Yet another moribund victim of the recession has snapped back to life.
This revival story is happening in northwest Las Vegas, where the 24-acre Centennial Hills Center shut down construction in 2008 after its lender, Lehman Bros., went bankrupt.
New owners and developers Robert and Malcolm Sina of Florida-based Sina Family Holdings LLC are joining Michael Young, who was president of original developer Huffman Builders West LLC, in relaunching the mothballed project. The 290,000-square-foot retail and office center at 6100 N. Durango Drive is scheduled to welcome its first occupants by the end of 2014.
Eight of the center’s 18 buildings were already built but need interior finishes. Upon completion, the project will have six more office buildings and four retail buildings. Medical and professional office spaces for sale and lease will range from 1,500 square feet to more than 90,000 square feet.
The project has already attracted its first two buyers, both medical users. Retina Consultants of Nevada and Advanced Eye Care each have bought 5,800-square-foot buildings.
Dr. Jeff Parker, a practice manager with Retina Consultants of Nevada, said the project appealed to the group for a variety of reasons — in particular, its location in a growth hotspot a quarter of a mile from Centennial Hills Hospital Medical Center.
“It’s a wonderful location in an area that was up and coming until the onslaught of the recession,” Parker said. “Now that the economy has improved, it looks to be yet again a wonderful area of growth.”
It’s actually not the first time Retina Consultants kicked the tires on Centennial Hills Center. The practice looked at the very same building it’s now buying six years ago. It didn’t pan out then, and that’s probably a good thing for the company: The price it’s buying at today, which Parker declined to disclose, is less than half of the pre-recession listing price.
The deal marks the first building buy for Retina Consultants, which leases three other offices near hospitals around town.
“We felt prices had gotten extremely good, and we saw an opportunity to benefit from the reduced monthly payments that come with self-ownership,” Parker said. “It has the added benefit of building equity in our business and location as opposed to just paying it out to others.”
The new facility will also let the practice incorporate dedicated, state-of-the-art space for the national eye-research programs it participates in. It will have a boardroom and more storage space as well.
Parker said he’s not sure when the practice will move in, but the building is undergoing tenant improvements now.
“I think this post-recession period is a great opportunity for physicians and other small businesses to buy buildings or to benefit from SBA loans and other things that really help you be a little more economically prudent,” Parker said.
Centennial Hills Center’s general contractor is Lusardi Construction. IREPLV LLC Las Vegas is the commercial real estate broker.
■ A San Diego company is investing in local residential development.
Presidio Residential Capital is putting $18.3 million into a five-acre infill housing project on West Cheyenne Avenue just east of the 215 Beltway.
The neighborhood, which Summit Homes is developing, will have 36 two-story homes with energy-efficient features such as radiant heat-barrier roof sheathing and interior finishes including marble countertops.
Neither party gave a starting price for the homes, but Summit Vice President Nathan White said home sale revenue should surpass $9 million when the sales office opens in January. The community also will have walking paths and a playground.
■ A Florida investment and property management firm made a significant first move into the Las Vegas market.
FCA Group of Miami bought the 316-unit Amber Ridge Apartments at 346 Sturgeon Lane in northeast Las Vegas. The property is a big addition to FCA’s existing, 1,000-unit portfolio.
The Clark County Assessor shows that FCA paid $16.2 million, or $51,266 per unit, for the complex, which was built in 1985.
That’s not as high a sale price as other recent apartment sales: The Bascom Group of California paid $108,854 per door in October for Broadstone Montecito at 9745 Grand Teton Drive, while Griffis Residential of Denver dropped $132,500 per unit on Quest Apartments on American Pacific Drive near Stephanie Street in mid-2013.
Still, FCA executives said they believe they’d be able to add value to the property in the “under-served” surrounding market. They plan a “comprehensive program of refurbishment and enhancements,” including “restoring deteriorated units to suitably modern standards” and upgrading some units for “premium” rental options. They also plan to redevelop common areas.
CEO Frank Espinosa said the buy was “in the right place at the right time, with Las Vegas improving its economics and its infrastructure.”
■ Recreation Development Co. won the framing and drywall subcontract for the Veterans Affairs Medical Center Administration Building and Education Center at 3880 E. Deer Springs Way.
Kayne Siler is project manager overseeing 30 workers on the $2.2 million, two-building job, which is scheduled for completion in the third quarter.
Archer Western/DeMaria Joint Venture IV is the general contractor.
■ Several businesses have new investments or locations thanks to brokers with Colliers International.
David Grant represented Landmark Ventures LLC in its $1.9 million purchase of a 2,340-square-foot restaurant that houses a Del Taco at 180 N. Pecos Road. Greg Velasquez of Single Net Properties represented seller P&A Investments LLC &MMM Properties LLC.
Chris Connell and Grant Traub represented tenant Nevada Corporate Headquarters, a business that helps companies incorporate here, in its lease of 12,629 square feet at 4730 S. Fort Apache Road, inside the Colonial Bank Office Plaza. Tanner Peterson and Shalonda Hughes of CBRE represented landlord Colonial Plaza Office Center LLC in the deal worth more than $1.5 million.
Grant also represented landlord 3986 Wilshire Blvd LLC in its $500,000 lease of 9,657 square feet of retail space at 2630 Windmill Parkway to Bike Shop LLC.
Contact reporter Jennifer Robison at email@example.com or 702-380-4512. Follow @J_Robison1 on Twitter.