Montelago Village at Lake Las Vegas Exclusive Listing | 75 Strada Di Villagio | Henderson, Nevada
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MONTELAGO VILLAGE AT LAKE LAS VEGAS EXCLUSIVE LISTING | 75 STRADA DI VILLAGIO | HENDERSON, NEVADA PARKING GARAGE HILTON HOTEL CASINO MONTELAGO Strada di Villaggio MONTELAGO VILLAGE RETAIL SHOP SPACES Grand Mediterra Blvd BRIDGE & HOTELS ROOMS VIERA CONDO HOTEL 320 ACRE MAN MADE LAKE 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…. 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 PROPERTY OVERVIEW PROPERTY INFORMATION PROPERTY CONSTRUCTION Offering Montelago Village at Lake Las Vegas Year 2003 Offering Type Resort/Lifestyle Retail Center Structures 12 Total (10 Stand Alone and 2 retail condominium buildings) Address 75 Strada Di Villagio, Henderson, Nevada 89011 Gross Leasable Space ±56,059 square feet Sales Price $10,000,000.00 or $178.38 per SF Replacement Cost $500.00 per square foot (approximate) Gross Leasable Space ±56,059 square feet Roof System Spanish Style tile covered pitched roof Acreage ±5.50 acres Signage Adequate and Consistently themed above storefronts and property monuments in pedestrian areas APN Numbers 160-22-815-007 and 160-22-815-015 HVAC All retails areas have Central HVAC with forced Air Furnaces Zoning CT (Commercial Tourist) Fire, Life & Safety 100% Sprinkler system via overhead wet system wired to the Parking Street Level - 30 spaces Henderson Fire Department. The Henderson Fire Department Parking Garage - 1,900 community spaces sub-station is on property at Lake Las Vegas. Roving Security on Property Highlights Contract basis utilized as needed. • Trophy Property with tremendous value-add and upside potential Parking Street Level - 30 spaces • Over $2 Billion in resort infrastructure spent to date Parking Garage - 1,900 community spaces • Lake Front Property • Control the Heart of the Lake Las Vegas Resort Utilities & Service Adequate utilities are readily available to service the property for • Regularly Scheduled Events drive local visitors to the property as well its highest and best use. as tourist utilizing the resort Hotels and Spas Construction Continuous Monolithic Slab poured on reinforced concrete footings. • One of a kind opportuinity 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 TENANTS OF MONTELAGO VILLAGE AT LAKE LAS VEGAS DINING AT MONTELAGO VILLAGE AT LAKE LAS VEGAS Noteable 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 PARKING GARAGE CASINO MONTELAGO VIERA CONDO HOTEL HILTON HOTEL MONTELAGO VILLAGE RETAIL SHOP SPACES BRIDGE & HOTELS ROOMS 320 ACRE MAN MADE LAKE CLARK COUNTY RETAIL ACTIVITY SUMMARY STATISTICS SHOPPING CENTER RETAIL 3Q15 2Q15 3Q16 2012 2013 2014 2015 2016 Vacancy Rate 9.6% 9.2% 8.6% Number of Sales 30 48 59 58 28 Asking Rent (PSF, NNN) $1.27 $1.31 $1.33 Square Footage Sold 1,781,000 3,892,000 2,602,000 3,195,000 1,814,000 Net Absorption (SF) 138,267 -37,367 408,766 Sales Volume $194.0 MM $378.4 MM $588.1 MM $588.1 MM $320.3 MM New Completions (SF) 55,000 0 71,069 Average Price/SF $108.90 $97.21 $156.89 $184.08 $176.79 Source: Colliers International Average Sale Size/SF 59,000 81,000 44,000 55,000 65,000 Cap Rate N/A N/A 8.90% 7.70% 7.00% Source: Colliers International VACANCY RATES vs. ASKING RENTAL RATES 1.34 0.105 LAS VEGAS MSA MARKET ACTIVITY 1.32 0.1 The 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. 1.3 0.095 1.28 0.09 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. 1.26 0.085 1.24 0.08 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). 1.22 0.075 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 In July, Las Vegas saw the highest amount of visitor volume so far in 2016, over 3,827,000 people and the highest Vacancy Rate Asking Rental Rate room occupancy rate of the year at 93.7%. August numbers were not far behind, reporting over 3,636,000 visitors Source: Colliers International and an 89.3% occupancy rate (Las Vegas Convention and Visitors Authority, 2016). 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 LAKE LAS VEGAS MARINA LAS VEGAS CANOE KAYAK CLUB GONDOLA ADVENTURES • Reflection Bay Golf and Beach Club is the first public • The full-service Marina offers several • Whether you are an experienced paddle • Gondola Adventures is a Neo-Venetian styled Gondola resort golf course in Nevada personally designed varieties of boat rentals to fit your needs. sports enthusiast, or just curious about company providing romantic cruises on Lake Las Vegas. by Jack Nicklaus. The course design makes its way Yacht cruises and watercraft are available how much fun you can have in a canoe While we specialize in special romantic moments for through the desert while providing breathtaking such as , canoes, electric boats, kayaks, or kayak, you’ve come to the right place couples, there is plenty of room for a family excursion views of Lake Las Vegas. and pedal boats, SUP and Flyboard. Catch for all your canoeing and kayaking needs. on our gondolas. The most unique feature by far is • SouthShore Golf Club is the first private Jack Nicklaus a fish or two with your family. Relax and The Las Vegas Canoe Kayak Club is a non- our ability to provide a private and secluded romantic Signature golf course in Nevada. Rising from the have an intimate date on a yacht cruise. profit organization focused on Olympic dinner on the boat. There is nothing like it in Vegas. shoreline of Lake Las Vegas to the desert hills, the Tour the glistening waters and capture style sprint Kayaking & Canoeing. Please Our favorite cruise time is just before sunset and course draws upon the area’s unique topography all of Lake Las Vegas. enjoy surfing our website, then come and we highly recommend adding our surprise bottle with a design that carves out a dramatic layout with join us on the water! message. The look on a girls face as she pulls this elevations ranging from 1,410 feet to 1,750 feet. 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 MONTELAGO VILLAGE RETAIL 56,059 SF METRO MAP Rick Hildreth | 702.262.9199 | www.landadvisors.com Apex Industrial Silverstone Park Skye Ranch Canyon Park Cliffs Elkhorn Springs Highlands Edge MPC Aliante BLM Muddy Eldorado Mounttaiins Wiillderness Area Lone ¨¦§15 Nelllliis Mountain AFB West Lone La Madre Mountain Mountain North Las Mountain y Desert Wiillderness Area a Vegas w t Shores l e B y Las r Summerlin u b Vegas 147 d o ?D o Peccole Sunrise Red Rock Canyon W Valley Conservation Area Ranch Conservation Area e Stonegate c u The r Lakes B Stallion ¤¡95 Mountain Lake Estates Las Vegas Subject (! Lake Mead Paradise Recreattiion 159 Area ?D McCarran International Green Airport Valley North Rhodes §215 Ranch ¨¦ Green Valley Henderson 160 South Legacy ?D Enterprise Green BLM Legend Valley Ranch Macdonald Projects Mountains Sunridge Highlands ¤¡93 Active Edge at MacDonald 2 Pending Southern Crystal e Ranch s Highlands Conceptual Ridge Boulder a Seven h BLM City Future BLM Hills P Slloan Canyon s Non-Residential s Del Conservattiion a p K Webb Area y Anthem B 0 2 4 F r uture Boul d e Miles Inspirada 184821-22029 10-19-16 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.