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Rialto Capital, Kismat Investments Pay $10M for N. Las Vegas Strip Mall

6 Feb 2014, 7:00 pm

By Alex Girda, Associate Editor

A joint venture of Rialto Capital and Kismat Investments recently picked up Craig Promenade, an 86,395-square-foot retail center in North Las Vegas, in a $10.1 million deal. Faris Lee Investments represented the seller, an affiliate of San Mateo Calif.-based TNP Strategic Retail Trust Inc.

Located at 525-785 West Craig Road near Craig Ranch Regional Park, the property was constructed in 1985 and was 70 percent occupied when the deal closed last month. National tenants include Big Lots and Metro PCS, as well as local retailers.

“Over the last few quarters the Las Vegas retail market has continued to improve, with expectations that we will continue to see positive momentum as the national and local economies gain traction. We’re now at the front end of this recovery,” Faris Lee president & CEO Rick Chichester said in a statement. Rob Moore, Lisa Brady and Katie Brase of the firm’s Las Vegas office highlighted the Craig Promenade’s leasing and development potential in marketing the property. A long-term exit strategy includes an option to divide the property into four parcels.

Craig Promenade is the third of three retail properties that Faris Lee has sold on behalf of TNP SRT over the past 12 months. Previously, Faris Lee had represented the seller in the disposition of Waianea Town Center, a 171,065-square-foot regional center on the island of Oahu, Hawaii, and Willow Run, a 91,565-square-foot grocery-anchored center in metropolitan Denver.

John Chun and Sebastian Trujillo of HFF arranged $7.3 million financing for the Craig Promenade acquisition. RRA Capital Management provided three-year, floating-rate financing.



Griffis Residential Pays $43M for Luxury M-F Asset in Summerlin

22 Jan 2014, 11:27 pm

By Alex Girda, Associate Editor

On the heels of significant price increases in Las Vegas’ single-family home market, multi-family properties may be gaining further traction with investors. A case in point: Griffis Residential’s recent $43.2 million acquisition of The Wellington, a luxury apartment community in Summerlin’s Lakes area.

Completed in 1998, the property underwent renovation in 2012 and 2013. The Wellington is near the I-215 beltway, as well as the soon-to-be-completed Shops at Summerlin retail district.

The Wellington offers 332 garden-style units ranging in size between 759 and 1,322 square feet, with five floor plans that include one-, two-, and three-bedroom layouts.

Amenities include 24-hour emergency maintenance, a clubhouse, controlled access entry, a heated swimming pool, spa facilities, tennis and basketball courts, and reserved covered parking.

For Denver-based Griffis, the Wellington deal marks its second acquisition of a high-end multi-family property in less than a year. Last May the company bought Quest Apartments, a 310-unit apartment community in nearby Henderson.  

Image courtesy of  thewellington-apartments.com



Residential Market’s Strong Finish Points To More Gains in 2014

16 Jan 2014, 10:26 pm

By Alex Girda, Associate Editor

The Las Vegas housing market kept a year of gains going all the way to the end. According to data released by the Greater Las Vegas Association of Realtors,  the median price of a single-family home rose to $185,000 in December.

That marked a 24 percent increase compared to the fourth quarter of 2012, when the average resale price of homes in the market was $149,000. Moreover, median prices have remained above $180,000 since July. That surge promises further gains and stabilization in 2014.

Median prices of condos and townhomes also recorded significant growth in 2014 .On the strength of a 26.3 increase during the year, prices reached $96,000 by the end of last month.   

Encouraging as those gains are, they are not universal in the state’s housing market. The Las Vegas Review-Journal notes that Nevada still leads the country in underwater homes. According to the publication, approximately 38 percent of homeowners in Nevada are currently unable to pay off their mortgages, while Florida and Illinois follow with 34 percent and 32 percent respectively.



KRE, Dune Acquire 5 M-F Assets for $237M; South Blvd. Apartments Fetches $42M

11 Jan 2014, 9:06 pm

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor

Las Vegas’ residential market ended 2013 with a flurry of high-profile multi-family transactions. In a $237 million deal, KRE Capital and Dune Real Estate Partners teamed up to acquire five residential properties comprising 1,435 rental and condominium units, VegasINC.com reports.

The seller, ST Residential, was formed by private equity investors who bought construction loans on the properties from the Federal Deposit Insurance Corp., Bloomberg News reported. FDIC, in turn, had assumed the notes when it closed Corus Bank in 2009.

According to information on ST Residential’s website, the portfolio includes:

  • The Juhl, 353 E. Bonneville Ave., 341 units
  • Loft 5, 2715 West Pebble Rd., 272 units
  • One Las Vegas, 359 units (address not listed)
  • Spanish Palms Condominiums, 5250 S. Rainbow Boulevard, 188 units
  • The Ogden, 150 Las Vegas Blvd. N., 275 units

Of note, the Ogden is the home of Tony Hsieh, the entrepreneur and leader of the Downtown Project. ST Residential originally listed the assets in early 2013 as part of a 13-property, eight-state portfolio with a $1 billion asking price.

Also in late December, The Praedium Group acquired South Blvd. Apartments (pictured above) from Nevada West Development for $41.9 million. Located at 10200 Giles St., the 320-unit complex was completed in 2012. CBRE Group Inc. arranged financing for the deal, while Hendricks-Berkadia represented the seller.

South Blvd. Apartments comprises 29 two-story buildings, large layouts, nine-foot high ceilings, granite countertops, stainless steel appliances and washer/dryer units. Community amenities include a state-of-the-art clubhouse and health center, a resort-style pool, a common barbecue area, a movie theater with stadium seating, and gated garage parking. The complex was 93 percent occupied at closing.



Henderson’s $1.6B Union Village Wins Hospital Commitment from Valley Health

19 Dec 2013, 7:32 pm

By Alex Girda, Associate Editor

In a major step for Union Village, the $1.6 billion healthcare-centered project in Henderson, Valley Health System is nearing an agreement to build the acute-care hospital that will anchor for the 220-acre development.

Valley Health’s commitment would allow the city to approve the sale of the 30-acre site designated for the facility. Union Village L.L.C., the project’s master developer, would pay about $11.6 million for the site, according to The Las Vegas Review-Journal .

Touted as the world’s first integrated health village, the project would include retail, senior care, cultural and residential components.

Union Village’s backers say that the project will generate an economic boost in the form of tax increment revenue worth around $158 million. By the time it is completed in 2022, the development will create an estimated 17,000 new jobs.

Image courtesy of unionvillage.net







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