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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.

 



Henderson Says No to Land Sale; Planned Resort Remains in Limbo

9 Jan 2015, 4:49 pm

By Alex Girda, Associate Editor

Henderson officials have declined to sell nine acres of federally owned land near the M Resort that a development team is eyeing for a casino  and hotel project. The decision leaves the site’s future in limbo for the short term, although officials left the door open for a future sale.

According to the Las Vegas Review-Journal, a team of Kapelfre L.L.C. and CKB Management Affiliates L.L.C. asked that the parcel, which is owned by the Bureau of Land Management, be auctioned this coming fall. In turning down the request, Henderson’s Property Management Committee cited the proposal’s submission after the deadline for land sale applications and what officials considered insufficient detail.

Robert Shapiro, who controls CKB Management, has been interested in developing a resort for several years and owns a 16-acre site adjacent to the BLM parcel, the Las Vegas Sun has reported.

Henderson’s decision delays but by no means scuttles a potential project, the Journal-Review points out. CKB and Kapelfre could apply for an auction as early as 2016.  BLM’s most recent land sale, held last month, raked in $49 million.



Kite Realty Group Buys Summerlin’s Rampart Commons in $32 Million Deal

5 Jan 2015, 4:47 pm

By Alex Girda, Associate Editor

Las Vegas generated a substantial increase in attention during the second half of 2014 as investors dialed into opportunities throughout the market. Kite Realty Group Trust recently completed the $32.3 million acquisition of Rampart Commons in the Summerlin submarket, which is enjoying robust development and investment. The price of the sale to the Indianapolis-based company included $12.3 million of assumed debt.

Rampart Commons is located at the northwest corner of North Rampart Boulevard and West Charleston Boulevard, in an area that features a population of roughly 103,000 and an average household income of $110,756. The shopping center’s tenant roster includes such national retailers and restaurants as Williams-Sonoma, P.F Chang’s, Ann Taylor, Talbots, Chico’s and Pottery Barn. At the time of the transaction, the asset was fully occupied. Whole Foods and Target stores at the intersection serve as shadow anchors for Rampart Commons.

The recently completed development of Downtown Summerlin, as well as a large number of housing that are currently in development at the master-planned community, have raised Summerlin’s profile. Kite Realty Group’s chairman & CEO, John Kite, cited the acquisition of Rampart Commons as “the direct result of our regional approach and, importantly, illustrates the positive impact our larger national presence has on our ability to source opportunistic, off-market acquisitions.”

For more Las Vegas area market data, click here.

 



Pulte, Woodside Sign On as Skye Canyon’s First Homebuilders

18 Dec 2014, 10:26 pm

By Alex Girda, Associate Editor

Last summer, renewed interest from developers breathed new life into several master-planned communities that had been dormant for years. In a milestone for the Las Vegas Valley market, Pulte Homes and Woodside Homes are the initial two homebuilders to commit to developing sites in Skye Canyon, the first major residential project of its kind to break ground in the valley since the recession.

According to Olympia Cos., master developer of the 1,700-acre community, the two builders acquired 80 acres of land between them.  One of the nation’s largest homebuilders, Pulte Homes currently operates in some 50 markets nationwide. Ryan Breen, president of the company’s Las Vegas division, promised that Skye Harbor “will offer Pulte homebuyers a robust and active, outdoor lifestyle in a great location.”

For its part, Woodside Homes has completed more than 40,000 homes in Nevada, California, Utah, Arizona and Texas since 1977. “With our ability to build a home based on our buyers’ needs and wants, we are a natural fit,” said Mike Casey, the company’s director of sales and marketing.

At full build-out, Skye Canyon will include 9,000 homes and a variety of amenities. The community is being designed to fit into its surroundings and will offer extensive outdoor amenities, including parks, hiking trails and biking trails. The first models at the master-planned community are scheduled to open next fall.

For more Las Vegas market data, click here.







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