Nevada Real Estate & Development Report: February 2014

Read the Nevada Real Estate and Development Report: February 2014 - Commercial real estate and development - projects, sales, and leases.


Sale, Office
ADDRESS 3039 W. Horizon Ridge Pkwy, 89052
SELLER Vantage at Horizon Ridge, LLC
DETAILS 6,754 SF; $1,725,000
APN 177-35-510-029
BUYER’S REP William Skupa and Gino Vincent of MINT Property Group, Ltd.
SELLER’S REP Joseph DeSimone of First Federal Realty Desimone

Sale, Vacant Land
ADDRESS Stephanie St. and Wigwam Pkwy. 89074
DETAILS 4.61 acres; $1.5 million
APN 178-15-310-011
BUYER’S REP Brian Sorrentino of ROI Commercial Real Estate
SELLER’S REP Cathy Jones and Paul Miachika of Sun Commercial Real Estate, Inc.

Sale, Industrial
ADDRESS 151 Gallagher Crest Rd., 89074
BUYER Designs for Health, Inc.
SELLER Super Brands, LLC
DETAILS 42,292 SF; $3.3 million
APN 178-15-510-003
BUYER’S REP Dean Willmore, SIOR of Colliers International
SELLER’S REP Ben Millis of Newmark Grubb Knight Frank

Lease, Office
ADDRESS 2340 Corporate Circle, 89074
TENANT Quest Software, Inc.
DETAILS 7,800 SF; $975,294 for five years
TENANT’S REP American Nevada Realty
LANDLORD’S REP Taber Thill of Colliers International

Lease, Retail
ADDRESS 1381 W. Sunset Rd., 89014
TENANT Café Zupas
LANDLORD Remington Commercial 1. LLC
DETAILS 3,720 SF; $1,013,886 for 10 years
TENANT’S REP Jason Otter and Brendan Keating of The Equity Group
LANDLORD’S REP Stan Wasserkrug, Intercapital Asset Management

Lease, Retail
ADDRESS 2556 Wigwam Pkwy., 89074
TENANT 24 Hour Fitness USA, Inc.
LANDLORD Centra Pecos Legacy, LLC
DETAILS 42,010 SF; $2,520,600 for five years
LANDLORD’S REP Scot Maker of Colliers International


Sale, Retail
ADDRESS Rancho Verde Apartments
Parcel 3, 89106
BUYER Madison Development Group, LLC
SELLER Rancho Verde Apartments, LLC
DETAILS 1.2 acres; $850,000
APN 139-28-402-004
BUYER’S REP Dan Hubbard of Cushman & Wakefield Commerce
SELLER’S REP Clark County Development USA, LLC


Project, Vacant Land
ADDRESS Huckleberry Park, Northwest Las Vegas
DEVELOPER Focus Property Group
DETAILS The Providence master planned community broke ground for its third park. Huckleberry Park will join The Promenade and Knickerbocker Park in northwest Las Vegas, covering 1,200 acres. Huckleberry Park will feature an events field, outdoor stage area, dog parks of various sizes, sports and play areas with additional room for future developments. The $2 million project is being built in such a way that it will protect the natural environment while offering residents ample options for fitness and outdoor recreation. The park is scheduled to open in late 2014.

Loan, Multi-Family
ADDRESS 2316 Spring Grove Dr., 89108
TENANT Terrace Court
DETAILS 68 units; $3.9 million refinance for five years, 30 year amortization
TENANT’S REP Thomas J. Powell and Michael Dobins of NorthMarq


Sale, Multi-Family
ADDRESS 3665 Needles Hwy, Laughlin 89029
BUYER Omninent Crown, LP
SELLER ConAm Group
DETAILS 536 units; $12.9 million
APN 264-28-211-001


Project, Retail
ADDRESS 325 Convention Dr., 89109
DETAILS The Las Vegas Marriott has completed its $4.3 million project updating the hotel. The guest room renovations included new lock systems, in-room safes and additional outlets. Furniture, lighting and décor have also been updated. Additionally, the Las Vegas Marriott added 600 SF of new meeting space to its second floor. Later this year, all other existing meeting spaces will undergo renovations.

Project, Retail
ADDRESS Las Vegas Blvd. and Flamingo Rd., 89109
DETAILS The Grand Bazaar Shops, scheduled to open in Fall 2014, will feature close to 55,000 SF of outdoor shopping, restaurants and entertainment right at the heart of the Las Vegas Strip. Pioneered by Laurence Siegel of Juno Property Group, the concept was inspired by the various open-air markets from around the world. Other partners of this project are Perella Weinberg Partners Asset Based Value Strategy, Glimcher Capital Group and Caesars Entertainment. The Grand Bazaar Shops will feature over 150 shops.

Sale, Multi-Family
ADDRESS 10200 Giles St., 89183
BUYER The Praedium Group
DETAILS 320 units; $41.9 million
APN 177-28-301-022
BUYER’S REP CB Richard Ellis
SELLER’S REP Hendricks-Berkadia

Sale, Retail
ADDRESS Tropicana Centre at 3035 to 3375 E. Tropicana Ave., 89121
BUYER Arilex Tropicana Associates LLC
SELLER Gregg Williams
DETAILS 589,191 SF; $39.8 million
APN 162-25-501-008
SELLER’S REP Joe Bonifatto and Frank Marretti of Colliers International

Lease, Industrial
ADDRESS 3132-3152 Highland Ave., 89109
TENANT 3152 Highland Drive, LLC
LANDLORD Hughes Family LLC & Coury Family LLC
DETAILS 47,656 SF; $805,000 for three years
TENANT’S REP Curtis Bunce of Diversified Realty Group
LANDLORD’S REP Amy Ogden and Danielle Steffen of Cushman & Wakefield Commerce


Sale, Industrial
ADDRESS 4325 W. Patrick Ln., 89118
BUYER Vegas Closeouts LLC
DETAILS 7,104 SF; $625,000
APN 162-31-712-000
BUYER’S REP James Griffis of MDL Group
SELLER’S REP Eric Larkin of Musser Capital Real Estate Advisors

Lease, Retail
ADDRESS 2880 B Meade Ave, Suite 360, 89102
TENANT VeriFone Inc.
LANDLORD Eden Las Vegas, LLC
DETAILS 6,226SSF; $180,456 for 2 years
LANDLORD’S REP Leo Biedermann of Cushman & Wakefield Commerce

Lease, Retail
ADDRESS 6344 W. Sahara Ave., 89146
TENANT International Church of The Four Square Gospel
LANDLORD West Sahara Associates
DETAILS 16,400 SF; $488,392 for 5 years
LANDLORD’S REP Joseph Anderson and Neil Dela Cruz of MDL Group


Sale, Retail
ADDRESS Sparks Galleria Shopping Center 89436
BUYER Pine Tree Commercial Realty
DETAILS 633,498 SF; $26.2 million
BUYER’S REP Michael Cleeman of Cohen Real Estate
SELLER’S REP Rick Kaiser of Cohen Real Estate

Sale, Industrial
ADDRESS 400 Western Rd., Reno, 89506
SELLER Hawley Trust
DETAILS 61,152 SF; $1,750,000
APN 082-600-04
BUYER’S REP Dan Oster, SIOR of NAI Alliance
SELLER’S REP Dave Simonsen, SIOR, CCIM and J. Michael Hoeck, SIOR of NAI Alliance Industrial Properties

Sale, Industrial
ADDRESS 7788 White Fir St., Reno, 89523
SELLER F & J Properties LLC.
DETAILS 2.056 acres and 11,000 SF; $1.8 million
APN 212-050-19
SELLER’S REP Scott Shanks, SIOR and Dominic Brunetti, CCIM of NAI Office Properties Group

Read the Nevada Real Estate and Development Report: February 2014 - Commercial real estate and development - projects, sales, and leases.