{"id":1004396378,"date":"2020-02-28T06:28:51","date_gmt":"2020-02-28T14:28:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004396378"},"modified":"2020-03-02T05:57:59","modified_gmt":"2020-03-02T13:57:59","slug":"las-vegas-monthly-cre-wrap-up-feb-2020","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/las-vegas-monthly-cre-wrap-up-feb-2020\/","title":{"rendered":"Las Vegas Monthly CRE Wrap-Up (Feb. 2020)"},"content":{"rendered":"
\"\"<\/a>

5051 Las Vegas Blvd. Image courtesy of Lily Funds<\/em><\/p><\/div>\n

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\u2019s Commercial Property Executive<\/em>\u2018s wrap-up of Las Vegas’ must-knows for February: <\/p>\n

1. DEAL – The Raiders cashes in on $191 million headquarters sale.<\/strong><\/p>\n

The NFL team sold the 323,000-square-foot Henderson development to Mesirow Financial in a leaseback transaction, according to Las Vegas Review-Journal<\/em>. 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.<\/p>\n

2. DEVELOPMENT \u2013 Luxury hotel in the works for Strip Opportunity Zone plot.<\/strong><\/p>\n

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.<\/p>\n

3. DEVELOPMENT \u2013 Harsch Investment completes another building at North Las Vegas industrial park.<\/strong><\/p>\n

The developer has wrapped up construction work<\/a> 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.<\/p>\n

4. DEVELOPMENT \u2013 Construction kicks off at future Colliers HQ.<\/strong><\/p>\n

LaPour Partners and G2 Capital Development started work on Narrative, a 100,184-square-foot Class A office building, according to Nevada Business<\/em>. 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.<\/p>\n

5. DEVELOPMENT – Downtown Grand Hotel & Casino reaches expansion milestone.<\/strong><\/p>\n

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\u2019s pool deck, casino, and dining and entertainment options. Completion is slated for late summer.<\/p>\n

6. DEVELOPMENT \u2013 Excavation complete on The Boring Co.’s first tunnel.<\/strong><\/p>\n

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. <\/p>\n","protected":false},"excerpt":{"rendered":"

The Raiders sells training facility for $191 million. Elon Musk\u2019s tunnel hits milestone. New Colliers headquarters underway. Here is our selection of Vegas must-reads for the past month.<\/p>\n","protected":false},"author":870,"featured_media":1004396513,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,15],"tags":[48884,33194,32763,32804,42968,33397,48857],"class_list":["post-1004396378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-las-vegas","category-west","tag-thewrapup","tag-cim-group","tag-colliers-international","tag-harsch-investment-properties","tag-mesirow-financial","tag-shopoff-realty-investments","tag-the-boring-co"],"acf":[],"yoast_head":"\nLas Vegas Monthly CRE Wrap-Up (Feb. 2020) - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/las-vegas-monthly-cre-wrap-up-feb-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas Monthly CRE Wrap-Up (Feb. 2020)\" \/>\n<meta property=\"og:description\" content=\"The Raiders sells training facility for $191 million. 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