ReD Report - February 2010

ReD Report

Deal Tracker

PROJECTS

Henderson, 89074

Office

The Korte Company has completed construction on the South Hills Church Community.  The project was designed by JVC Architects.  Construction consisted of a 40,000 SF building with an entry mall, coffee shop, youth and children’s ministry and administration offices.  The building accommodates 3,000 occupants.  The project is located at 9550 Manhattan Rd. on the southwest corner of Pecos Rd. and Serene Ave.

Las Vegas, 89119

Office

CORE Construction has completed work on the Cashiering and Students Accounts Office at the University of Nevada, Las Vegas.  The Nevada State Public Works Board contracted CORE for the 3,365 SF remodel.  Assemblage Studio served as architect for the $417,000 project.  The office is located on the first floor of the Donald W. Reynolds Student Services Center at 4505 Maryland Pkwy.

Carson City, 89703

Office

Shaheen Beauchamp Builders, LLC has completed an ambulatory surgery center and medical office clinic for GI Consultants, Inc.  The 15,000 SF building will triple the size of GI Consultants’ medical practice.  HMC Architects of Reno served as the architect for the project which is located at 1385 Vista Lane, adjacent to the Carson Tahoe Medical Center Campus.

Las Vegas, 89103

Retail

Danoski Clutts Building Group, LLC has completed tenant improvement work on a Wendy’s.  The bulk of the work was on the exterior façade and the project is the first in Las Vegas to reflect Wendy’s new branding.  Gary Guy Wilson Architects designed the tenant improvement.  The project is located at Tropicana and Polaris.

Clark County,

Government

Ninyo & Moore has completed grading observation and testing and materials testing and inspection services for the Coyote Springs Wastewater Treatment Plant.  The project included the design and construction of a water treatment facility that consisted of a pump station, generator pad, meter vault, administration buildings and underground lines.  The plant is located on U.S. Route 93, north of State Route 168.

SALES

Henderson, 89014

Office

Las Vegas One Properties, LLC purchased a 5,025 SF office building from Smith Family 2007 Trust for $769,000 or $153 PSF.  The buyer was represented by Paul Hoyt, SIOR of Colliers International and the seller was represented by Kimmen Olsen of LeaseCorp.  The property is located at 2020 W. Sunset Rd.

APN # 178-05-515-003

Henderson, 89014

Office

ADR Holdings, LLC purchased a 3,224 SF office condo from Warm Springs & Stephanie Office Investors, LLC for $250,000 or $78 PSF.  The seller was represented by Dana Berggren, LEED AP and Aaron Goldberg of Prudential | IPG Commercial Real Estate.  The property is located at 1546 W. Warm Springs Rd.

APN # 178-04-814-000

Las Vegas, 89148

Office

Andorra 9, LLC purchased 4,020 SF in the Medical Pavillion at Southern Palms from Ritaveh, LLC for $500,200 or $124 PSF.  The buyer was represented by Dana Berggren, LEED AP of Prudential | IPG Commercial Real Estate.  The property is located at 6096 S. Fort Apache Rd.

APN # 163-32-212-023

Las Vegas, 89148

Office

Daniel Halby d.b.a. Halby Hair Transplant, Ltd. purchased 6,604 SF from Zion’s First National Bank for $785,000 or $119 PSF.  The buyer was represented by Ben Millis and Mike Lyons of NAI Las Vegas and the seller was represented by Ed Anderson of Realty One Group.  The property is located at 5524 S. Fort Apache Rd.

APN # 163-29-410-008

Reno, 89509

Office

Fuchs Investments purchased a 2,984 SF commercial property from Mt. Rose Photographic for $215,700 or $72 PSF.  The seller was represented by John Walker of Stark & Associates Commercial Real Estate/TCN Worldwide.  The property is located at 606 Mount Rose St.

APN # 014-193-14

Carson City, 89701

Office

Silver Sage Partners, LLC purchased a 3,044 SF building from CJ Bawden for $337,500 or $111 PSF.  The buyer was represented by Bruce Robertson, CCIM of Sperry Van Ness in Carson City and the seller was represented by Thomas Johnson, CCIM, John Lynch and Tomi Jo Lynch of Sperry Van Ness in Reno.  The property is located at 3064 Silver Sage.

APN # 009-701-39

North Las Vegas, 89081

Industrial

Marco Washburn Realty, LLC purchased a 4,075 SF office/warehouse building from Kirkwood Bank & Trust Co. for $250,000 or $61 PSF.  The buyer was represented by Dean Willmore, SIOR of Prudential | IPG Commercial Real Estate and the seller was represented by Colliers International.  The property is located at 2559 E. Washburn Rd.

APN # 124-36-312-012

Las Vegas, 89113

Industrial

Jane Source Properties, LLC purchased an 8,440 SF building from PF 1 Buffalo, LLC for $654,100 or $78 PSF.  The seller was represented by Pat Marsh, SIOR and Eric Molfetta of Colliers International.  The property is located at 6295 S. Pioneer Way, Building 16.

Las Vegas, 89106

Multi-Family

Joseph and Julie David, et al completed a short-sale purchase of Palm Court, an 18-unit apartment complex, from KH Real Estate Investment Fund, LLC for $125,000 or $6,944 per unit.  The seller was represented by Luis Velazquez of Marcus & Millichap.  The property is located at 828 F. St.

APN # 139-27-310-008

Las Vegas, 89109

Multi-Family

Robert Jules Nevada Holdings, LLC purchased the Van Patten Apartments, a 30-unit complex, from Bank of America for $405,000 or $13,500 per unit.  The buyer was represented by Art Carll and Kimberly Owen of NAI Las Vegas and the seller was represented by Geoffrey West of CB Richard Ellis.  Robert Jules Nevada Holdings, LLC also purchased an additional 10-unit complex named Bayview Apartments from Bayview Loan Servicing, LLC for $185,000 or $18,500 per unit.  The buyer was represented by Art Carll, Kimberly Owen and Ben Millis of NAI Las Vegas.  The properties are located at 2636-2656 Van Patten and 2627 Van Patten, respectively.

APN # 162-10-112-013 et al and 162-10-112-007, respectively

Las Vegas, 89169

Multi-Family

Brandon & Tara Arthur purchased a 36-unit apartment complex from The Bank of New Mellon for $725,000 or $20,694 per unit.  The buyer was represented by John C. West of Specialists Real Estate and the seller was represented by Art Carll and Kimberly Owen of NAI Las Vegas.  The property is located at 1075, 1089, 1107 and 1121 Desert Inn.

APN # 162-15-510-005 et al

Las Vegas, 89113

Vacant Land

FedEx/FE Properties Las Vegas, LLC purchased a six-acre property from Post Rainbow, LLC for $4,845,000 or $19 PSF.  The seller was represented by David Frear, SIOR of Colliers International.  The property is located at 7000 W. Post Rd.

APN # 163-34-713-002

Las Vegas, 89147

Vacant Land

JDBA Vegas, LLC purchased 12.19 acres of land from Sean Reza Afshar for $4.2 million or $8 PSF.  The buyer was represented by Greg Valasquez of Single Net Properties and the seller was represented by Nelson Tressler, Doug Schuster, Curtis Allsop, Vittal Ram and Suzanne Sprenger of Grubb & Ellis | Las Vegas.  The property is located at 4355 S. Grand Canyon.

APN # 163-19-211-002

Las Vegas, 89148

Vacant Land

Carl E. Ross Living Trust purchased 8.39 acres from Vestin Mortgage for $2 million or a little over $5 PSF.  The seller was represented by Anthony Hama of Sperry Van Ness.  The property is located at Fort Apache and Hacienda.

APN # 163-30-601-018

LEASES

Henderson, 89052

Office

MD Realty of Henderson, LLC has leased the 48,047 SF Tuscano Medical Parc from BBSS, Inc. for $21 million on a 15-year lease.  The tenant was represented by CB Richard Ellis and the landlord was represented by Chuck Witters, SIOR, David Flynn and Kris Watier of Lee & Associates.  The building was developed by Steelhead Development, Inc. The property is located at 10561 Jeffreys St.  Reported monthly rent is $2.43 PSF.

Henderson, 89074

Office

Ardyss International, Inc. leased 13,949 SF of Class A office space from American Nevada Company for $1,036,550 on a three-year lease.  The tenant was represented by Laura Hart of Prudential | IPG Commercial Real Estate.  The property is located at 2275 Corporate Circle.  Reported monthly rent is $2.06 PSF.

Las Vegas, 89101

Office

Joseph A. Scalia, Ltd. leased 7,496 SF from Kint, LLC for $281,000 on a three-year lease.  The landlord was represented by Soozi Jones Walker, CCIM, SIOR and Bobbi Miracle, CCIM of Commercial Executives.  The property is located at 714 S. 4th St.  Reported monthly rent is $1.04 PSF.

Las Vegas, 89117

Office

Heart Check America, LLC leased 10,000 SF from Winner Properties, LLC for $1,469,862 on a 10-year lease.  The tenant was represented by Jaime Valez of Keller Williams and the landlord was represented by Soozi Jones Walker, CCIM, SIOR and Bobbi Miracle, CCIM of Commercial Executives.  The property is located at 7690 W. Sahara Ave.  Reported monthly rent is $1.22 PSF.

Las Vegas, 89121

Office

NCO Financial Systems, Inc. leased 5,384 SF from Desert Inn Office Center for $257,042 on a 37-month lease.  The tenant was represented by Chuck Witters, SIOR and Kris Watier of Lee & Associates and the landlord was represented by Kimon Olsen of Lease Corp.  The property is located at 2725 E. Desert Inn Rd.  Reported monthly rent is $1.29 PSF.

Las Vegas, 89123

Office

Selling Source, LLC leased 36,600 SF from Barclay Las Vegas, Inc. for $4,354,360 on a 90-month lease.  The landlord was represented by Jayne Cayton and Bret Davis of CB Richard Ellis.  The property is located at 325 E. Warm Springs Rd.  Reported monthly rent is $1.32 PSF.

Las Vegas, 89129

Office

MPower Communications Corp. leased 39,478 SF in the Cheyenne Corporate Center from 333 MSA Fremont II, LLC for $9,931,722 on a 10-year lease.  The landlord was represented by Darren Lemmon of CB Richard Ellis.  The property is located at 3300 N. Cimarron Rd.  Reported monthly rent is $2.09 PSF.

Las Vegas, 89102

Retail

Savers leased 39,641 SF from PK Sale, LLC for $3,559,762 on a 10-year lease.  The landlord was represented by Scot Marker of Colliers International.  The property is located on the southeast corner of Decatur Blvd. and Sahara Ave.  Reported monthly rent is $0.75 PSF.

Las Vegas, 89119

Retail

Chase Bank leased 5,200 SF in the Mission Center from Weingarten Realty for $982,800 on a 10-year lease.  The tenant was represented by David Johnson and Phillip Baca of NAI Las Vegas.  The property is located at Maryland Pkwy. and Flamingo Rd.  Reported monthly rent is $1.58 PSF.

Las Vegas, 89130

Retail

Total Image Salon leased 3,550 SF in Craig Crossing Shopping Center from WAW Properties, LLC for $355,923 on a five-year lease.  The landlord was represented by Nelson Tressler and Mike Zobrist of Grubb & Ellis | Las Vegas.  The property is located at 5860 W. Craig Rd., Suite A-4.  Reported monthly rent is $1.67 PSF.

Henderson, 89011

Industrial

Figueroa Motorsports leased 7,008 SF from S.T.W.M.S., V, Phase III, LLC for $116,754 on a three-year lease.  The landlord was represented by Colliers International’s Michael De Lew, SIOR and Greg Pancirov, SIOR.  The property is located at 7715 Commercial Way, Suites 100 and 105.  Reported monthly rent is $0.46 PSF.

Henderson, 89015

Industrial

Levi Strauss & Co. leased 130,000 SF on 9.93 acres from Milgard Manufacturing, Inc. for $2,220,862 on a 39-month lease.  The tenant was represented by Xavier Wasiak, SIOR of Grubb & Ellis | Las Vegas and the landlord was represented by Michael De Lew, SIOR and Greg Pancirov, SIOR of Colliers International.  The property is located at 7600 Eastgate Rd.  Reported monthly rent is $0.44 PSF.

Las Vegas, 89032

Industrial

Goodwill Industries, Inc. leased 26,704 SF in the Cadona Business Park from Cardona & Cardona, LLC for $109,620 on a two-year lease.  The tenant and landlord were both represented by Curtis Sanders of NAI Las Vegas.  The property is located at 1605 W. Brooks Ave.  Reported monthly rent is $0.17 PSF.

Las Vegas, 89115

Industrial

Christy Lites Las Vegas, LLC leased 31,200 SF in the Craig Distribution Center II from Roberts Ranch Venture, LP for $537,921 on a 63-month lease.  The tenant was represented by Karolina Janik of CB Richard Ellis and the landlord was represented by Dan Doherty, SIOR, Patti Dillon and Ben Campbell of Colliers International.  The property is located at 4340 N. Lamb, Suites 100 and 110.  Reported monthly rent is $0.27 PSF.

Las Vegas, 89115

Industrial

On Location, Inc. leased 6,046 SF from Harsch Investment Corporation for $83,952 on a three-year lease.  The tenant was represented by Mike Lyons & Ben Millis of NAI Las Vegas and the landlord was represented by Tom Elkington and Ed Aragon of Commerce CRG.  The property is located at 6180 N. Hollywood Blvd., Suite 107.  Reported monthly rent is $0.39 PSF.

Las Vegas, 89118

Industrial

Milgard Manufacturing, Inc. leased 8,963 SF from Cable Investments – Diablo, LP for $170,754 on a 39-month lease.  The tenant and landlord were both represented by Michael De Lew, SIOR and Greg Pancirov, SIOR of Colliers International.  The property is located at 5175 W. Diablo Dr., Suite 110.  Reported monthly rent is $0.49 PSF.

Las Vegas, 89118

Industrial

Kinetics Noise Control leased 6,406 SF from Brigite Land Management for $119,399 on a 39-month lease.  The tenant was represented by Eric Larkin of Voit Commercial Brokerage and the landlord was represented by E.J. Paul Sweetland IV, SIOR of Colliers International.  The property is located at 6611 Schuster St.  Reported monthly rent is $0.48 PSF.

Las Vegas, 89118

Industrial

Kelly II, LLC leased 10,448 SF from E & M Investments for $19,746 on a seven-month lease.  The tenant was represented by Leo Biedermann of Commerce CRG and the landlord was represented by E. J. Paul Sweetland IV, SIOR and Brian Riffel of Colliers International.  The property is located at 5033 Diablo Dr.  Reported monthly rent is $0.27 PSF.

Las Vegas, 89139

Industrial

Grand Canyon Skywalk Development, LLC leased 9,401 SF of office/warehouse space from Turnbull-Kent, LLC for $200,805 on a 38-month lease.  The tenant was represented by Soozi Jones Walker, CCIM, SIOR and Bobbi Miracle, CCIM of Commercial Executives and the landlord was represented by Jason Lybbert of Jan Bernard Realty.  The property is located at 5985 W. Wigwam.  Reported monthly rent is $0.56 PSF.

LOANS

Reno,

Office

Tony Castrignano of Sky Mesa Capital arranged for re-financing of McCarran A, B and C, LLC, a three-building 41,490 SF multi-tenant office.  The loan is for $3.5 million over a 10-year term at a 6.95 % interest rate.  The refinance was done through Symetra Financial and lowered the existing interest rate and stabilized the return for the investors.

Reno,

Industrial

Tony Castrignano of Sky Mesa Capital arranged for re-financing for 5401 Longley, LLC.  The loan is for $2.5 million over a 10-year term at a 6.95 % interest rate.  The refinance was done through Symetra Financial and lowered the existing interest rate and stabilized the return for the investors.