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IKEA Eyes Spring Valley for First Las Vegas-Area Store

17 Jul 2014, 2:20 pm

By Alex Girda, Associate Editor

IKEA has announced plans to develop its first Las Vegas-area store, part of an initiative to expand its footprint in the western United States. The Swedish retailer has reportedly filed documents with Clark County  for construction of a new facility in Spring Valley that would be completed by 2016, 13 miles from downtown Las Vegas.

Featuring IKEA’s signature design scheme, the 351,000-square-foot store will be located on a 26-acre site on the northern side of Interstate-215 at Durango Drive, near the intersection with Sunset Road. Around 1,300 parking spaces would be included.

IKEA will also implement its standard renewable energy practices, which may include renewable on-site power generation. The retailer currently has a renewable energy presence at around 90 percent of its locations in the United States.

The project will create 500 temporary construction jobs and add about 300 permanent jobs upon opening. According to a statement by Rob Olson, CFO of IKEA’s U.S. operations, the new store “would provide the already 101,000 Las Vegas-area customers a store of their own and introduce the unique IKEA shopping experience to other consumers throughout Clark County and Southern Nevada.” Other IKEA stores in the western U.S. are located in Covina, Calif., Tempe, Ariz., and Draper, Utah.

The Las Vegas store will offer 10,000 exclusively designed items, 50  room-settings, three model home interiors, a supervised children’s play area, and a 450-seat restaurant serving  classic Swedish specialties and American popular cuisine. Baby care rooms, play areas, a Children’s IKEA and preferred parking are also planned.

Partners Capital Acquires Sunset Shopping Center in Henderson

10 Jul 2014, 4:10 am

By Alex Girda, Associate Editor

With retail property rents on the rise in metropolitan Las Vegas, investors are once again looking for opportunities in the market. In another recent example, Partners Capital has acquired Sunset Shopping Center in  Henderson for an undisclosed price.

The  165,000-square-foot property features a tenant roster anchored by Sports Authority, Toys R Us, O’Reilly Auto Parts and Wells Fargo. Vacancy rates in metro Las Vegas are still above the national average, but a downward trend has been noticeable for a few years now.

Asking rents are also moving upward. Data provided by Marcus & Millichap Real Estate Investment Services Inc. projects solid demand for the rest of the year, while vacancy is on track to drop 40 basis points to about 10.7 percent.That would follow last year’s 80 basis-point decline.

Partners Capital acquired the debt on Sunset Shopping Center from a special servicer in an all-cash, 10-day transaction, according to rentv.com. The company’s holdings in Metro Las Vegas include Galleria at Sunset Mall Outparcel, Bonita Plaza, Stone Canyon Professional Park and Charleston Festival. These acquisitions represent about $200 million in investment.

Chart courtesy of Marcus & Millichap Real Estate Investment Services @ marcusmillichap.com

Dornin Buys Seven Hills MOBs in Henderson

3 Jul 2014, 1:53 am

By Alex Girda, Associate Editor

Seven Hills Medical Center in Henderson was recently acquired by Dornin Investment Group in an all-cash deal. The buyer acquired the medical office buildings located in the planned Seven Hills community as part of a 1031 exchange arranged on behalf of the buyer and seller by Jason Lesley of Colliers International.

The buildings are located near the I-215 and I-15 freeways near St. Rose Hospital, MacDonald Ranch, Seven Hills, Anthem and Silverado Ranch. The two-story facilities were developed in 2006 and offer a total of 43,000 square feet of  space. Located at the entrance to the upscale Seven Hills development. At the time of the transaction, the property was 93 percent occupied by multiple tenants.

According to the Chris Dornin, CEO & president of Dornin Investment Group, the acquisition helps the company consolidate its Las Vegas area portfolio by adding “two high-quality, well-leased medical office buildings with strong going in yields at a substantial discount to replacement cost, and rents well below previous market highs.”

Dornin Investment Group invests in commercial and residential real estate in partnership with a broad base of institutional and private investors. The company invests in distressed, opportunistic and value-add assets in all major property types. Through its Dornin Realty Advisors affiliate, the company also provides leasing, property management, finance and construction management.

North Las Vegas Approves SunCal’s Master Plan for Park Highlands West

25 Jun 2014, 9:52 pm

By Alex Girda, Associate Editor

SunCal is adding to the master-planned community wave that has hit the Las Vegas metropolitan area in recent months as developers revive stalled projects. The North Las Vegas City Council recently approved SunCal’s proposed Park Highlands West project. The development is part of the larger Park Highlands development initiative, and the recent approval essentially means that the site is being divided into east and west portions.

Park Highlands West is one of the largest remaining undeveloped parcels in North Las Vegas. The 600-acre site features  access to established job centers via the I-215 beltway, as well as Summerlin and other emerging hot spots. The Park Highlands West site is also near other residential and retail developments.

The Park Highlands site was originally purchased by a consortium of builders for $635 million in 2006. Two years ago,  SunCal purchased about 208 acres that are now part of Park Highlands West. SunCal is the master developer for that entire 600-acre section.

According to Frank Faye, executive vice president of SunCal, the developer’s close working relationship with local authorities is critical to the Park Highlands West project. He added that the approval “will significantly expedite the development of the Park Highlands West master plan.”

Image courtesy of suncal.com

Las Vegas Wins $28M in Affordable Housing Incentives; Relaxed Laws for Medical Marijuana Could Spur Space Demand

18 Jun 2014, 2:40 pm

By Alex Girda, Associate Editor

About $28 million in federal financing for affordable housing is headed to Las Vegas.  Under the New Markets Tax Credits program, investors will get incentives to invest in development targeting residents at the lower end of the income scale. According to The Las Vegas Review-Journal, Senate Majority Leader Harry Reid was instrumental in securing the allocation for Las Vegas.

However, some new niches of the economy appear to need no incentives from the government to spur growth. A new state law authorizing dispensaries for medical marijuana is drawing considerable interest.  According to the Bradenton Herald, Clark County had approved 18 dispensary licenses as of  June 9 from a field of 79 applicants. Before the enactment of the law last year, patients wishing to legally use medical marijuana were required to grow it themselves.

More relaxed laws related to medical marijuana could also create a new niche real estate market. Clark County has recently approved 101 applications to operate production, cultivation and laboratory facilities, according to the Review-Journal. The applications await final approval from the state.

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