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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


NorthMarq Secures Acquisition Financing for LaPour Corporate Center

2 Oct 2014, 2:57 pm

By Alex Girda, Associate Editor

NorthMarq Capital secured $12.3 million in acquisition financing for LaPour Corporate Center in Las Vegas. The Denver office of the company handled the financing with Senior Vice President Greg Benjamin and Senior Investment Analyst Jeff DeHarty heading the process on behalf of NorthMarq.

Located at 9075 West Diablo Drive in Las Vegas, LaPour Corporate Center is near the northwest corner of I-215 and Russell Road.  The property is fully leased and offers 70,188 square feet of space.

Built in 2008, the tilt-up concrete building has paneled glass window bands at each level and earned LEED certification from the U.S. Green Building Council. The building offers citywide views of the Las Vegas Strip, the Las Vegas Valley and the mountains.

The 10-year financing secured by NorthMarq is structured with a fixed-interest rate in the mid-4 percent range and a 25-year amortization schedule. The financing was provided by a correspondent relationship with a Midwestern life insurance company.  

Prologis Starts Spec Industrial Project in North Las Vegas

24 Sep 2014, 8:13 pm

By Alex Girda, Associate Editor

Prologis Inc. has started construction of a 464,203-square-foot speculative industrial park at Pecos and Gowan roads, the first property of its kind to be developed in the area since the recession. The REIT is counting on continued local demand, despite  Tesla’s recent decision to bypass Las Vegas and pick Reno as the site of its giant battery factory.

Located at 3700 Bay Lake Trail in North Las Vegas, the Prologis Las Vegas Corporate Center has an estimated delivery date of February 2015.

The property will feature 112 dock doors, 36-foot minimum clear heights, 56-foot by 60-f00t column spacing, 1,800 square feet of office space, 316 parking stalls, 37 trailer parking stalls, 4,000 amps of power, concrete tilt-up construction, full concrete truck courts and the ESFR Sprinkler System.

The 27.9-acre site in North Las Vegas offers ready access to I-15. Prologis Las Vegas Corporate Center will feature electric utilities provided by NV Energy, water and sewer services by Clark County Water Reclamation and the city of North Las Vegas, gas provided by Southwest Gas, and telephone service by Century Link.

Griffis Residential Rebrands Pair of M-F Assets

17 Sep 2014, 10:24 pm

By Alex Girda, Associate Editor

Griffis Residential recently unveiled new names for a pair of Las Vegas area multi-family properties it owns. The Denver-based residential investment and management specialist has rebranded the premium assets by introducing the Griffis brand name. The Wellington Apartments is now known as Griffis Summerlin South, while Quest Apartments was renamed Griffis Cornerstone Park. According to a company statement, Griffis plans a series of improvements at the two properties.

Griffis Summerlin South is located at 9550 West Sahara Ave. in Las Vegas. The 322-unit community is located near the I-215 beltway, in a great school district, in the vicinity of the Red Rock Canyon area, as well as shopping and entertainment options, including Downtown Summerlin.

One-, two- and three-bedroom units are available, with unit sizes ranging between 759 and 1,322 square feet. Amenities include a resort-style swimming pool, spa, clubhouse, fitness and business centers.

Griffis Cornerstone Park is a similarly equipped apartment community located at 210 Quest Park St. in Henderson, about 15 minutes from the Las Vegas Strip. The 310-unit asset, feature a variety of floor plans with one-, two- and three-bedroom apartments. Units range in size between 739 and 1,258 square feet of space. The resident amenity package also resembles that at Griffis Summerlin South.

Image courtesy of thewellingtonbygriffis.com

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