ReD Report - April 2010

ReD Report

Deal Tracker

PROJECTS

Las Vegas, 89102

Mixed-Use

The Smith Center for the Performing Arts, a public/private partnership recently topped out.  The 4.75 acre cultural complex will be home to the 2,050-seat Reynolds Hall and the Boman Pavilion.  The project broke ground in May of last year and is expected to open in the Spring of 2012.  In addition to the City of Las Vegas other partners for the project include, David M. Schwarz Architects, Fisher Dachs Associates, HKS Architects Inc, Akustiks, MSA Engineering Consultants, Martin & Martin Civil Engineers and Surveyors and HMA Consulting to name a few.  The project is located in Symphony Park at 241 W. Charleston Blvd. Suite 111.

Las Vegas, 89109

Retail

Danoski Clutts Building Group has completed the 2,075 SF Misura store in the Monte Carlo Resort & Casino.  The second generation tenant improvement cost approximately $300,000 to build.  Sub-contractors for the project included Century Electric, Vergith Contracting and Theming and Millwork Concepts.  The store is located at 3600 Las Vegas Blvd. South.

Pahrump, 89048

Government

SH Architecture has completed schematic design for the Pahrump Valley High School and Career Technical Academy.  The 212,000 SF facility includes a combination of core academic classrooms and specialized technical career learning environments.  The school will feature a geothermal ground source HVAC system and high efficiency lighting systems.  The facility is expected to start receiving students in 2012.

SALES

Reno, 89511

Mixed-Use

Launching Pad, Inc. purchased three buildings totaling 8,099 SF from The Macaluso Family for $400,000 or $49 PSF.  The seller was represented by Brad Elgin of Stark & Associates.  The property is located at 7400 S. Virginia St.

APN # 025-330-03

Reno, 89521

Office

Global Intrapreneur, LLC purchased 5,507 SF from Reece Family Living Trust for $500,000 or $91 PSF.  The buyer was represented by Rod Cogburn and Kent Whelan of Coldwell Banker Commercial, Clay & Associates.  The property is located at 8985 Double Diamond Pkwy., Suite B8.

APN # 163-21-19

North Las Vegas, 89032

Retail

Melvin Steinberg purchased 17,786 SF from Pin Holdings, LP for $765,000 or $43 PSF.  The seller was represented by CB Richard Ellis’ Christina Roush, Charles Moore and Marlene Fujita.  The property is located at 417-433 S. Martin Luther King Blvd.

Henderson, 89052

Retail

Fresh & Easy Neighborhood Market, Inc. purchased 13,969 SF from City National Bank for $3.3 million or $236 PSF.  The seller was represented by CB Richard Ellis’ Christina Roush, Charles Moore and Marlene Fujita.  The property is located on the northwest corner of Eastern Ave. and Pecos Ridge Pkwy. at 11281 S. Eastern Ave.

APN # 177-36-812-003

Las Vegas, 89113

Industrial

Edward and Frances Kuchar purchased a 23,517 SF property from Southwest USA Bank for $2 million or $85 PSF.  The buyer was represented by Dan Doherty, SIOR and Patti Dillon of Colliers International and the seller was represented by Matthew Brady of Acres Commercial Real Estate.  The property is located at 6385 Montessouri St.

APN # 163-34-810-011

Las Vegas, 89115

Industrial

The Illia Family Living Trust purchased a 4,800 SF industrial property from Rocklin, LLC for $300,000 or $63 PSF.  The buyer was represented by Vince Illia of Win Win Realty and the seller was represented by Michael De Lew, SIOR and Greg Pancirov, SIOR of Colliers International.  The property is located at 2854 Marco St.

APN # 140-17-612-022

Las Vegas, 89118

Industrial

York Decatur Crossing, LLC purchased Decatur Crossing II, a 140,596 SF industrial park from LaPour D.C. Two, LLC for $17,750,000 or $126 PSF.  The buyer was represented by Jay Heller and Brian Heller of Heller Companies and the seller was represented by Michael De Lew, SIOR of Colliers International.  The property is located at 6420, 6450 and 6480 S. Cameron St.

APN # 162-31-401-033 et al

Las Vegas, 89119

Industrial

Woolf Family Trust purchased an 11,513 SF building from GMB Realty, LLC for $1.5 million or $130 PSF.  The seller was represented by Chris Beets and Tony Stack of Marcus & Millichap.  The property is located at 313 Pilot Rd.

APN # 177-04-510-016

Las Vegas, 89120

Industrial

Sun Cat Skylights purchased 1,500 SF from Emerald Business Park, LLC for $155,000 or $103 PSF.  The buyer was represented by Amy Ogden of Prudential | IPG Commercial Real Estate and the seller was represented by Art Farmanali, SIOR, Cassie Catania and Danielle Steffen of Prudential | IPG Commercial Real Estate.  The property is located at 5965 Harrison Dr., Suite 3.

APN # 162-36-211-016

Carson City, 89701

Industrial

CBERT, LLC purchased 16,448 SF from Quigley Invesment Company for $409,950 or $25 PSF.  The seller was represented by Nicholas Maerz of Coldwell Banker Commercial, Clay & Associates.  The property is located at 3355 S. Carson St.

APN # 009-112-22

Carson City, 89706

Industrial

Arlen K. Bean purchased a 6,000 SF property from Bob Guthery for $325,000 or $54 PSF.  The buyer was represented by Bob Schrimpf of Stark & Associates and the seller was represented by Brad Elgin of Stark & Associates.  The property is located at 4770 Convair Dr.

APN # 005-072-21

LEASES

Las Vegas, 89113

Office

Switch Communications Group, Inc. leased 10,755 SF in the Beltway Business Park from KB Home Nevada, Inc. for $72,883.14 on an eight-month lease.  The landlord was represented by Chuck Witters, SIOR and Kris Watier of Lee & Associates.  The property is located at 5605 Badura Ave.  Reported monthly rent is $0.85 PSF.

Las Vegas, 89139

Office

Camden Tradeshow & Event Furnishings leased 6,250 SF from Blue Diamond business Center – Bldg. G, LLC for $92,876 on a 39-month lease.  The landlord was represented by Karolina Janik of CB Richard Ellis.  The property is located at 8050 Arville St. Reported monthly rent is $0.38 PSF.

Las Vegas, 89147

Office

McNair & Associates and 1st Interstate Bancard Corp. leased 5,962 SF from Mer Soliel, LLC for $471,489.37 on a 63-month lease.  The landlord was represented by Adam Ballner of Prudential | IPG Commercial Real Estate.  The property is located at 4015 S. El Capitan Way.  Reported monthly rent is $1.26 PSF.

Henderson, 89014

Retail

Euphoria Salon & Day Spa leased 9,000 SF in the Galleria Commons from Centro GA Galleria, LLC for $1,731,240 on a 10-year lease.  The tenant was represented by Nelson Tressler of Grubb & Ellis | Las Vegas.  The property is located at 500 N. Stephanie St., Suites 6 and 7.  Reported monthly rent is $1.60 PSF.

Las Vegas, 89102

Retail

Joeker, LLC dba HobbyTown, USA leased 4,000 SF from McLaren Las Vegas, LP for $828,000 on a 10-year lease.  The landlord was represented by David Grant of Colliers International.  The property is located at 4590 W. Sahara Ave., Suite 103.  Reported monthly rent is $1.73 PSF.

Las Vegas, 89102

Retail

JP Morgan Chase Bank, N.A. leased a 0.92 acre retail pad from PK Sale, LLC for $3,364,725 on a 20-year lease.  The landlord was represented by Scot Marker of Colliers International.  The property is located at 2520 S. Decatur Blvd.  Reported monthly rent is $0.35 PSF.

Las Vegas, 89139

Retail

Cox Communications Las Vegas, Inc. leased 3,033 SF from Blue Diamond Crossing, LLC for $515,003 on a five-year lease.  The tenant was represented by Christina Strickland of CB Richard Ellis.  The property is located at 4072 Blue Diamond Rd.  Reported monthly rent is $2.83 PSF.

Las Vegas, 89183

Retail

CR Buns Bar and Grill leased 4,608 SF in the Silverado Ranch Village from Empress Group, LLC for $645,957 on a seven-year lease.  The tenant was represented by Jessica Aiken of More Realty Group and the landlord was represented by Nelson Tressler and Matthew Haugh of Grubb & Ellis | Las Vegas.  The property is located at 467 E. Silverado Ranch Blvd., Suite 100.  Reported monthly rent is $1.67 PSF.

Henderson, 89011

Industrial

Laser Pros International leased 11,067 SF of tilt-up space from Unit Chemical Corporation for $54,000 on a one-year lease.  The tenant was represented by Re/Max Millennium and the landlord was represented by Dean Willmore, SIOR and Amy Ogden of Prudential | IPG Commercial Real Estate.  The property is located at 7481 Eastgate Road.  Reported monthly rent is $0.41 PSF.

Henderson, 89011

Industrial

Frehner Construction leased 5,106 SF from Ten Buildings A13213, LLC for $36,768 on a 16-month lease.  The tenant and landlord were both represented by Dean Willmore, SIOR and Amy Ogden of Prudential | IPG Commercial Real Estate.  The property is located at 1051 Olsen St., Suite 3811.  Reported monthly rent is $0.45 PSF.

Las Vegas, 89118

Industrial

Auto Buyline Systems leased 28,432 SF from Familian Realty Group for $156,948 on a one-year lease.  The tenant was represented by Amy Ogden and Dean Willmore, SIOR of Prudential | IPG Commercial Real Estate.  The property is located at 3550 W. Teco Avenue.  Reported monthly rent is $0.46 PSF.

Las Vegas, 89118

Industrial

International MMA Fight Club, LLC leased 8,885 SF in the Oquendo Industrial Park from Kanpur Wausau Investments, LLC for $293,226 on a five-year lease.  The tenant was represented by Lauren Brouillet of Grubb & Ellis | Las Vegas and the landlord was represented by Laura Hart and Art Farmanali, SIOR of Prudential | IPG Commercial Real Estate.  The property is located at 5137 Oquendo Rd.  Reported monthly rent is $0.55 PSF.

Las Vegas, 89120

Industrial

Water Tec of Tucson leased 5,664 SF from PFRS Patrick Center Corp. for $100,932.48 on a three-year lease.  The tenant and landlord were both represented by Shawn Barashy and David Evenhouse of Lee & Associates.  Additionally, Beacon Distribution leased 23,396 SF from PFRS Patrick Center Corp. for $63,169.20 on a six-month lease.  Beacon Distribution was represented by Hayim Mizrachi, Jarrad Katz and Gina Gamble of Prudential | IPG Commercial Real Estate in the transaction.  The properties are located at 6231 McLeod.  Reported monthly rents are $0.50 PSF and $0.45 PSF, respectively.

Las Vegas, 89128

Industrial

Bobby and Shelly Fleming leased 9,557 SF in Brookhollow from Koll/Broookhollow, LLC for $131,886 on a 28-month lease.  The tenant was represented by Brian Sorrentino of ROI Commercial and the landlord was represented by Desiree Crisp and Bob Hawkins of Commerce CRG, Cushman & Wakefield.  The property is located at 7340 Smoke Ranch Rd., Building D & E.  Reported monthly rent is $0.50 PSF.

Las Vegas, 89139

Industrial

Hotel Furniture Liquidators leased 56,250 SF from Pacifica Blue Diamond V, LLC for $1,431,098 on a 66-month lease.  The landlord was represented by Karolina Janik of CB Richard Ellis.  The property is located at 4120 W. Windmill Lane.  Reported monthly rent is $0.39 PSF.

LOANS

Reno,

Office

Tony Castrignano of Sky Mesa Capital provided financing for two loans  through Symetra for three multi-tenant office buildings consisting of 27,734 SF for 6490 McCarran D1 & D2, LLC and 6490 McCarran F, LLC.  Each loan carries a 7.25 percent fixed interest rate for ten years, based on a 25 years amortization and a 65 percent loan-to-value.