California firm buys Las Vegas apartment complex for $15M

Alpha Wave Investors acquired the 144-unit Cypress Springs rental complex at 3651 N. Rancho Drive in Las Vegas for $15 million. (Brower Group)

A Southern California real estate firm bought a Las Vegas apartment complex for $15 million.

Alpha Wave Investors announced Tuesday that it acquired the 144-unit Cypress Springs rental complex and that it plans to make around $1.7 million worth of upgrades and improvements.

The complex, at 3651 N. Rancho Drive in the northern Las Vegas Valley, was built in 1994.

The sales price amounts to about $104,170 per unit. Last year, investors paid an average of around $114,000 per unit for Southern Nevada apartment complexes, according to brokerage Colliers International.

Alpha Wave founding partner Jordan Fisher said in a statement that Las Vegas “is experiencing some of the fastest population and job growth in the country, making it an ideal locale for strategic investment.”

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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Former SoftBank Executive Nikesh Arora to Run Palo Alto Networks

Palo Alto Networks Inc. PANW 0.53% on Friday named Nikesh Arora, a former top SoftBank Group Corp. 9984 -0.04% executive, as its next chairman and chief executive, following years of rapid growth for the cybersecurity company.

Mr. Arora will succeed Mark McLaughlin, who joined Palo Alto Networks as CEO in 2011 and took the company public in 2012. He oversaw brisk growth at a time when high-profile cyberattacks pushed corporations to beef up their investments in security software.

In an interview, Mr. McLaughlin said that after nearly a decade of running publicly traded companies, he wants to spend more time with his family. He said he discussed the transition with the board for eight months. He will remain as vice chairman, a “customer-facing” role in which he said he will help with customer advocacy and the company’s relationship with the federal government.

With Mr. Arora, who also will replace Mr. McLaughlin as chairman, Palo Alto Networks gains a CEO with a reputation as a global deal maker.

Mr. Arora was a longtime executive at Alphabet Inc.’s Google, where as chief business officer he oversaw sales, customer service, marketing and tech support.

He pointed to his experience in helping Google build up globally.

“No, I haven’t worked in security,” Mr. Arora said in an interview. “The need here is to lead a team of 5,000 people, shore up our global operations to continue to scale.”

Mr. Arora said it was too soon to get into the specifics of his strategy, but noted that he was attracted to helping companies figure out how to stay secure as they transition to cloud computing. “I think that is a huge opportunity,” he said.

His tenure at Palo Alto Networks begins June 6, the company said. Mr. Arora declined to comment on his compensation.

Mr. Arora said he plans to focus on continuing the company’s current trajectory. “The question is how do we take this from here and 2x or 3x it and continue to scale,” he said.

At SoftBank, where he served as president and operating chief, Mr. Arora shepherded billions of dollars in investments. He had once been considered a successor to the Japanese internet and telecommunications company’s CEO, Masayoshi Son, who had handpicked the Silicon Valley deal maker to replace him. But Mr. Arora faced criticism from some SoftBank shareholders over his investment choices for the company, and he left abruptly in 2016—two years after he was wooed away from Google.

Mr. Arora on Friday defended his investment record. “Of the eight or nine investments I did, six are working really well, one still remains to be seen and two didn’t work. Now that’s called portfolio management.”

Palo Alto Networks sells next-generation firewalls, security products designed to keep malicious software out of corporate networks. When it went public in 2012, annual revenue was $225.1 million. By fiscal 2017, that figure had jumped to $1.8 billion as the company siphoned sales from established vendors such as Cisco Systems Inc. and Check Point Software Technologies Ltd.

However, Palo Alto Networks has consistently run at a loss, in part because of the cost of share-based compensation. Its loss widened to $216.6 million in fiscal 2017 from $192.7 million a year earlier.

The change at the top comes as Palo Alto Networks is looking to acquisitions to maintain its breakneck revenue growth. In March, the Santa Clara, Calif., company spent $300 million on cloud-security company Evident.io. The following month, it bought Israeli cybersecurity startup Secdo Ltd. Terms of that deal weren’t disclosed.

When Palo Alto Networks went public, the shares priced at $42. The stock finished Friday up a half percent at $209.19. For the year, it has surged 44%.

Mr. McLaughlin said the company’s strategy is to invest in its new security platform, for which it hopes other developers will write software—something akin to a Windows operating system but for security software.

Write to Robert McMillan at Robert.Mcmillan@wsj.com and Rolfe Winkler at rolfe.winkler@wsj.com

Appeared in the June 2, 2018, print edition as ‘Cybersecurity Firm Picks New CEO.’

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Man in critical condition after stabbing in central Las Vegas

Las Vegas Metropolitan Police Department (Las Vegas Review-Journal)

A man is in critical condition after a stabbing Saturday night in the central valley, Las Vegas police said.

He was stabbed about 9:30 p.m. on the 5000 block of Eldora Avenue, near West Sahara Avenue and South Decatur Boulevard, Metropolitan Police Department Lt. Branden Clarkson said.

He was in critical condition as of 10:30 p.m.

Police had no information on an assailant. No further information was immediately available.

Contact Mike Shoro at mshoro@reviewjournal.com or 702-387-5290. Follow @mike_shoro on Twitter.

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Utah firm buys Henderson apartment complex for almost $100M

The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
The exterior of Castile apartment complex photographed on Friday, May 11, 2018, in Henderson. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Las Vegas woman charged with mortgage fraud
April Las Vegas home prices up 16.1 percent from last year
Las Vegas construction employment remains far below peaks
Condos, apartments coming to south end of Las Vegas Boulevard

They’re two miles and nearly $70 million apart.

Salt Lake City investment firm TM Equities recently bought the Castile apartment complex in Henderson for $99.6 million, more than five years after buying a rental complex up the road for $30 million, property records show.

It bought Castile from developer The Wolff Co and the sale closed April 30.

The deal is another sign of apartments’ rising property values in Southern Nevada. The sector has been marked in recent years by increased construction, shrinking vacancies, higher rents and landlords’ rising purchase prices.

Castile, which opened less than a year ago, sold for $200,000 per unit, far above the nearly $114,000 per unit that investors paid on average for Southern Nevada apartment complexes last year, as tracked by brokerage Colliers International.

TM founders Roger Thompson and James Michie did not respond to requests for comment this week.

Amber Huntley-Ruiz, marketing director for Scottsdale, Arizona-based Wolff, confirmed that the company sold Castile but otherwise declined to comment on the transaction.

She said the 498-unit complex at 1545 Wigwam Parkway – off Stephanie Street and the 215 Beltway – opened for occupancy in June 2017 and that 390 units had been leased by April 1.

TM Equities owns other apartment complexes in Henderson, property records show, including Adobe Ranch. The 234-unit complex at 1350 Kelso Dunes Ave., near the corner of Stephanie and Warm Springs Road, was built in 2003 and sits about two miles north of Castile.

TM bought it in early 2013 for around $128,200 per unit, county records show.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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LOGIC Commercial Real Estate Expands to Reno, Nevada

LAS VEGAS–(BUSINESS WIRE)–LOGIC Commercial Real Estate (“LOGIC”) is pleased to announce our second office location opening in Reno, NV in May 2018. The office will be led by Vice Presidents Ian Cochran, CCIM, and Greg Ruzzine, CCIM, who will be joined by Brokerage Associate Amanda Lavi and Operations Manager Stephanie Morrison.

"We’re excited to be expanding our brand and culture into Northern Nevada. As a 4th generation Nevadan, I have a great love for our state. It has been our goal from LOGIC’s inception to grow into other markets, however we would not have this expansion opportunity without great local leadership. Having known Ian and Greg for several years, they best exemplify LOGIC’s core values and will further strengthen our service capabilities in the state. LOGIC will be the only majority locally owned, statewide commercial real estate firm, creating an excellent platform for our clients in all things commercial real estate in Nevada."

– Brendan Keating, CEO

Our new office will be located along the corridor that connects Downtown and Midtown. The Midtown market continues to grow, improve, and diversify with new developments, tenants, and investors. Based in the heart of Reno, the office will service the entire Northern Nevada market.

LOGIC Commercial Real Estate is a full-service firm specializing in Brokerage, Property Management, Capital Markets, and Development Services. At LOGIC, we recognize that real estate is a local business. In each office we open, we ensure that we have market leaders who are local to the area. Together with this talented team of real estate professionals, we leverage our statewide knowledge and relationships to provide institutional-quality service and consulting to our clients.

“The culture and energy Brendan and the LOGIC team have created is like no other brokerage firm atmosphere we have experienced. To be around like-minded people who strive for excellence is inspiring and it’s clear this drive has created the success and growth they have experienced. We are excited to be part of this great team and continue the growth."

– Ian Cochran, Vice President and Greg Ruzzine, Vice President

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Iowa Lawmakers Pass Bill Banning ‘Fetal Heartbeat’ Abortions

Iowa’s Republican-controlled legislature passed a bill early Wednesday that would prohibit abortions once a fetal heartbeat is detected.

Gov. Kim Reynolds, a Republican, hasn’t said whether she will sign the bill, which would ban most abortions since a heartbeat can be detected as early as six weeks and often before a woman knows she is pregnant.

If signed into law, it could make its way to the Supreme Court and test the limits of abortion rights.

A spokeswoman for the governor said she is “100% pro-life” but hasn’t yet seen the bill.

“The governor does not comment on any bill until she sees it in its final form,” spokeswoman Brenna Smith said.

The bill in Iowa echoes efforts in other states to pass tough bans on abortion that could make their way to the Supreme Court. With President Donald Trump’s appointment of Justice Neil Gorsuch, and a potential retirement of Justice Anthony Kennedy, some antiabortion advocates think the timing may be right for a broader challenge to Roe v. Wade, the landmark 1973 case that legalized abortion.

Iowa State Rep. Sandy Salmon, a Janesville Republican, said that now is the right time for pro-life advocates to be challenging abortion laws. “If we never challenge the current law, we’re never going to see it overturned,” she said.

Toni Van Pelt, president of the National Organization for Women, called the bill “unconstitutional.”

Mary Ziegler, professor of law at Florida State University, said even with a reconfigured court, upholding a fetal heartbeat ban would be “a pretty big leap.”

“It’s the most extreme abortion ban that’s been passed,” she explained.

A similar bill was passed in Ohio in late 2016, which would have banned abortions once a fetal heartbeat was detected. Ohio Gov. John Kasich, a Republican, didn’t sign the bill.

Write to Shayndi Raice at shayndi.raice@wsj.com

Appeared in the May 3, 2018, print edition as ‘Strict Abortion Bill Passes in Iowa.’

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Saudi Aramco studying chemical plant addition at Port Arthur refinery: sources

HOUSTON (Reuters) – Saudi Aramco IPO-ARMO.SE is studying a multi-billion dollar plan to build a petrochemical plant at the Port Arthur, Texas, refinery operated by its subsidiary Motiva Enterprises LLC [MOTIV.UL], sources familiar with the company’s plans said on Saturday.

Aramco is scheduled on Saturday to sign agreements in Houston with Honeywell UOP (HON.N) to study an aromatics unit and with Technip FMC (FTI.N) for a unit to produce polymers from ethane, the sources said.

The aromatics unit Honeywell UOP is studying would convert benzene and paraxylene, byproducts of gasoline production, into 2 million tons annually of feedstocks for chemicals and plastics, according to the sources.

The unit Technip FMC is studying would convert ethane into 2 million tons a year of ethylene, which is used to make plastics, the sources said.

The agreements with the two companies include technology licenses for proprietary systems they produce, the sources said.

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Trump Agrees to Meet North Korean Leader Kim Jong Un

U.S. President Donald Trump has accepted an invitation to meet North Korean leader Kim Jong Un, the White House said Thursday.

A senior South Korean official, who broke news of the invitation and Mr. Trump’s acceptance in an appearance in front of microphones at the White House on Thursday evening, said the meeting could be held by May.

The White House afterward confirmed the invitation but said the “time and place” of the meeting between the two leaders was yet to be determined. The press conference by South Korea’s national-security adviser, Chung Eui-yong, followed his passing of the invitation to Mr. Trump earlier in the day, though news of Mr. Kim’s overture and Mr. Trump’s acceptance appeared to catch several U.S. officials off guard.

The White House said in a statement that all U.S. sanctions on Pyongyang and its strategy of “maximum pressure” on the regime would remain in place.

Mr. Chung said Mr. Kim also reaffirmed that he was prepared to suspend nuclear and missile tests while North Korea engages in talks on the denuclearization of the Korean Peninsula. Mr. Chung and South Korea’s intelligence chief, Sun Hoon, met earlier this week in Pyongyang with Mr. Kim.

Trump administration officials had suggested on Wednesday that the U.S. would be prepared to open talks with North Korea if Mr. Kim confirmed that he was prepared to suspend nuclear weapons and missile tests and agreed to discuss eliminating his nation’s nuclear arsenal.

The promise from Mr. Kim to refrain from any testing during talks follows on a similar promise that Mr. Kim made to South Korean President Moon Jae-in last week, when a senior high-level delegation from Seoul visited Pyongyang and shared dinner with Mr. Kim.

Some American officials are wary that North Korea might demand that the U.S. remove troops from South Korea in return or take other steps that would weaken the U.S. military alliance with Seoul.

Mr. Trump had earlier Thursday sought to draw attention to Mr. Chung’s statement by walking into the White House briefing room and telling reporters that they should expect a major announcement.

The move is the latest twist in a long saga of failed diplomacy and threats issues by both sides.

Earlier in the day, Secretary of State Rex Tillerson appeared to play down the prospects of an imminent diplomatic breakthrough or early talks with Pyongyang.

“In terms of direct talks with the United States, and you asked negotiations, we’re a long way from negotiations,” Mr. Tillerson said during a stop in Ethiopia. “We just need to be very clear-eyed and realistic about it.”

North Korea’s leaders have never met a sitting U.S. president, though Jimmy Carter and Bill Clinton have met with Mr. Kim’s grandfather and father, respectively, after they left the White House.

The two Koreas, who are set to hold a summit meeting of their own in late April at the Panmunjom truce village on the inter-Korean demilitarized zone, have held two such prior meetings. In both of those instances, North Korea had expressed a willingness to give up its nuclear weapons in exchange for a security guarantee, as they have told the South they are willing to do this time as well.

Write to Michael R. Gordon at michael.gordon@wsj.com and Jonathan Cheng at jonathan.cheng@wsj.com

Appeared in the March 9, 2018, print edition as ‘North Korea Invites Trump For Talks.’

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ERA Real Estate Recognizes Agent Savannah Haney As Rookie Of The Year

(MENAFN Editorial) MADISON, N.J., March 1, 2018 /PRNewswire/ –ERA Real Estate, a leading global real estate franchisor, is proud to announce that Savannah Haney of is the 2018 Rookie of the Year. She was presented the award during at the 2018 ERA® International Business Conference, held Feb 19-21 in Las Vegas, Nevada, earning the distinction over two other finalists.

"It’s truly an honor to be recognized by ERA Real Estate" said Savannah Haney. "Being part of American Real Estate ERA Powered is really exciting and I am looking forward to what the future holds. I want to thank my mentors Jaime Hensley and Chasity Gauthier for their unconditional support."

The entire American Real Estate ERA Powered team is ecstatic that one of their own was recognized as the ERA Rookie of the Year. "Savannah’s ability to join a leading real estate organization like ours and jump out to great success so early in her career is truly impressive," said Jaime Hensley, broker/owner of American Real Estate ERA Powered. "This achievement marks the arrival of a new agent who will continue to be a role model for the industry for many years to come."

The national award is based on a variety of metrics, such as volume of units sold, community involvement and leadership. After earning a degree from Texas A & M University, Savannah spent a semester at Blinn College’s Real Estate program before breaking into the industry in 2017. Leveraging the ERA tools, technology, training, and services, along with the brand’s supportive network, she put up big results immediately. In her first year on the job, she sold 26 units worth $7,339,950.

American Real Estate, ERA Powered is a locally owned and operated company that specializes in assisting individuals and companies with selling and buying residential, commercial, and industrial properties.With offices in Beaumont, Lufkin, and Mid County, American Real Estate ERA Powered representatives are familiar with the East and Southeast Texas area.

About ERA Real Estate
() is a global leader in the residential real estate industry with more than 40 years of experience in developing consumer-oriented products and services, delivering value through innovation and collaboration. The ERA Real Estate network includes more than 39,000affiliated brokers and independent sales associates and approximately 2,300 offices throughout the United States and 31 other countries and territories. Each office is independently owned and operated except offices owned and operated by NRT LLC. ERA Franchise Systems LLC, which operates the ERAReal Estatesystem,is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global provider of real estate services. ERA Real Estate information is available at .

Media Contact:
Maggie Rohr
973-407-4027
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Essential Features To Look For When Hunting For North Las Vegas Apartments

North Las Vegas has some really great apartments that you can rent. Unfortunately, there are also some low-quality apartment buildings that you should avoid at all costs. One way to make sure that you are getting a great place to live is to make a list of all of the features that you want your new apartment to have before you begin looking.

One of the most essential features that you should consider when apartment hunting is the security of the apartment complex. After all, you need to be able to feel safe in your own home. Don’t just evaluate the safety during the day. Be sure to also drive by the apartment complex at night. That way, you can make sure that it is well lit and that there are no major security issues that could make it an unsafe place to live.

You may want to think about finding an apartment complex that has a gated entry. This can provide additional security and can give you peace of mind.

You should look for an apartment that has a functional, well-designed kitchen. Even if you don’t like to cook, having a place where you can keep your food and prepare your meals can make it easier to dine in. In terms of appliances, your apartment should have a refrigerator, a microwave, a stove, a cooktop, and a dishwasher.

Unless you like the idea of doing your laundry at a laundromat, you should also look for an apartment that has hookups for a washer and dryer. That way, you can enjoy the convenience of doing laundry at home. This can not only save you time but can also save you money.

The layout of the apartment should work well for your lifestyle. If you are living alone, you may be able to get by with a studio apartment or a loft where there is no separation between the various living areas. On the other hand, if you are going to be living with other people, you probably will want to choose an apartment that has distinct rooms that offer at least some level of privacy.

There are a lot of North Las Vegas Apartments available. However, not all of them are worth renting. You should keep all of these features in mind when you are looking for an apartment. That way, you can find a place that has everything that you need to live a comfortable lifestyle.