MONTELAGO VILLAGE AT LAKE LAS VEGAS · 2016. 11. 18. · • Gondola Adventures is a Neo-Venetian...
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Rick Hildreth | [email protected] 410 South Rampart, Suite 390, Las Vegas, NV 89145 ph. 702.262.9199 | www.landadvisors.com The information contained herein is from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the reponsibility of the person reviewing this information to independently verify it. This package is subject to change, prior sale or complete withdrawal. NVClark184821-11.4.16 EXCLUSIVE LISTING | 75 STRADA DI VILLAGIO | HENDERSON, NEVADA MONTELAGO VILLAGE AT LAKE LAS VEGAS Montelago Village is an exclusive lifestyle retail center located in the heart of the Lake Las Vegas Resort and Master Planned community. Montelago Village offers 56,069 square feet of retail space, which caters to tourist, locals, convention attendees and resort residents. Montelago Village is host to numerous events including concerts, food, wine, beer and other street festivals, holiday festivals, waterfront restaurants, lakeside boating docks and much, much more. Montelogo Village sets directly on the lake next to the Hilton Hotel, the Viera Condo Hotel and the Montelago Casino Some notable tenants include the Auld Dubliner, Essence & Herbs Steakhouse, Luna Rossa Ristorante, Sonrisa Grill Mexican Restaurant, Perk & Post, The Rocky Mountain Chocolate Factory, Seasons Market and much, much more…. HILTON HOTEL BRIDGE & HOTELS ROOMS VIERA CONDO HOTEL PARKING GARAGE CASINO MONTELAGO MONTELAGO VILLAGE RETAIL SHOP SPACES Strada di Villaggio Grand Mediterra Blvd 320 ACRE MAN MADE LAKE
Transcript of MONTELAGO VILLAGE AT LAKE LAS VEGAS · 2016. 11. 18. · • Gondola Adventures is a Neo-Venetian...
Rick Hildreth | [email protected] South Rampart, Suite 390, Las Vegas, NV 89145 ph. 702.262.9199 | www.landadvisors.comThe information contained herein is from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the reponsibility of the person reviewing this information to independently verif y it. This package is subject to change, prior sale or complete withdrawal. NVClark184821-11.4.16
EXCLUSIVE LISTING | 75 STRADA DI VILLAGIO | HENDERSON, NEVADAMONTELAGO VILLAGE AT LAKE LAS VEGAS
Montelago Village is an exclusive lifestyle retail center located in the heart of the Lake Las Vegas Resort and Master Planned community. Montelago Village offers 56,069 square feet of retail space, which caters to tourist, locals, convention attendees and resort residents. Montelago Village is host to numerous events including concerts, food, wine, beer and other street festivals, holiday festivals, waterfront restaurants, lakeside boating docks and much, much more. Montelogo Village sets directly on the lake next to the Hilton Hotel, the Viera Condo Hotel and the Montelago Casino Some notable tenants include the Auld Dubliner, Essence & Herbs Steakhouse, Luna Rossa Ristorante, Sonrisa Grill Mexican Restaurant, Perk & Post, The Rocky Mountain Chocolate Factory, Seasons Market and much, much more….
HILTON HOTEL
BRIDGE & HOTELS ROOMS
VIERA CONDO HOTEL
PARKING GARAGE
CASINO MONTELAGO
MONTELAGO VILLAGERETAIL SHOP SPACES
Stra
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Villa
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Grand Medite
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320 ACRE MAN MADE LAKE
PROPERTY OVERVIEW
PROPERTY INFORMATION
Offering Montelago Village at Lake Las Vegas
Offering Type Resort/Lifestyle Retail Center
Address 75 Strada Di Villagio, Henderson, Nevada 89011
Sales Price $10,000,000.00 or $178.38 per SF
Gross Leasable Space ±56,059 square feet
Acreage ±5.50 acres
APN Numbers 160-22-815-007 and 160-22-815-015
Zoning CT (Commercial Tourist)
Parking Street Level - 30 spaces Parking Garage - 1,900 community spaces
Property Highlights• Trophy Property with tremendous value-add and upside potential• Over $2 Billion in resort infrastructure spent to date• Lake Front Property• Control the Heart of the Lake Las Vegas Resort• Regularly Scheduled Events drive local visitors to the property as well
as tourist utilizing the resort Hotels and Spas• One of a kind opportuinity
PROPERTY CONSTRUCTION
Year 2003
Structures 12 Total (10 Stand Alone and 2 retail condominium buildings)
Gross Leasable Space ±56,059 square feet
Replacement Cost $500.00 per square foot (approximate)
Roof System Spanish Style tile covered pitched roof
Signage Adequate and Consistently themed above storefronts and property monuments in pedestrian areas
HVAC All retails areas have Central HVAC with forced Air Furnaces
Fire, Life & Safety 100% Sprinkler system via overhead wet system wired to the Henderson Fire Department. The Henderson Fire Department sub-station is on property at Lake Las Vegas. Roving Security on Contract basis utilized as needed.
Parking Street Level - 30 spaces Parking Garage - 1,900 community spaces
Utilities & Service Adequate utilities are readily available to service the property for its highest and best use.
Construction Continuous Monolithic Slab poured on reinforced concrete footings. Construction components include concrete block structure with stone and stucco finishes. Retail storefronts are plate glass set in anodized aluminum or wood frames.
MONTELAGO VILLAGE AT LAKE LAS VEGAS
HILTON HOTEL
BRIDGE & HOTELS ROOMS
VIERA CONDO HOTEL
PARKING GARAGECASINO MONTELAGO
MONTELAGO VILLAGERETAIL SHOP SPACES
320 ACRE MAN MADE LAKE
TENANTS OF MONTELAGO VILLAGE AT LAKE LAS VEGASNoteable Tenancy Essence & Herbs, The Auld Dubliner, Luna Rosa Ristorante, Perk & Post, The Rocky Mountain Chocolate Factory, Seasons Market
Adjacent Tenancy Hilton Hotel, Casino Montelago, Lake Las Vegas Marina, Viera Condo-Hotel
Other Tenancy Reflection Bay Golf Course, Westin Lake Las Vegas Resort & Spa
DINING AT MONTELAGO VILLAGE AT LAKE LAS VEGAS
CLARK COUNTY RETAIL ACTIVITY
SUMMARY STATISTICS3Q15 2Q15 3Q16
Vacancy Rate 9.6% 9.2% 8.6%Asking Rent (PSF, NNN) $1.27 $1.31 $1.33Net Absorption (SF) 138,267 -37,367 408,766New Completions (SF) 55,000 0 71,069
Source: Colliers International
SHOPPING CENTER RETAIL2012 2013 2014 2015 2016
Number of Sales 30 48 59 58 28Square Footage Sold 1,781,000 3,892,000 2,602,000 3,195,000 1,814,000Sales Volume $194.0 MM $378.4 MM $588.1 MM $588.1 MM $320.3 MMAverage Price/SF $108.90 $97.21 $156.89 $184.08 $176.79Average Sale Size/SF 59,000 81,000 44,000 55,000 65,000Cap Rate N/A N/A 8.90% 7.70% 7.00%
Source: Colliers International
0.075
0.08
0.085
0.09
0.095
0.1
0.105
1.22
1.24
1.26
1.28
1.3
1.32
1.34
Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016
VACANCY RATES vs. ASKING RENTAL RATES
Vacancy Rate Asking Rental Rate
LAS VEGAS MSA MARKET ACTIVITYThe third quarter of 2016 has proven to be one of Las Vegas Retail’s best in recent memory. Vacancy rates are down while net absorption, contruction, and rental rates are all up.
The state of Nevada’s job count is now 2,000 jobs higher than its pre-recessionary high, according to the Nevada Department of Employment, Training and Rehabilitation.
Since the recession, Nevada has added 190,100 jobs (186,000 jobs were lost in the recession), across a wide variety of industries, to bring the current job count to over 1.3 million statewide ( Las Vegas Review Journal, October 17, 2016).
In July, Las Vegas saw the highest amount of visitor volume so far in 2016, over 3,827,000 people and the highest room occupancy rate of the year at 93.7%. August numbers were not far behind, reporting over 3,636,000 visitors and an 89.3% occupancy rate (Las Vegas Convention and Visitors Authority, 2016).Source: Colliers International
LAKE LAS VEGAS
Lake Las Vegas is a premier Resort and Master Planned Community located in Henderson, Nevada. This exclusive community is located approximately 20 minutes from the World Famous Las Vegas Strip and McCarran International Airport. Lake Las Vegas offers a Country Club lifestyle that caters to community residents, locals and tourist of all types. Lake Las Vegas offers, lodging, shopping, golf, water sports and much more. Lake Las Vegas is a total of 3,592 acres with a 320-acre Man-Made Lake with approximately 20 miles of shoreline. Several new home communities are selling in the resort by notable builders such as William Lyon Homes, Toll Brothers, CalAtlantic Homes and Century Communities that will bring hundreds of new rooftops to the community. For more information about Lake Las Vegas, visit www.lakelasvegas.com.
GOLF• Reflection Bay Golf and Beach Club is the first public
resort golf course in Nevada personally designed by Jack Nicklaus. The course design makes its way through the desert while providing breathtaking views of Lake Las Vegas.
• SouthShore Golf Club is the first private Jack Nicklaus Signature golf course in Nevada. Rising from the shoreline of Lake Las Vegas to the desert hills, the course draws upon the area’s unique topography with a design that carves out a dramatic layout with elevations ranging from 1,410 feet to 1,750 feet.
LAKE LAS VEGAS MARINA• The full-service Marina offers several
varieties of boat rentals to fit your needs. Yacht cruises and watercraft are available such as , canoes, electric boats, kayaks, and pedal boats, SUP and Flyboard. Catch a fish or two with your family. Relax and have an intimate date on a yacht cruise. Tour the glistening waters and capture all of Lake Las Vegas.
LAS VEGAS CANOE KAYAK CLUB• Whether you are an experienced paddle
sports enthusiast, or just curious about how much fun you can have in a canoe or kayak, you’ve come to the right place for all your canoeing and kayaking needs. The Las Vegas Canoe Kayak Club is a non-profit organization focused on Olympic style sprint Kayaking & Canoeing. Please enjoy surfing our website, then come and join us on the water!
GONDOLA ADVENTURES• Gondola Adventures is a Neo-Venetian styled Gondola
company providing romantic cruises on Lake Las Vegas. While we specialize in special romantic moments for couples, there is plenty of room for a family excursion on our gondolas. The most unique feature by far is our ability to provide a private and secluded romantic dinner on the boat. There is nothing like it in Vegas. Our favorite cruise time is just before sunset and we highly recommend adding our surprise bottle message. The look on a girls face as she pulls this special message out of the bottle always says it all.
MONTELAGO VILLAGE AT LAKE LAS VEGAS RETAIL
MONTELAGO VILLAGE AT LAKE LAS VEGAS RETAIL
MONTELAGO VILLAGE AT LAKE LAS VEGAS RETAIL
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184821-22029 10-19-16
MONTELAGO VILLAGE RETAIL 56,059 SF METRO MAP
While the Land Advisors® Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. © 2016 The Land Advisors Organization. All rights reserved.
Rick Hildreth | 702.262.9199 | www.landadvisors.com
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184821-22029 10-19-16
MONTELAGO VILLAGE RETAIL 56,059 SF OBLIQUE MAP
While the Land Advisors® Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. © 2016 The Land Advisors Organization. All rights reserved.
Rick Hildreth | 702.262.9199 | www.landadvisors.com
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184821-22029 10-19-16
MONTELAGO VILLAGE RETAIL 56,059 SF PROPERTY DETAIL MAP
While the Land Advisors® Organization makes every effort to provide accurate and complete information, there is no warranty, expressed or implied, as to the accuracy, reliability or completeness of furnished data. This information can not be reproduced in part or whole without prior written permission. © 2016 The Land Advisors Organization. All rights reserved.
Rick Hildreth | 702.262.9199 | www.landadvisors.com
MONTELAGO VILLAGE AT LAKE LAS VEGAS AERIAL
HILTON HOTEL
BRIDGE & HOTELS ROOMS
VIERA CONDO HOTEL
PARKING GARAGE
CASINO MONTELAGO
MONTELAGO VILLAGERETAIL SHOP SPACES
Strad
a Di V
illaggio
Grand
Med
iterra
Blvd
320 ACRE MAN MADE LAKE
Lake Las Vegas Pkwy FUTURE
RESIDENTIAL
MONTELAGO VILLAGE AT LAKE LAS VEGAS AERIAL
HILTON HOTEL
BRIDGE & HOTELS ROOMS
VIERA CONDO HOTEL
PARKING GARAGECASINO MONTELAGO
MONTELAGO VILLAGERETAIL SHOP SPACES
Strada Di Villaggio
Grand Mediterra Blvd
320 ACRE MAN MADE LAKE
Lake Las Vegas Pkwy
FUTURE RESIDENTIAL
CENTURY COMMUNITIES NEW HOME DEVELOPMENT
MONTELAGO VILLAGE AT LAKE LAS VEGAS AERIAL
HILTON HOTELBRIDGE & HOTELS ROOMS
VIERA CONDO HOTELPARKING GARAGE
CASINO MONTELAGO
MONTELAGO VILLAGERETAIL SHOP SPACES
Strada Di Villaggio
320 ACRE MAN MADE LAKE
Lake Las Vegas Pkwy
