Nevada Real Estate & Development Report: December 2013

Projects

Las Vegas, 89110
Government
CORE Construction began building Fire Station 108 in conjunction with National Fire Prevention Week in October 2013. The project was initially placed on hold due to economic conditions in 2009. Construction is projected for completion on August 21, 2014. The $6.7 million project will improve emergency response time in its area, as well as meet LEED Gold standards, making it a sustainable, energy-efficient facility. The property is located at 577 Page Street.

Las Vegas, 89119
Mixed-Use
Martin-Harris Construction is expanding Konami Gaming’s 160,000 SF headquarters. The expansion will add 200,000 SF to the building in order to house its research and development, manufacturing and administration in one central location. The $40 million project will meet LEED’s Silver standards with sustainable and environmentally friendly additions such as geothermal heating and cooling. The property is located at 585 Trade Center Drive.

Las Vegas, 89145
Mixed-Use
Tivoli Village is undergoing an expansion two years after its initial opening. This second phase will add over 250,000 SF to the current 370,000 SF development to total 639,000 SF of dining, retail, office and entertainment establishments. JMA Architecture serves as the primary architect on the project. The $350 million expansion is projected for completion in spring of 2015. The property is located at Rampart Boulevard and Alta Drive.

Sales

Henderson, 89014
Office
April Family Holdings LLC purchased 17,398 SF from Adobe Plaza Investments LLC for $3,100,000 or $178 PSF. The buyer was represented by Philip Moskal of Moskal Real Estate and the seller was represented by Lisa Anderson and Jerry Hagfeldt of MDL Group. The property is located at 1371 Warm Springs Road.
APN# 178-10-110-025

Pahrump, 89048
Office
Doodle Properties, LLC #6 purchased 12,545 SF from Pahrump-Zim LLC for $3,800,000 or $301 PSF. The buyer was represented by Denny Welsand of Welsand and Associates and the seller was represented by Jarrad Katz, CCIM and Galit Kimerling of MDL Group. The property is located at 330 Lola Lane.

Las Vegas, 89101
Office
Wolfson Medical Center Downtown purchased 16,000 SF from 921 SLVB LLC for $2,240,000 or $140 PSF. The buyer was represented by Dana Berggren, CCIM of Avison Young and the seller was represented by Jackie Young of Cushman & Wakefield-Commerce. The property is located at 921 S. Las Vegas Boulevard.
APN# 139-34-410-167

Las Vegas, 89134
Office
Debco LLC purchased 6,421 SF from J&M Real Estate Holdings LLC for $1,660,000 or $259 PSF. The buyer was represented by Bill Skupa and Gino Vincent of MINT Property Group and the seller was represented by Dave Sundaram of Odyssey Real Estate Capital. The property is located at 1781 Village Center Circle.
APN# 138-19-721-012

Las Vegas, 89147
Office
Lewel LLC purchased 39,490 SF from TEG Durango Pointe LLC for $1,650,000 or $42 PSF. The buyer was represented by Jarrad Katz, CCIM and Galit Kimerling of MDL Group and the seller was represented by Brenden Keating of The Equity Group. The property is located at 3975 S. Durango Drive.
APN# 163-17-812-005

Las Vegas, 89148
Office
MVP REIT Inc. purchased 22,000 SF from S E Property Investments LLC for $6,100,000 or $277 PSF. The property is located at 8905 W. Post Road.
APN# 163-32-810-006

Las Vegas, 89156
Office
Living Water Baptist Church purchased 6,500 SF from George W. VonTobel Living Trust for $550,000 or $85 PSF. The buyer was represented by Dave Shapiro of Prudential and the seller was represented by David Patten of MDL Group. The property is located at 5320 E. Lake Mead Boulevard.
APN# 140-21-202-019

Reno, 89521
Office
10615 Professional Circle LLC purchased 46,358 SF from South Meadows Investments LLC for $4,650,000 or $100 PSF. The property is located at 10615 Professional Circle.
APN# 160-060-27

Las Vegas, 89030
Retail
Carmar LLC purchased 192,075 SF from Dahlas Antoku and Mieko Antoku Revocable Living Trust for $12,950,000 or $67 PSF. The buyer was represented by Cathy Jones, CCIM and Paul Miachika of Sun Commercial Real Estate, Inc. and the seller was represented by Edward Bassford of Sun Commercial Real Estate, Inc. The property is located at 2017-2201 Civic Center Drive and 2100, 2200, 2300, 2310, 2400 E. Lake Mead Boulevard.

Sparks, 89431
Industrial
Liberty Capital Partners IV LLC purchased 30,000 SF from Crosby, Carol Jo et al for $1,099,000 or $37 PSF. The property is located at 911 Linda Way.
APN# 034-352-22

Reno, 89512
Industrial
Reynolds Family Trust purchased 12,500 SF from First United Funding LLC for $1,127,000 or $102 PSF. The property is located at 2401 E. 5th Street.
APN# 008-224-01

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.

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