Las Vegas Commercial Real Estate

According to reports from Marcus & Millichap Real Estate Investment Services and CB Richard Ellis, the Las Vegas retail market will continue its prosperity throughout 2007 and in the years to come. Ongoing steady population growth has new retail developments under construction and retailers preleasing significant amounts of space. This is keeping vacancy numbers low and rates high.

Marcus & Millchap reports that developers are on track to deliver 3.2 million sf of space by year end, up from 2.1 million sf last year. Although more space is being delivered, vacancy rates are forecasted to remain unchanged at 4.2%. Asking and effective rents are forecasted to increase 5.6% in 2007.

If you are searching for a commercial property to buy in the U.S. or are looking for a place to list one you are selling, consider checking out LoopNet. This website currently has over 475,000 properties For Sale and For Lease. There are over 500+ commercial properties for sale in the Las Vegas area alone.

According to their website, they have over 2 million registered members and 885,000 unique visitors monthly. Their online marketplace contains more than $405 billion of property available for sale and 3.2 billion square feet of property available for lease. Loopnet also doesn’t charge any commission on any sale that occurs through its site, only listing charges via a subscription fee.

It may be a great starting point in your uest to sell or buy a commerical real estate property.

Are you building or do you own a three or four star hotel and need funding? If so, you may want to consider talking to GE Real Estate. The company which is the real estate arm of General Electric Co. has about $60 billion invested globally in real estate. In North America, it has an equity ownership of about $14 billion, controlling $18 billion worth of real estate. On the lending side, the company has about $17.5 billion of total investment lending in the United States and Canada and loans about $12 billion yearly.

GE Real Estate has a fond place in its heart when it comes to lending to three and four star hotel projects. They have iinvested heavily in them in the past three years and were recently quoted as saying they feel, ” very comfortable to continue to be a lender in this sector”.

New York-based VRP Spanish Oaks LLC purchased the Spanish Oaks Apartments for $18.65 million. The seller, Portico Spanish Oaks LLC based in San Francisco, sold the complex for approximately $86,343/unit, with a 6.1% cap rate at time of sale.

Located at 2301 S. Valley View Blvd., the 216-unit, two-story apartment complex totals 148,608 square feet and sits on 8.45 acres. The complex built in 1976 offers a mix of two- and three-bedroom units and features a resort style pool.

Torrey Springs Apartments, a 320-unit apartment, which sits on 9.14 acres and is located at 2200 N. Torrey Pines Dr. sold last month for $27.74 million, or $86,300 per unit. The complex built in the late 1980s was owned by Stan Goldfarb of Toronto. The buyer is Prime Property Capital of San Francisco.

The transaction was not without issues as it was discovered during due diligence that 25% of the units were unoccupied and uninhabitable due to broken water pipes. The buyer was able to negotiate a reduced price after learning how much would be needed to rehab the property.

The new owners plan to install new water pipes in all the buildings to prevent future problems. The rehab is being done one building at a time with the entire process expected to take about one year.