Las Vegas

This past summer, a number of dormant master-planned communities saw new life, as the city’s resurgence galvanized developer interest in the Las Vegas market once again. Skye Canyon has announced that two home builders have acquired land in the master-planned community, and are now set to carry out the first phase of the project. According to Olympia Companies, the two builders will take over a combined total of 80 acres of land. Skye Canyon is the first large-scale residential development project to break ground in the valley since the recession.

The city of Las Vegas is set to add around one million square feet of industrial space, as a result of a new joint venture. Local entity Cambridge Companies, LLC and Diamond Rock Partners LLC of Santa Monica have joined forces in order to develop a large amount of industrial employment space in Las Vegas, Clark County, NV. Industrial space in the area has recently experienced a revival, with investors now keen to move on both development and existing asset opportunities.

Industrial space in the greater Las Vegas is clearly on the rise, with a number of investors lining up development projects and acquisitions in the sector. BKM Capital Partners is the latest investor to announce a move in the market, having acquired two multi-tenant assets for a total of $27.5 million. The two properties are the company’s fourth and fifth ventures, following purchases in the Phoenix and Portland markets. Cheyenne Technology Center and Wind River Industrial Complex are the second and third properties acquired by BKM in the Las Vegas market.

As the Kislak Organization recently completed the acquisition of a multifamily property in the city of Las Vegas, signs seem to be pointing toward a more dynamic real estate market than most thought. The national real estate investment firm based in Miami Lakes, Florida recently paid a total of $29.3 million for the Alicante Villa Apartments.

Republic Silver State Disposal, Inc. a subsidiary of Republic Services, Inc. recently started construction on a brand new recycling facility in North Las Vegas. Once completed, the new facility will effectively double the current residential recycling capacity in southern Nevada. Advanced recycling tehnologies will be employed at the building, which will be added to an existing facility in the Southern Nevada Recycling Complex. By increasing the capacity, the SNRC is set to become the largest residential recycling complex in the country.

Las Vegas has seen the announcement of a number of industrial projects for the area during recent months, and a newly-completed land deal promises yet another increase in the total space the city will be able to offer tenants in just a few years.

Stable Development recently announced the acquisition of a Class A office building in Las Vegas Valley. The company purchased the Longford Medical building, and it has already completed a large amount of leases for the property, with roughly half of the available space occupied. The new owner is set to line up a number of improvements to the exterior and interior. Change will also come to the property’s name, as Stable Development is renaming the property as The Parkway, in relation to its location, facing the Summerlin Parkway.

Seven different multifamily properties located in the Las Vegas area recently received a financing boost. The Berkadia Commercial Mortgage LLC office in Orange County, CA issued a statement announcing that it had recently arranged financing worth a total of $102.9 million for a multifamily portfolio in the city.

It was recently reported that NorthMarq Capital secured $12.3 million in acquisition financing for LaPour Corporate Center in Las Vegas. The Denver office of the company handled the financing with Senior Vice President Greg Benjamin and Senior Investment Analyst Jeff DeHarty heading the process on behalf of NorthMarq. The company is one of the top privately held commercial real estate financial intermediary in the country that provides mortgage banking and commercial loan servicing in 34 offices coast to coast.

Developer Prologis has officially begun development on its speculative industrial park at Pecos and Gowan roads, meaning that it is the first property of its kind to be constructed in Las Vegas since the economic downturn. Prologis is gambling on the fact that the local industrial market, still reeling from the fact that Las Vegas was dropped as the possible location of the Tesla Gigafactory that eventually went to Reno, still has need for a large-scale asset.