Views of Sahara Pavilion

Las Vegas Sun - Sahara PavilionViews of the Sahara Pavilion shopping center at the northeast corner of Sahara Avenue and Decatur Boulevard in Las Vegas Monday, April 13, 2015.

See all photos in the Las Vegas Sun

Las Vegas Sun

United Healthcare Leases 98,000 SF In Area

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United Healthcare Services, a health plan servicer and subsidiary of UnitedHealth Group, signed a 10-year lease for 98,000 square feet in The Oakey Building at 4750 W. Oakey Blvd. in Las Vegas, NV.

The four-story, 98,000-square-foot, 4-Star office building was constructed in 1988 on 3.2 acres in the West Las Vegas submarket of Clark County. The previous tenant, the Las Vegas Police Department, also occupied the entire building until vacating in 2011.

Trans-Aero Land & Development Company acquired the asset in 2006 for $22.3 million, according to CoStar data. Shortly after, the company built an adjacent four-story parking structure. 

The proximity of local restaurants and shopping facilities will see a rather large increase of business due to the large number of employees that will now be in the vacinity on a daily basis.

Bret Davis of JLL represented United Healthcare. Mark Rua of Realty Executives of Nevada represented the landlord.

 

Sahara Pavilion Purchased

Sahara Pavilion North - KNPRSahara Pavilion North was once a hot spot for shopping in Las Vegas.

You know the spot, the mall on the northeast corner of Sahara Avenue and Decatur Boulevard, which was once home to Vons supermarket and Borders.

But the loss of Vons, followed by Borders closing its doors in 2011 sent the shopping center into foreclosure.

Sahara Pavilion could have been just another forgotten shopping center at what used to be the western edge of Las Vegas.

Today, however, a new owner is betting millions on the 29-acre mall. Was it a fool’s bet? Or was the $33-million-dollar purchase a sign of good things to come?

“The new buyers are planning on rebranding the center … really putting money into the landscaping and parking lot,” Paul Chaffee, a partner with NAI Vegas, told KNPR’s State of Nevada. “They are revitalizing the center to attract the demographic that surrounds the center today and not when it was the western edge of Las Vegas.

Chaffee described the demographic in Western Las Vegas as middle class, a change from the days when the area was home to the region’s upper middle class and wealthy residents.

He said wealthier residents moved to the suburbs near the 215 freeway when that was built. Chaffee said the sale of Sahara Pavilion to Joseph Daneshgar, of Beverly Hills, Calif., -based 3D Investments was a sign of increased interest in the region’s commercial real estate.

By Chris Sieroty
Nevada Public Radio
- See more at: KNPR

Healing seen in Las Vegas commercial real-estate market

Las Vegas Real-Estate MarketSouthern Nevada’s homes market isn’t the only real estate sector seeing falling loan delinquencies.

An improving economy means fewer commercial borrowers are in danger of default, too.

New numbers from Trepp, a New York-based commercial real estate and banking research firm, show a substantial drop recently in late commercial loans. The Las Vegas Valley in December had 53 properties with real estate loan payments that were more than 90 days late, for a 10.7 percent delinquency rate. That was down from 14.9 percent in December 2013.

It was also less than half of the rate in mid-2011, when 24 percent of local commercial properties were behind on their real estate loans, said Sean Barrie, a Trepp research analyst.

Nearly 150 local properties were delinquent in mid-2012.

Delinquencies are an important economic indicator because they reflect whether commercial landlords can make their payments. That’s driven in turn by economic expansion and business formation.

Delinquencies are falling as more borrowers and banks look for loan-workout strategies, Barrie said.

Those alternatives to default are available because the local market has stabilized, said Bob Ybarra, an analyst with commercial brokerage CBRE Las Vegas.

“You’re seeing a lot more absorption (leasing of space) in industrial, office and retail properties,” Ybarra said. “The overall fundamentals are better: You have a strong economy, businesses are rebounding, there’s more job creation, and there’s more wealth. We’re not breaking records, but some of these centers are starting to fill up with tenants again. And when they fill up, the landlords can service their debt.”

Written by Jennifer Robison

Read the full article at the Las Vegas Review Journal.

Las Vegas Review Journal Article

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