Office building’s sale marks commercial transition

The recent sale of an office building in southwest Las Vegas looks routine on the surface. But brokers involved in the $17.4 million deal say it’s a sign that local commercial real estate has begun transitioning into a more stable market built around long-term investment.

That’s because this buy didn’t involve a distressed property ripe for a quick flip and a fast profit.

When investor Tierra Partners III LLC bought LaPour Corporate Center in early September, the firm got a 70,188-square-foot, Class A office building in a prime spot near the 215 Beltway and Russell Road that was 100 percent leased. Tenants include the state Public Utilities Commission and Chicago Title.

The deal is a departure from the postrecession norm in which investors have chased properties that needed upgrades and more tenants, because making those simple improvements reaped relatively big returns in as little as two years.

Things are changing, though, said Marlene Fujita Winkel, the CBRE Las Vegas broker who, with her colleagues Charles Moore and Ashley Kolaczynski, represented LaPour Corporate Center’s seller, LaPour 215 LLC.

Brokers are seeing the “resurgence of stabilized buyers,” or investors looking for assets to hold for at least five years, Fujita Winkel said.

“It’s nice to see that, because it means those investors believe the market is stable,” she said. “They’re underwriting as if tenants will stay, rather than renegotiate their leases. Their belief is that the future of the market is going to be similar to what it is today.”

To be sure, there are still plenty of shoppers looking for distressed properties, Fujita Winkel said.

But there just aren’t as many troubled properties with strong potential as there used to be, she said. Plus, as the market has recovered, returns have dwindled.

Still, because it remains relatively depressed, Las Vegas offers better returns than many California markets, and less risk than the market carried just a year or two ago.

So expect more deals such as the Tierra Partners-LaPour transaction, particularly in the southwest, Fujita Winkel said. Industrial developers are snapping up land in the area, and business owners like the submarket because it’s halfway between the major population centers of Green Valley and Summerlin.

“As the market fills in around the curve (of the 215 Beltway), buildings like this are going to stand out,” Fujita Winkel said.

CBRE’s Greg Tassi represented the buyer of the building.

GLVAR elects board

The Greater Las Vegas Association of Realtors has elected its 2015 board.

Keith Lynam of Windermere Prestige Properties will serve as president of the 11,000-member group. Scott Beaudry of Universal Realty will be president-elect, while Kathryn Bovard of Realty One Group will become vice president. Janet Carpenter of Signature Real Estate Group will be treasurer.

Current President Heidi Kasama will transition into the immediate past president’s post.

Serving on the association’s 2015 board are: Vandana Chima-Bhalla and Brandon Roberts of Signature Real Estate Group; Omar Lopez of Berkshire Hathaway HomeServices Nevada Properties; Krystal Sherry of Hudson Real Estate; Mark Sivek of Realty One Group; Tina Africk of iProperties International; Thomas Blanchard of 1st Realty Group; David J. Tina of Urban Nest Realty; and Julie Youngblood of Keller Williams Realty Southwest.

Bobbi Miracle of Commercial Executives Real Estate Services will be president of the trade group’s Commercial Alliance Las Vegas.

Ronnie Schwartz of Coldwell Banker Premier will chair the association’s MLS Committee.

All will take office on Jan. 1.

Deal watch

■ Brokers with Colliers International helped close a wide range of recent commercial sales.

Phillip Dunning and Angela Bates represented Maverick LLC in its sale of a 10,896-square-foot retail property at 7605 Grand Teton Drive. Merryhill Preschool bought the building for $3.9 million.

Robert Torres and Scott Gragson represented Russell Beltway LLC in its $2.6 million sale of 6.5 vacant acres at the southwest corner of Patrick and Quarterhorse lanes. Pardee Homes of Nevada was the buyer.

Torres and Gragson also assisted El Dorado and Miller Investments in the $900,000 sale of 1.8 acres at the southwest corner of Durango Drive and Spanish Ridge Avenue. One Nevada Credit Union bought the parcel.

Dan Doherty, Susan Borst, Chris Lane and Jerry Doty represented Aurum Properties in its $700,000 purchase of a 6,100-square-foot industrial property at 6440 Schirlls St. Records of the Clark County assessor’s office show the prior owner was Stout Family LLC.

Scot Marker represented Abbott’s Custom Printing in its $525,000 purchase of a 5,690-square-foot industrial property at 411 Mark Leany Drive. The seller, according to county assessor records, was Vegas Closeouts LLC.

■ Ben Millis and Chris Beets of Newmark Grubb Knight Frank represented landlord NC Industries LLC in its lease of 24,500 square feet of industrial space at 412 E. Gowan Road. Joe Leavitt of Avison Young represented tenant Ryan’s Holdings. The 60-month deal is worth nearly $1.25 million.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com. Follow @J_Robison1 on Twitter.