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RY Properties Details Plans for Lake Las Vegas

20 Feb 2015, 10:37 pm

By Alex Girda, Associate Editor

RY Properties is the new owner of 127 acres encompassing a large number of residential lots in Henderson. Arranged by the Hoffman Co., the $12.5 million acquisition is the latest sign of investors’ renewed interest in the Las Vegas residential market.

Aerial view of Lake Las Vegas

Located on the former site of the Falls Golf Course in the Lake Las Vegas community, RY’s new holdings consist of 344 partially improved residential lots. In a statement, the new owner revealed plans to develop three communities with varying residence types, sizes and pricing.

Verona would feature 127 lots, the Serrano is slated for 105 parcels, and Providence would total 112 sites. Most lots offer views of the Las Vegas Strip, Lake Las Vegas and Lake Mead.

The lots are rough-graded, and have approved improvement plans and final maps. All three planned communities have water and sewer lines; Verona and Serrano also have roadways, curbs, gutters and streetlights.

RY plans to convert some sites from split-level lots to single-level estate lots geared to retirees and empty nesters. Paths at the former golf course have been turned into walking trails, which will give residents convenient access to recreational activities. Lake Las Vegas is slated for some 4,000 homes at full buildout; Raintree Group is overseeing development.



Arena Team Names 1st Founding Partner

13 Feb 2015, 4:31 pm

By Alex Girda, Associate Editor

 

The Las Vegas Arena has found its first “Founding Partner.” Schneider Electric, a global specialist in energy management, has entered a multi-year agreement to design, install and operate systems throughout the $375 million project.

A partnership of AEG, MGM Resorts and the Las Vegas Arena Co., the facility is taking shape west of the Las Vegas Strip between the New York–New York and Monte Carlo complexes. The 20,000-seat arena will feature 50 luxury suites, 20-plus private loges and hospitality amenities.  Backers expect the facility to host around 100 events annually, ranging from sports and entertainment to awards shows.

Schneider Electric will handle lighting fixtures, electrical infrastructure, utility matters, HVAC, security, energy management and building automation. The company will implement its SmartStruxure solution, which monitors components and environmental parameters. As a “Founding Partner,” Schneider will receive a sponsorship package that will include permanent and digital signage both inside the venue and on its façade.

Rendering courtesy of arenalasvegas.com



Dornin Snaps Up Downtown Office Building

5 Feb 2015, 4:01 pm

By Alex Girda, Associate Editor

 

With the commercial market finding new life in Las Vegas, Dornin Investment Group has acquired City Centre Place, a 104,000-square-foot  Class A office building. Completed in 2002, the six-story building is located downtown at 400 South 4th St. near several county and federal court facilities.

PCCP L.L.C., a Los Angeles-based real estate finance and investment management firm, provided an $18 million senior loan for acquisition and lease-up of the property, which is 29 percent vacant.

The firm “will also provide funds for capital improvements, tenant improvements, and leasing commissions for the remaining vacancy,” PCCP Associate Vice President Mike Johnson said in a statement. The transaction is the third between PCCP and Dornin.

Las Vegas’ Class A office market has recorded positive net absorption for eleven quarters in a row, and rising rents are reflecting the improvement, PCCP noted in its statement announcing the deal. Investors appear to be ramping up activity before major new projects are announced.

Image courtesy of propertyline.com



BH Properties Buys Addison Complex, Plans Makeover

22 Jan 2015, 8:28 pm

By Alex Girda, Associate Editor

 

BH Properties has acquired the Addison Complex, an industrial facility from the VanMeetren Family Limited Partnership in a $2.8 million deal. Located at 5265-5685 Cameron St. and 4080 W. Russell Road in Las Vegas, the Addison Complex totals 55,000 square feet of space.

Los Angeles-based BH plans to simplify the 30-year-old facility’s layout and transform it from a multi-tenant to single-tenant property. Steve Jaffe, the firm’s chief investment officer & principal, said in a statement that the company plans to tap into “the uptick in the area’s industrial sector to implement competitive asking rents upon construction completion.”

The seller of the Addison Complex was granted a 90-day post-closing period to allow for relocation of the current tenants. Renovations are scheduled for completion around mid-year.

BH Properties worked with David Frear, a Colliers International senior vice president, while the VanMeetren partnership was represented by Charlie Mack, a president and broker with Mack Realty.

Las Vegas’ industrial market is steadily improving as vacancy is on track to drop to 9 percent, a considerable improvement from the 12.6 percent registered a few months ago.



Walgreens on the Strip Hits the Market

16 Jan 2015, 3:47 am

By Alex Girda, Associate Editor

 

A Walgreens at a prime Las Vegas Strip location is on the market. Marcus & Millichap Real Estate Investment Services Inc. announced this week that it is marketing the property on behalf of a joint venture that includes Harbor Group International. Although the price is currently set as open bid, the net-leased property is expected to command a price in the $40 million-range, industry specialists estimate.

Located on a 1.6-acre parcel at the intersection of S. Las Vegas Boulevard and Convention Center Drive, the Walgreens is also across the street from the site of Resorts World Las Vegas, a megaresort project currently under development. The Las Vegas Convention Center is located less than a mile away at the other end of Convention Center Drive; the facility contributes greatly to the $7.4 billion in economic activity generated by the city’s meeting and convention business. The store operates 24 hours a day, sells food, features a W Café that offers bistro-style foods, coffee and beverages, and holds a full liquor license. It also offers 86 spaces of off-street parking.

The Marcus & Millichap team representing the ownership of the Walgreens includes Ray Germain, an associate director of the company’s National Retail Group in Las Vegas; first vice president investments in the firm’s Encino office, Lior Regenstreif, Dean Zang, first vice president investments in Washington, D.C., and Mark Taylor, first vice president investments in Philadelphia.

 







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