Las Vegas Commercial Real Estate

The Rancho Del Sol Apartments at 1536 N. 22nd St. have been sold by Rancho Del Sol LLC to Khoan and Khem Than for $6.4 million, or approximately $80,000 per unit, with a 5.31% cap rate.

The 80-unit two-story apartment totals 58,480 square feet on 3.42 acres. The apartments consist of 80 two-bedrooms/one-bath units. The complex was built in 1963. Read the rest of this entry »

Margo Investments LLC has sold two office buildings located at 4680 and 4660 S. Eastern Ave. to AZZ Properties LLC and ZHZ Properties LP. Total purchase price was $5.6M, or approximately $152 per square foot.

The site at 4660 S. Eastern Ave. is a two-story, 27,612-square-foot office building on 1.98 acres. The single-story office building at 4680 S. Eastern Ave. totals 9,051 square feet on 2 acres.

Developer Harsch Investment Properties is reporting that the second phase of the Speedway Commerce Center, which involves 523,000-sf has been cleared for occupancy and that 25% has been pre-leased. Additionally, leases for another 10% of the space is out for signature.

The $52-million second phase consists of eight new light buildings with 24- to 30-foot clear heights. The buildings, which range in size from 45,000 sf to 104,000 sf, have been divided into 80 units that have been finished with a 13% to 25% office build out.

Harsch purchased the industrial site in 2001 for $44 million. The deal included 1.4 million sf of built space that was 99% leased to 200 tenants and excess land for future phases.

Kimco Realty Corp., which owns and operates a portfolio of 1,365 neighborhood and community shopping centers totaling 175 million square feet, just added 12 more through an acquisition from Wall Street Properties Co.

Located in California and Nevada, the 1.1-million-square-foot portfolio sold for $342.9 million. At the time of sale, the entire portfolio was 98.7% occupied. Acquired properties located in Nevada include:

Last month, the developer broke ground on the Windmill Retail Plaza at 556 E. Windmill Lane. The new retail development is comprised of approximately 12,300 square feet of in-line space, a 2,570-square-foot pad with a dual drive-thru and a 3,255-square-foot pad with a single drive-thru. The shopping center is projected to complete in the fourth quarter of 2007.

The development is expected to be a boutique retail experience comprised of restaurants, regional and national. Negotiations are reportedly underway with numerous prospective tenants. Read the rest of this entry »