Top sales of 2017 to date.
The developer of the Gramercy office buildings sold the portfolio of two, four-story office buildings for $32.1 Million. The project is 187,000 square feet and includes CalAtlantic, HMS Holdings Corp, Regus and Touchstone Living according to Costar. Gramercy is one of the rare, true mixed-use sites in the region, combining office space, retail and multifamily. The project is located in the Southwest submarket, one of the fastest growing areas in the region.
In the Las Vegas market, a majority of office space is located within buildings that are smaller than 50,000 square feet. For a market like Las Vegas, this is a large sale.
Generally, top retail project sales occur on the famous Las Vegas Strip. This year, the Smith & Wollensky building sold for $59.5 Million. At 29,406 square feet, this puts the price per square foot at over $2,000. The tenant is actually vacating a the end of May. Undoubtedly, with the foot traffic and eyeballs that reach this site, a new tenant should be relatively easy to acquire.
Industrial is an interesting sector in Las Vegas, with several completions this year. One of the recent deliveries, the 2016 built SunPoint Business Center in North Las Vegas, sold for $25.1 Million for 311,501 square feet. That’s a massive building for the region, which is far smaller than the Inland Empire and other major industrial property centers. The property was 41% occupied at the time of sale.
The recently built Elysian West set a record sale at $106.5 Million for 466 luxury apartment units. The developer, Calida Group, has a strong presence in the Las Vegas market for luxury apartments. The buyer was Blackstone, which has been gaining exposure in Las Vegas through office buys, The Cosmopolitan and through a related entity, Invitation homes, in the SFR-Rent sector. The property was reported to be 92% occupied (still in the initial lease-up period). The cap rate was understood to be 5.21%.