Nevada Real Estate & Development Report: October 2013

Projects

Henderson, 89052
Hospital
Burke Construction has begun construction on the Seven Hills Behavioral Institute Expansion project. Plans for the project include the conversion of an existing one story, 15,000 SF office building to an institutional occupancy building. Upgrades will provide additional space for 36 new inpatient psychiatric beds located within two nursing units. The $3.9 million project will include a 2,415 SF enclosed pedestrian walkway to link the existing hospital to the new expansion. The project is expected to be complete by January of 2014. Chris Malicki of Stengel Hill Architecture serves as architect of record. The property is located at 3021 W. Horizon Ridge Parkway.

North Las Vegas, 89030
Office
Jaynes Corp. has completed a renovation for Derse Headquarters. The project updated 133,400 SF of the 10-year old building in order to create a combined office and industrial space for the Milwaukee-based exhibit and event marketing company. Renovations cost $945,000 to complete. Lee & Sakahara served as the architect of record. The property is located at 3200 E. Gowan Road, Suite 109-115.

Las Vegas, 89101
Office
PENTA Building Group has completed Zappos.com’s $43.5 million update to the former City Hall building in downtown Las Vegas. Renovations began in March 2012, updating the 276,500 SF complex with modern electrical and mechanical systems, as well as the installation of a new roof, flooring and fixtures. KMD served as the architect on record. The property is located at 400 E. Stewart Avenue.

Boulder City
Other
Sempra U.S. Gas & Power is constructing Copper Mountain 3, a 250-megawatt power plant. This third phase of the Copper Mountain Solar complex is expected to be complete in early 2015 and will generate enough electricity to power about 80,000 homes. Upon completion, the plant will be one of the biggest solar photovoltaic power plants in the world. The property spans 1,400 acres in the Boulder City desert.

Sales

Las Vegas, 89109
Office
Proview Series 26 LLC purchased 43,168 SF from Zions First National Bank for $1,390,000 or $32 PSF. The buyer was represented by Charles J. Conors of Marcus & Millichap and the seller was represented by Tim Erickson and Tina D. Taylor of Marcus & Millichap. The property is located at 2235 E. Flamingo Road.
APN# 162-23-503-006

Las Vegas, 89128
Office
JAM Properties International LLC purchased 29,482 SF from South Shore Professional Center LLC for $2,890,000 or $98 PSF. The buyer was represented by Jody Wallace, Jr. of Exit Realty and the seller was represented by Cathy Jones, CCIM and Paul Miachika of Sun Commercial Real Estate, Inc. The property is located at 8440 W. Lake Mead Boulevard.
APN# 138-21-211-003

Las Vegas, 89130
Office
TIB, LLC purchased 3,714 SF from Zions National Bank for $380,000 or $102 PSF. The buyer was represented by Adam Malan of The Equity Group and the seller was represented by C. Roger Jeffries III of Sun Commercial Real Estate. The property is located at 7435 w. Azure Drive, Suite 190.
APN# 125-27-114-013

Sparks, 89436
Office
Presbytery of Nevada Inc purchased 5,912 SF from First Independent Bank for $950,000 or $161 PSF. The property is located at 4884 Sparks Boulevard.
APN# 516-470-03

Reno, 89502
Office
Northpointe Sierra Investments LLC purchased 13,000 SF from Bre/Reno Property Owner LLC for $855,000 or $66 PSF. The property is located at 1200 Financial Boulevard.
APN# 012-401-25

Reno, 89511
Office
601 Sierra Rose LLC purchased 18,348 SF from Branch Banking & Trust Co for $2.7 million or $147 PSF. The property is located at 601 Sierra Rose Drive.
APN# 040-941-36

Sun Valley, 89433
Retail
Realty Income Trust 2 purchased 8,320 SF from Family Dollar Inc for $1,797,000 or $216 PSF. The property is located at 5330 Sun Valley Boulevard.
APN# 085-155-32

Reno, 89523
Retail
Sierra Field Services Inc. purchased 166,421 SF from Troy Cmbs Property LLC for $4,000,000 or $24 PSF. The property is located at 4855 Summit Ridge Drive.
APN# 400-040-07

Henderson, 89011
Industrial
JG & Partners LLC purchased 12,300 SF from Brandon T Keith, Heather J Keith, De Oro 123 for $865,000 or $70 PSF. The buyer was represented by Peter Guzman of Wardley Real Estate and the seller was represented by Jarrad Katz, CCIM and Galit Kimerling of MDL Group. The property is located at 611 Cape Horn Drive.
APN# 178-02-410-009

Henderson, 89074
Industrial
FR & Associates, LLC purchased 4,220 SF from BR2 W Traverse II 9 LLC for $450,000 or $107 PSF. The seller was represented by Dana Souter of Fortis Commercial Advisors. The property is located at 1050 Wigwam Parkway.
APN # 178-15-710-044

Las Vegas, 89122
Industrial
NGP Stephanie Property LLC purchased 4.74 acres from City National Bank for $350,000 or $73,839 per acre. The buyer was represented by Dean Willmore, SIOR of Colliers International and the seller was represented by Brian Riffel and Michael Stuart of Colliers International. The property is located at 5450 Stephanie Street.
APN# 161-27-314-003

Las Vegas, 89121
Multi-Family
McCulloch Hall Properties, LLC purchased 128-units from CC Apartments, LLC for $4,500,000 or $35,156 per unit. The seller was represented by NAI Sauter Companies. The property was located at 3149 E. Desert Inn Road.
APN # 162-13-503-006

Leases

Henderson, 89074
Office
Bernstein, Pokroy, & Lerhner Ltd. leased 5,247 SF from Parkway Medical LLC for $928,090 on a 72-month lease. The tenant was represented by Jarrad Katz, CCIM of MDL Group and the landlord was represented by Barton Hyde and Brandon McCool of Avison Young. The property is located at 100 N. Green Valley Parkway, Suites 310-320. Reported monthly rent is $2.46 PSF.

Henderson, 89074
Office
JSA Healthcare Nevada leased 4,746 SF from CW Capital Asset Management for $330,891 on five-year lease. The tenant was represented by Dan Palmeri, CCIM, SIOR and Mike Dunn, CCIM, SIOR of Cushman & Wakefield-Commerce and the landlord was represented by Randy Broadhead, SIOR of CB Richard Ellis’. The property was located at 9077 S. Pecos Road, Suite 3800. Reported monthly rent is $1.16 PSF.

Las Vegas, 89102
Office
The State of Nevada Public Works Division leased 17,040 SF from Sahara Rancho Office Center LLC for $4,110,048 on a 10-year lease. The landlord was represented by Chris Connell, CCIM, SIOR of Colliers International. The property is located at 2200 S. Rancho Drive, Suites 210 and 220. Reported monthly rent is $2.01 PSF.

Las Vegas, 89169
Office
Cooksey, Toolen, Gage, Duffy & Woog leased 6,216 SF from Crescent Real Estate Equities LP for $597,537 on a 39-month lease. The tenant was represented by Jarrad Katz and Galit Kimerling of MDL Group. The property is located at 3930 Howard Hughes Parkway, Suite 200. Reported monthly rent is $2.46 PSF.

Henderson, 89052
Retail
Golden Route Operations LLC leased 6,800 SF from Half Shell Entertainment Group Inc. for $1,617,804 on a ten-year lease. The landlord was represented by Scot Marker of Colliers International. The property is located at 10430 S. Eastern Avenue. Reported monthly rent is $1.98 PSF.

North Las Vegas, 89103
Industrial
TheLaundryList.com leased 10,280 SF from Venture Point LLC for $157,110 on a 38-month lease. The tenant was represented by Chris Lexis and Joe Leavitt of Avison Young and the landlord was represented by Leo Biedermann of Cushman & Wakefield-Commerce. The property is located at 6250 Tropical Parkway. Reported monthly rent is $0.40 PSF.

Las Vegas, 89119
Industrial
Allied Wire & Cable Inc. leased 12,555 SF from EJM Spencer Helm Property LLC for $247,902 on a 37-month lease. The landlord was represented by Dan Doherty, SIOR and Chris Lane of Colliers International. The property is located at 1650 Helm Drive, Suite 1200. Reported monthly rent is $0.53 PSF.

Las Vegas, 89115
Industrial
Advanced Wheel Sales LLC leased 31,500 SF from Natomas Creek Nevada LLC for $587,998 on a 64-month lease. The tenant was represented by Zac Zaher of Voit Real Estate and the landlord was represented by Dean Willmore, SIOR and Eric Molfetta of Colliers International. The property is located at 3030 N. Lamb Boulevard, Suite 106. Reported monthly rent is $0.29 PSF.

Las Vegas, 89120
Industrial
Special Dispatch of California leased 39,929 SF from KTR LV III LLC for $1,278,522 on a 64-month lease. The tenant was represented by Gabe Telles and Dan Doherty, SIOR of Colliers International and the landlord was represented by Spencer Pinter and Jerry Doty of Colliers International. The property is located at 3755 E. Post Road, Suites 140 and 150. Reported monthly rent is $0.50 PSF.

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