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Kislak Group Buys Southwest Las Vegas M-F Asset for $29.3M

20 Nov 2014, 4:32 pm

By Alex Girda, Associate Editor

As a deal recently completed by the Kislak Organization shows, signs are pointing n multi-family investment market that continues to exceed expectations.  The  Miami Lakes, Fla.-based firm recently paid $29.3 million for the Alicante Villa Apartments, a 232-unit complex in south Las Vegas.

The transaction between Kislak and seller Alicante Villa Apartments, LLC was arranged by Jeffrey Swinger and Spencer Ballif of CBRE Group Inc.  Andrew Behrens, vice chairman with CBRE Capital Markets’ Debt and Structured Finance Institutional Group, secured acquisition financing through Freddie Mac.

Alicante Villa Apartments is  located in the city’s fast-growing southwest area, which offers attractive retail and dining choices as well as major employment centers. Also nearby is Downtown Summerlin, the 1.6 million-square-foot shopping, dining and entertainment district that opened its doors last month.

Developed in 2001, Alicante Villa offers amenities that include a pool, spa, health center, a barbecue area,a community courtyard,  a business center and a controlled-access gate. Kislak is considering upgrades of unit interiors, clubhouse, amenities and exterior. The asset includes one-, two- and three-bedroom units with spacious kitchens and walk-in closets. Alicante Villa also offers views of the nearby mountains.

According to Thomas Bartelmo, the CEO of the Kislak Organization, the company has been observing the market “very closely” and the company moved for Alicante Villa as a result. Bartelmo also noted that “we are continuing to look for opportunities to expand our presence in this dynamic city.”

Image courtesy of alicantevillaapts.com

Republic Services Starts 110,000-SF Expansion at North Las Vegas Recycling Plant

13 Nov 2014, 10:35 pm

By Alex Girda, Associate Editor

Republic Silver State Disposal, Inc. a subsidiary of Republic Services, Inc. has started construction on a 110,000-square-foot expansion of the Southern Nevada Recycling Complex in North Las Vegas. Once completed, the new facility will effectively double the current residential recycling capacity in southern Nevada and become the nation’s largest residential recycling complex.

SNRC’s new facility will feature new technology, such as a highly automated control system, touch-screen Human Machine Interface control, Supervisory Control, Data Acquisition monitoring, and remote access to continually monitor operations for optimal performance.

The construction project will reportedly create around 80 temporary jobs for Cambridge Construction, The CP Group and EV&A, while 180 new positions will be created once the project becomes fully operational. Completion is scheduled for the fall of 2015.

This will be the 63rd facility operated by Republic Services, and it will have a processing capacity of about 1,000 tons of mixed recyclables per day, an average of 70 tons per hour.

Also planned is an interactive learning center that will offer the public a glimpse of the recycling process through videos, displays and educational materials. This part of the development will be a resource for the community and potential customers, as well as a destination for sustainability-minded visitors to Las Vegas.

LaSalle and Panattoni Plan Industrial Project in Southwest Las Vegas

30 Oct 2014, 3:54 pm

By Alex Girda, Associate Editor

Industrial projects are proliferating in Las Vegas, and a newly completed land deal promises more growth in the local inventory.

A joint venture of LaSalle Investment Management and Panattoni Development Co. has acquired a 21.5-acre parcel at the northwest corner of Sunset Road and Jones Boulevard in Southwest Las Vegas. LaSalle and Panattoni plan two state-of-the-art Class A distribution facilities in a development dubbed Jones Corporate Park.

According to LaSalle Managing Director Paul White, the city’s industrial market has shown an attractive combination of high demand but limited supply. “Panattoni identified the site, which is located in the Southwest Submarket, the largest submarket in Las Vegas, and adjacent to the Las Vegas Strip,” White noted in a statement. He added that the developers are estimating that construction will start in the first quarter of 2015.

LaSalle’s research and strategy team noted that the industrial availability rate has declined 2.2 percent since the fourth quarter of 2012 and 4.2 percent since 2010. Other developers are moving to pick up the slack, such as Prologis Inc., which plans to open Prologis Las Vegas Corporate Center, a spec project, next year.


Stable Development Adds Summerlin MOB to its Stable

23 Oct 2014, 8:02 pm

By Alex Girda, Associate Editor

Stable Development has acquired Longford Medical Center, a 130,000-square-foot Class A medical office building located at 7465 West Washington Ave., the company announced Oct. 14. Coinciding with its ownership change, the building is also getting a new name: The Parkway, a reference to its location near Summerlin Parkway. The property is the company’s first in the Summerlin area.

Stable has recently leased a total of 70,000 square feet on the building’s third and fourth floors to medical tenants. The new owner is planning a makeover to the exterior and interior, as well as adding surgery center and elevator shaft to the west corridor.

According to Brett Bradford, vice president of Stable, the company is “looking forward to creating a new landmark for the Summerlin Parkway corridor and to servicing the medical professionals that are excited to move into The Parkway.”

Also in Stable’s development pipeline is Building G at Corporate Center, scheduled for completion in February 2015.  Previous local projects completed by Stable include the Coronado Medical Center in the St. Rose/Anthem corridor, and Seven Hills Business Plaza in the Seven Hills/Anthem area.

Berkadia Secures $107M Financing Package for M-F Portfolio

15 Oct 2014, 9:58 pm

By Alex Girda, Associate Editor

The Orange County, Calif., office of Berkadia Commercial Mortgage L.L.C. recently arranged $106.9 million in financing for a seven-property multi-family portfolio on behalf of Angelo, Gordon & Co. and Interwest Capital Corp.

The effort was led by Jackson Cloak, a Berkadia vice president, who secured the floating-rate financing through the company’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass. The Freddie Mac loan totals around half of the financing, with the remainder provided by Berkadia and BBVA.

The portfolio totals 2,149 age-restricted units. All assets feature an occupancy rate of at least 90 percent. Three of the four properties were part of a portfolio acquired by the borrowers late last year for about $75 million.

In a statement, Cloak noted that the operation required the company to leverage its expertise across a number of capital sources and said that Berkadia provided the borrowers with “unique and flexible loan structures not generally offered in the overall market to help them execute their business plans.”

Image: Destinations at Spring Valley, courtesy of destinationslivingatspringvalley.com


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