Las Vegas Commercial Real Estate

GlobeSt.com recently ran a report on the findings of Applied Analysis regarding the current state of the condo market in LV. The main thrust of the report is that there is insufficient demand to absorb all the units in the pipeline. Approximately 98,400 luxury condominium units are extimated to be somewhere in the process of [...]

The landlord for the Dermody Business Center has secured a new tenant. DP Operating Partnership has signed the automotive replacement glass distributor Mygrant Glass Co. to a ten-year lease. Mygrant leased 46,080 square feet of industrial space at 3101 Marion Drive. The space is located in a 271,616-square-foot industrial facility in the Dermondy Business Center.

The Adrian & Kathleen Varni Living Trust has sold the building housing Z’Tejas Grill at 9560 W. Sahara Avenue to Continental Property LLC. The purchase price was $3.6 million, or approximately $591 per square foot. At the time of sale, it had a cap rate of 6.61%. The single-story restaurant building was built in 1999 [...]

Things continue to look bright for the U.S. commercial real estate market. A fact that is attracting the attention of many foreign investors who continue to purchase real estate assets in the U.S. Last year alone, foreign investors poured over $20B into U.S. commercial real estate. Commercial property investments accounted for more than $180 billion—roughly [...]

The Diablo Industrial Center, built between 1995 and 1999, has been bought by Harsch Investment Properties for $59.87 million, or about $120 per square foot. There was a 6.5 % cap rate at the time sale. The 499,720-square-foot complex, previously owned by an affiliate of Scherer Development, sits on 32 acres and currently has 32 [...]