The Las Vegas market has seen its share of headline-grabbing commercial real estate activity in the past month, particularly on the development side. Projects making the news included a diverse mix of asset classes, from hotels to infrastructure. Here’s Commercial Property Executive‘s wrap-up of Las Vegas’ must-knows for February:
1. DEAL – The Raiders cashes in on $191 million headquarters sale.
The NFL team sold the 323,000-square-foot Henderson development to Mesirow Financial in a leaseback transaction, according to Las Vegas Review-Journal. The Intermountain Healthcare Performance Center broke ground at 1475 Executive Airport Drive in January 2019, and completion is slated for June 2020. The project includes both office and training facilities. The initial lease is for 29 years with extension options.
2. DEVELOPMENT – Luxury hotel in the works for Strip Opportunity Zone plot.
Shopoff Realty Investments and Contour Real Estate plan to develop a 450-key hotel at 5051 Las Vegas Blvd. after recently purchasing the 5.3-acre parcel for $21 million from Lily Funds. The project is slated to break ground in early 2021 and will include 56,000 square feet of food and beverage space, 12,000 square feet of ballroom and meeting space as well as a spa, fitness center and dedicated parking.
3. DEVELOPMENT – Harsch Investment completes another building at North Las Vegas industrial park.
The developer has wrapped up construction work at its fourth, 168,000-square-foot building within its 2.7 million-square-foot Speedway Commerce Center. Located at 6101 N. Hollywood Blvd., the warehouse features 32-foot minimum clear heights, ESFR sprinklers, 60-foot speed bays and energy-efficient evaporative coolers. The project broke ground in July 2019.
4. DEVELOPMENT – Construction kicks off at future Colliers HQ.
LaPour Partners and G2 Capital Development started work on Narrative, a 100,184-square-foot Class A office building, according to Nevada Business. Located along the 215 Beltway near South Durango Drive, the four-story property at 6795 Narrative Way will serve as the headquarters for Colliers International | Las Vegas upon completion, expected by the end of this year.
5. DEVELOPMENT – Downtown Grand Hotel & Casino reaches expansion milestone.
CIM Group has topped off the new eight-story tower addition to its downtown property at 206 N. Third St. The 250,000-square-foot building will add 495 guestrooms to the 629-key hotel. The new component will offer direct access to the hotel’s pool deck, casino, and dining and entertainment options. Completion is slated for late summer.
6. DEVELOPMENT – Excavation complete on The Boring Co.’s first tunnel.
After four months of drilling, Elon Musk’s company reached the excavation limit for the 1-mile underground tunnel part of the Las Vegas Convention Center Loop, with work on the second tunnel scheduled to begin immediately. The high-speed people mover service is scheduled to begin operations in January 2021, with an estimated capacity of up to 4,400 people per hour.