Monthly Archives: August 2012

Twin Palms Apartments Sell for $1 Million

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Hang Chu LLC bought the 37-year-old, 36-unit Twin Palms apartment complex, on 0.40 acres, at 651 E. Twain Ave. in Las Vegas for $1 million, or $27,778 per unit, from Pantheon 651 Twain LLC. NAI Sauter Cos.’ Devin Lee and Robin Willett represented the buyer. The two-story building was 81% occupied at the time of… Read more »

Sherwood Street Apartments Sell for $500,000

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Vegas Venture Properties LLC bought a 49-year-old, 24-unit apartment complex, on 0.68 acres, at 2635-2655 Sherwood St. in Las Vegas for $500,000, or $20,833 per unit, from Real Estate Investment LLC. NAI Sauter Cos.’ Devin Lee, Art Carll, Patrick Sauter and Robin Willett represented the seller and buyer. The building was 60% occupied at the… Read more »

PENTA Building Group Upgrades Bellagio’s Spa Tower

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Penta Building Group is performing a $40 million upgrade to the Bellagio’s 8-year-old, 33-story Spa Tower, including modernization of all 928 rooms and suites. The update will also add a trio of executive hospitality suites, each with a billiards lounge and a separate 2,500-square-foot home theater area for intimate gatherings. The makeover, which includes the… Read more »

La-Z-Boy Building Sells for $3 Million

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Chamberlain Development LLC sold a 6-year-old, 21,610-square-foot La-Z-Boy, on 0.61 acres, inside Territory’s Centennial Gateway at 5700 Centennial Center Blvd. in Las Vegas for $3 million, or $139 per square foot, to private investment group. Marcus & Millichap’s Chris Cunning represented the seller; Marcus & Millichap’s Alvin Mansour represented the buyer. La-Z-Boy has 8 years… Read more »

Ric Licata, 59, Noted Nevada Architect, Dies

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Richard “Ric” D. Licata – a noted Nevada architect and industry leader – died on August 18 at his home in Reno. He was 59. Licata was diagnosed with bladder cancer in late 2011; he began chemotherapy treatments in January. As principal of Licata Hansen Associates Architecture – a Reno-based multidisciplinary firm founded in 1984… Read more »

Christopher Ader Joins PENTA Building Group

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TA Building Group named Christopher Ader as project engineer. He will work on the North Las Vegas Readiness project. Ader most recently served as a consultant to Marnell Companies after joining the company in 2007 as a project engineer.

Sunset Arville Industrial Building Nets $725,000

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KS Investment Group bought a 10-year-old, 9,062-square-foot industrial building, on 0.56 acres, inside the Sunset Arville Industrial Park at 4397 W. Sunset Road in Las Vegas for $725,000, or $80 per square foot, from Craig S. Michael Family LP. Colliers International’s Dan Doherty and Chris Lane represented the seller.

Comp-U-Rent Joins Ali Baba Commerce Center

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Comp-U-Rent signed a 37-month $41,126 lease for 2,148 square feet of industrial space inside Ali Baba Commerce Center, on 6.73 acres, at 4020 W. Ali Baba Lane, Suite F, in Las Vegas. Colliers International’s Eric Molfetta represented the tenant; Colliers International’s Pat Marsh represented the lessor, Vegas Ventures LLC. The reported average rent equals 52… Read more »

Layne Meyers Electric Signs 39-Month Lease

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Layne Meyers Electric signed a 39-month, $36,617 lease for 2,226 square feet of industrial space inside Ali Baba Commerce Center, on 6.73 acres, at 4010 W. Ali Baba Lane, Suite G, in Las Vegas. Colliers International’s Pat Marsh represented the lessor, Vegas Ventures LLC. The reported average rent equals 42 cents per square foot.

Masterbrand Cabinets Complex Sold for $6.6 Million

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Losee Investments LLC bought the 21-year-old 144,750-square-foot Masterbrand Cabinets industrial complex, on 15.18 acres, at 3645 and 3649 Losee Road, and 1412 E. Gowan Road in North Las Vegas for $6.6 million, or $46 per square foot, from Masterbrand Cabinets Inc. Colliers International’s Mike De Lew and Greg Pancirov represented the buyer; CB Richard Ellis’… Read more »