Nevada Real Estate & Development Report: November 2013

Read the Nevada Real Estate and Development Report: November 2013 - Commercial real estate and development - projects, sales, and leases.Projects

Las Vegas, 89109
Tutor Perini Building Corp. has begun construction on the third phase of the Marriott’s Grand Chateau, the first vertical construction to occur on the Las Vegas Strip since 2008. Construction is projected for completion mid-2014, and will add 233 tower villas for a total of 643 units at the timeshare resort. The tower villas range from one- to three-bedroom units with each having its own dining and living area, LED televisions and washer and dryers. Three-bedroom villas can accommodate up to 10 guests. KHS&S Contractors serves as the primary subcontractor on the project. The property spans 3.3 acres at 75 E. Harmon Avenue.

Sales

Las Vegas, 89107
Office
500 Corporate Center LLC purchased 85,842 SF from U.S. Bank for $6,850,000 or $80 PSF. The buyer was represented by Chris Johnson of Real Capital Corporation. The property is located at 500 N. Rainbow Boulevard.
APN# 138-26-302-001

Las Vegas, 89117
Office
My G. Tran, D.D.S., PC purchased 8,381 SF from Eyes on Sahara LLC for $1,257,150 or $150 PSF. The seller was represented by Laramie Bracken and Ali Roesener of Gatski Commercial. The property is located at 7545 W. Sahara Avenue.
APN# 163-10-103-004

Las Vegas, 89118
Office
Kirvin Doak Communications purchased 18,334 SF from One Nevada Credit for $1,320,000 or $72 PSF. The buyer was represented by Mike Delew and Greg Pancirov of Colliers International and the seller was represented by Jeff Berg and Mica Berg of Sun Commercial Real Estate. The property is located at 5230 W. Patrick Lane.
APN# 163-36-610-004

Las Vegas, 89119
Office
MVP Reit purchased 22,000 SF from Devonshire LLC for $6.4 million or $291 PSF. The property is located at 8925 W. Post Road.
APN# 163-32-810-007

Las Vegas, 89169
Office
The Blackstone Group purchased 1.4 million SF from Barclays Capital and Goff Capital Partners for $347 million or $248 PSF. The property is located at 3800 Howard Hughes Parkway.
APN# 162-16-712-003

Reno, 89521
Office
Bruun-Andersen Family Estates Estate purchased 5,316 SF from Cashell Investments LLC for $750,000 or $141 PSF. The property is located at 900 Damonte Ranch Parkway.
APN# 140-173-08.

Reno, 89506
Retail
R&P Byers Bypass Trust purchased 8,320 SF from T & N Stead LLC for $1,640,000 or $197 PSF. The property is located at 10525 Stead Boulevard.
APN# 090-150-31

Reno, 89508
Retail
ARC FDCSPNVOO1 LLC purchased 8,000 SF from T & N Cold Springs LLC for $1,245,594 or $156 PSF. The property is located at 3395 White Lake Parkway.
APN# 087-031-25

Henderson, 89011
Industrial
Lake Las Vegas Property Investments LLC purchased 17,500 SF from T. Danny Tai 7 Victoria H Tai Revocable Trust for $1,452,500 or $83 PSF. The buyer was represented by Eric Molfetta, SIOR of Colliers International and the seller was represented by Jarrad Katz, CCIM and Galit Kimerling of MDL Group. The property is located at 7541 Eastgate Road.
APN# 178-11-115-024

Las Vegas, 89101
Industrial
Wade Henriksen purchased 7,400 SF from Beta Rains LLC for $360,000 or $49 PSF. The buyer was represented by Mike McLeod, CCIM of Albright Callister & Associates and the seller was represented by Nick Barber and Jeremy Foley of Gatski Commercial. The property is located at 63 and 65 N. 30th Street.
APN# 139-36-402-005, 139-36-402-006

Las Vegas, 89118
Industrial
JD Industrial LLC purchased 9,339 SF from Business Property Lendinc Inc. for $820,000 or $88 PSF. The buyer was represented by Dan Doherty, SIOR and Chris Lane of Colliers International. The property is located at 6671 Schuster Street.
APN# 177-06-516-005

Reno, 89523
Industrial
Garlock Printing & Converting, West purchased 48,000 SF from Garlock Printing & Converting for $2,300,000 or $48 PSF. The property is located at 127 Woodland Avenue.
APN# 212-050-03

North Las Vegas
Vacant Land
Insight Investment Partners LLC purchased 78 acres from NLV Parcel 5.03 LLC and Parcel NVL 1.13 LLC for $7.8 million or $2.30 PSF. The buyer was represented by Brian Riffel of Colliers International and the seller was represented by Michael Stuart of Colliers International.

Las Vegas, 89131
Vacant Land
Verlaine LLC purchased 10 acres from Douglas Bowler, Kimball S Davis Family Trust and Lameduck A13145 Investors, LLC for $1,620,000 or $3.72 PSF. The buyer was represented by Levi Parker of Las Vegas Investments & Realty, Inc. The property is located at N. Bradley Road and W. Iron Mountain Road.
APN# 125-01-402-009

Leases

Las Vegas, 89107
Office
Fidelity National Title Insurance Co. leased 6,996 SF from US Bank National Association for $695,913 on a 64-month lease. The tenant was represented by Kathryn Snyder of Onion Realty Group and the landlord was represented by Rob Lujan and Jason Simon of Gatski Commercial. The property is located at 500 N. Rainbow Boulevard. Reported monthly rent is $1.55 PSF.

Las Vegas, 89115
Office
Talescris Plasma Resources leased 11,000 SF from Manaso Investments LLC for $752,663 on a five-year lease. The tenant was represented by Carla Coel of CB Richard Ellis and the landlord was represented by Chris Godino and David Lipp, CCIM of Newmark Grubb Knight Frank. The property is located at 3250 N. Las Vegas Boulevard , Suite A. Reported monthly rent is $1.14 PSF.

Las Vegas, 89121
Office
Choices Group, Inc. leased 10,063 SF from Desert Inn Office LLC for $909,744 on a five-year lease. The tenant was represented by Bobbi Miracle, CCIM of Commercial Realty Executives and the landlord was represented by Nick Barber and Jeremy Foley of Gatski Commercial. The property is located at 2725 E. Desert Inn Road. Reported monthly rent is $1.43 PSF.

Las Vegas, 89130
Office
Olive Crest leased 7,863 SF from SLP Northbrooke 5 LLC for $210,335 on a three-year lease. The tenant was represented by Elizabeth Moore of Newmark Grubb Knight Frank and the landlord was represented by Tim Behrendt and Lisa Hauger of MDL Group. The property is located at 4285 Rancho Drive, Suite 160. Reported monthly rent is $0.74 PSF.

Las Vegas, 89147
Retail
Hot Pilates & Yoga leased 5,850 SF from Karlin Grand Canyon LLC for $451,035 on a 66-month lease. The tenant was represented by Todd Boyer of R.O.I. Commercial Real Estate and the landlord was represented by Nelson Tressler and Michael Zobrist of Newmark Grubb Knight Frank. The property is located at 4245 S. Grand Canyon Drive, Suite 118-120. Reported monthly rent is $1.17 PSF.

Henderson, 89014
Industrial
O’Hagin LLC leased 24,079 SF from Harsch Investment Properties LLC for $341,653 on a 39-month lease. The tenant was represented by Cathy Jones, CCIM of Sun Commercial Real Estate Inc. and the landlord was represented by Michael De Lew, SIOR and Greg Pancirov, CCIM, SIOR of Colliers International. The property is located at 880 Wigwam Parkway, Suite 100. Reported monthly rent is $0.36 PSF.

North Las Vegas, 89030
Industrial
Redline Wheels leased 5,896 SF from The Kuwasaki Familiy LP for $42,750 on a 25-month lease. The tenant was represented by Joe Griffis of Griffis Realty Investments and the landlord was represented by Kara Walker, CCIM of Newmark Grubb Knight Frank. The property is located at 4222 Losee Road, Suite I. Reported monthly rent is $0.29 PSF.

Las Vegas, 89110
Industrial
OSA West Inc. leased 56,725 SF from KTR LV II LLC for $1,860,483 on a 5-year lease. The landlord was represented by Spencer Pinter and Dan Doherty, SIOR of Colliers International. The property is located at 6275 S. Sandhill Road. Reported monthly rent is $0.55 PSF.

Las Vegas, 89113
Industrial
Anazao Health Corp. leased 27,111 SF from EJM Arroyo North I Property LLC for $2,665,116 on a 10-year lease. The tenant was represented by Spencer Pinter of Colliers International and the landlord was represented by Frank Hayden of Commercial Asset Managers. The property is located at 7465 W. Sunset Road, Suites 800-1200. Reported monthly rent is $0.82 PSF.

Las Vegas, 89115
Industrial
Updike Distribution leased 52,800 SF from ProLogis for $52,060 on a three-month lease. The tenant was represented by Dean Willmore, SIOR and Renae Russo of Colliers International and the landlord was represented by Dan Doherty, SIOR and Chris Lane of Colliers International. The property is located at 2951 N. Marion Drive, Suites 109-113. Reported monthly rent is $0.33 PSF.