Nevada Real Estate & Development Report: June 2013

Nevada Real Estate & Development Report: June 2013Projects

Las Vegas, 89119
Government
Whiting-Turner Contracting is constructing a 6,460 SF, open-air transit center at UNLV. The project will include several bike racks and an outdoor waiting area with shade and shelter canopies. The facility is designed by KGA Architects and G.C. Wallace will serve as engineer on the project. Construction of the transit facility is estimated to be completed in August and will cost $3.45 million to construct. Funding for the center is being provided by a Federal Transit Administration Bus and Bus Facilities Livability Initiative Grant. The property will be located at 4505 S. Maryland Parkway.

Las Vegas, 89109
Retail
DC Building Group has completed renovations on the M & M World attraction on the Las Vegas Strip. The project renovated the entire four-story, 31,300 SF retail and candy store. The property improvements cost $797,253 to complete. The attraction is located at 3785 S. Las Vegas Boulevard.

Las Vegas, 89109
Retail
MGM Resorts International is building a 20,000-seat indoor arena. The arena will be accompanied by retail shops and restaurants. MGM has partnered with sports and entertainment promoter, AEG, to develop and build the arena. Groundbreaking on the project is slated to begin in late-2013 and is planned to take 24-30 months to complete. The venue will be located on the northeast corner of Frank Sinatra Drive and Tropicana Avenue. The parcel of land, behind the Monte Carlo and New York, New York, is already owned by MGM Resorts.

Sales

Carson City, 89706
Multi-Family
Village Investment Partners LP purchased the 176-unit Parkway Manor Apartments from Parkway Manor Inc., a Nevada Corporation for $18,650,000 or $105,967 per unit. The buyer was represented by Aiman Noursoultanova, CCIM of CBRE. The property is located at 603 E. College Parkway.
APN # 002-753-01

Las Vegas, 89169
Office
Fran Glo Investments, LLC #5 purchased 8,865 SF from The William P. Floyd, Trustee for $1.5 million or $169 PSF. The seller was represented by Cathy Jones, CCIM and Paul Miachika of Sun Commercial Real Estate. The property is located at 1950 E. Desert Inn Road.
APN #162-11-815-017

North Las Vegas, 89084
Retail
Stoltz Real Estate Partners purchased the 512,325 SF Deer Springs Town Center Shopping Center from Regency Centers Corporation for $50.5 million or $99 PSF. The seller was represented by Mark Lucescu of Lucescu Realty. The property is located at 6800 N. 5th Street et al.
APN # 124-23-110-002

Reno, 89431
Retail
Champion Family Trust purchased 5,040 SF from Lyons Family Trust for $320,000 or $63. The property is located at 1681 Glendale Avenue.
APN # 034-040-20

Reno, 89501
Retail
One East Liberty LLC purchased 84,150 SF from U.S. Bancorp for $5,980,000 or $71 PSF. The property is located at 300 S. Virginia Street.
APN # 011-172-14

Las Vegas, 89118
Industrial
Shemger Enterprises LLC purchased 65,814 SF from Kouretas Industrial LLC for $4.5 million or $68 PSF. The buyer was represented by Mike DeLew, SIOR and Greg Pancirov, SIOR of Colliers International and the seller was represented by Pat Marsh, SIOR and Dave Frear, SIOR of Colliers International. The property is located at 3925 W. Sunset Road.
APN # 177-06-504-001

Leases

Las Vegas, 89130
Mix-Use
Heritage Mortuary leased 8,078 SF from CAN-CEI Nevada LLC for $554,000 on a 86-month lease. The tenant was represented by Sam Scaletta of MDL Group. The property is located at 3610 and 3612 N. Rancho Drive. Reported monthly rent is $0.80 PSF.

Las Vegas, 89107
Office
Viator Inc leased 8,873 SF from Rainbow Business Center, LLC for $585,618 on a five-year lease. The tenant was represented by Lisa Hauger of MDL Group and the landlord was represented by Randy Broadhead, SIOR of CBRE. The property is located at 777 N. Rainbow Boulevard, #300 and #310. Reported monthly rent is $1.10 PSF.

North Las Vegas, 89032
Retail
A & D Foods, LLC leased 5,800 SF from Las Vegas Adventure, LLC for $506,232 on a five-year lease. The tenant and the landlord were both represented by Tim Behrendt and Lisa Hauger of MDL Group. The property is located at 965 W. Craig Road. Reported monthly rent is $1.45 PSF.

Las Vegas, 89108
Retail
Edith and Ralph Rodriguez leased 6,000 SF from Kimco Realty for $410,543 on a five-year lease. The tenant was represented by Scot Marker of Colliers International. The property is located at 3129 N. Rainbow Boulevard. Reported monthly rent is $1.14 PSF.

North Las Vegas, 89030
Industrial
Quality Auto Service leased 6,700 SF from Pico Vegas, LLC for $182,148 on a five-year lease. The landlord was represented by Marty Martell of MDL Group. The property is located at 4220 E. Craig Road, #3-6. Reported monthly rent is $0.45 PSF.

Las Vegas, 89120
Industrial
Marquez Brothers Nevada, Inc. leased 23,322 SF from KTR LV IV LLC for $341,721 on a 25-month lease. The tenant is represented by Brian Riffel of Colliers International and the landlord is represented by Spencer Pinter and Dan Doherty, SIOR of Colliers International. The property is located at 3650 E. Post Road, Suites F-G. Reported monthly rent is $0.59 PSF.

Fernley, 89408
Industrial
Trex Company Inc. leased 337,500 SF from Panattoni Development for $15,098,825 on a 115-month lease. The tenant was represented by Michael Nevis, CCIM of NAI Alliance and the landlord was represented by Michael Hoeck, SIOR of NAI Alliance. The property is located 2375 E. Newlands Drive. Reported monthly rent is $0.40 PSF.

Cold Chain Technologies leased 42,500 SF from Panattoni Development for $790,500 on a five-year lease.Reno, 89506
Industrial
Cold Chain Technologies leased 42,500 SF from Panattoni Development for $790,500 on a five-year lease. The landlord was represented by Dave Simonsen, CCIM, SIOR of NAI Alliance. The property is located at 6640 Echo Avenue. Reported monthly rent is $0.31 PSF.