approximately 29,988 square foot office property is in Gibson Tech Center at 168 N. Gibson Road. Ryan Martin, CCIM, SIOR; Taber Thill, SIOR; Patti Dillon, SIOR; and Teddie Hickey of Colliers International represented the lessor, MCA.
• A lease to Anixter Inc. The approximately 22,000-square-foot industrial property is in Arrowhead Commerce Center (Bldg. 9) at 6180 S. Pearl St., Suite D. Spencer Pinter, Dan Doherty, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, KTR LV I LLC.
• A lease RT Drapery and Furniture Inc. The approximately 12,800-square-foot industrial property is in Patrick Airport Center at 6012 Topaz St., Suite 3-6. Mike DeLew, SIOR, Greg Pancirov, SIOR; Dean Willmore, SIOR; Chelsy Cardin and Alex Stanisic of Colliers International represented the lessor, Stockbridge Patrick and Mojave LLC.
• A lease to Silver Lining Advertising LLC. The approximately 6,000-square-foot industrialp roperty is in Mesa Vista Business Center at 3955 W. Mesa Vista Ave., Suite A-4. Spencer Pinter of Colliers International represented the lessor, Mesa Vista Business Center LLC.
• A lease to MetalX LLC. The approximately 5,813-square-foot industrial property is in Civic Center Corporate Park at 3904 Civic Center Drive in North Las Vegas. Dan Doherty, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Civic Center II LLC.
• A lease to Nevada Lighting Representative Inc — Reno. The approximately 5,588-square-foot industrial property is in Westech Business Center I at 5565 S. Decatur Blvd., Suite 107 and 109. Mike DeLew, SIOR, of Colliers International represented the lessor, Westech Business Center LLC. Greg Pancirov, SIOR, of Colliers International represented the lessee.
• A lease to Ambrosia Interior Design Inc. The approximately 5,000-square-foot industrial property is in Ampac Business Park at 1201 American Pacific Drive, Suite A in Henderson. Dan Doherty, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, 1201 American Pacific LLC.
• A lease to 60 East Technologies. The approximately 4,422-square-foot office property is at 5215 Ponderosa Way. Ryan Martin, CCIM, SIOR; Taber Thill, SIOR; Patti Dillon, SIOR; and Teddie Hickey of Colliers International represented the lessee.
• A lease to Delivery Solutions of America LLC. The approximately 4,008-square-foot industrial property is in Civic Center Corporate Park at 3888 Civic Center Drive in North Las Vegas. Dan Doherty, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Civic Center II LLC.
•A lease renewal to Brockie International Inc. The approximately 4,008-square-foot industrial property is in Civic Center Corporate Park at 3892 Civic Center Drive in North Las Vegas. Dan Doherty, SIOR; Chris Lane and Jerry Doty of Colliers International represented the lessor, MCA Civic Center II LLC.
• A lease to Oilmatic Systems LLC. The approximately 4,008-square-foot industrial property is in Civic Center Corporate Park at 3862 Civic Center Drive in North Las Vegas. Dan Doherty, SIOR, and Jerry Doty of Colliers International represented the lessor, MCA Civic Center II LLC. Chris Lane of Colliers International represented the lessee.