Local developers either started or completed construction in the last day on nearly 1 million square feet of speculative warehouse and distribution space, banking on the idea that reversing the Las Vegas Valley’s shortage of large, vacant industrial space will lure big tenants from outside the market.
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Commercial Real Estate
Once a Hollywood darling, the off-Strip Las Ramblas megaresort was a recession flop. Its vacant 60-acre site goes on sale Monday at a fraction of its past value.
The Siegel Group Nevada Inc., a real estate investment and management company, on Thursday announced that it had acquired two extended-stay properties totaling 305 units in Las Vegas previously operated under the Crestwood Suites brand for $12 million.
International Market Centers, a Bain Capital/Oaktree Capital-backed owner of showroom space and exhibition pavilions, launched a roughly $160 million IPO that will allow it to repay debt.
A California investment firm has purchased a neighborhood shopping center in North Las Vegas.
Commercial real estate may not grab the headlines the housing sector claims, but the industry’s fortunes are just as tied to overall economic health.
A Reno industrial developer said Tuesday that it has started construction of a large, local distribution center in North Las Vegas. Dermody Properties is building its 381,804-square-foot LogistiCenter Cheyenne on 20 acres at 4025 E. Cheyenne Ave.
A venue called The Venue Las Vegas is under construction across the street from Container Park on East Fremont Street, with the 38,430-square-foot facility scheduled to open in the spring.
The Peppermill Fireside Lounge’s future has gone from safe to really safe, its owner said Friday. One of the Strip restaurant’s longtime owners, the Doumani family, will take over 100 percent ownership of the building and its 1.1-acre parcel at 2985 Las Vegas Blvd. South, north of Convention Center Drive.
A developer of big industrial spaces is going small in a sign of broader economic recovery. Panattoni Development Co. said Wednesday that it has bought a 103,000-square-foot industrial building at 1841 E. Craig Road for $5.25 million from Tower Distribution Center LLC, a small, local group of investors.
When Sweden-based furniture seller IKEA closed in late December on its purchase of 26 acres of land in southwest Las Vegas, it set a post-recession high for land deals of its type, local observers say.
New numbers from Trepp, a New York-based commercial real estate and banking research firm, show a substantial recent drop in late commercial loans. The Las Vegas Valley in December had 53 properties with real estate loan payments that were more than 90 days late, for a 10.7 percent delinquency rate. That was down from 14.9 percent in December 2013.
Industry experts participating in NAIOP Southern Nevada’s 2015 Outlook event Thursday at The Orleans said the Las Vegas market should continue its recovery, though some sectors and submarkets will fare better than others.
The Siegel Group Nevada Inc. recently acquired an apartment complex after the Las Vegas Convention and Visitors Authority elected not to close on the purchase.
The local commercial real estate market woke up in 2014. In 2015, the market will drink its coffee and find some pep. So say experts in the Las Vegas office of commercial brokerage CBRE, which held a forecasting event Tuesday at its Hughes Center office.
Workers from Frazier Masonry Corporation tilted up the first wall on Thursday, Dec. 18, 2014, on the biggest industrial space development since the recession at 3700 Bay Lake Trail in North Las Vegas near Pecos and Gowan roads.
A New York-based company, in a sign of a growing demand for space and strengthening of the economy, has signed a lease for the largest speculative industrial building constructed in Southern Nevada since the Great Recession.
Olive Apartments, an 85-unit complex at 2300 Olive St., Las Vegas has been sold for $2.25 million.
Martin-Harris Construction announced Thursday it’s selling the assets of the Las Vegas commercial and residential construction company with revenue of more than $200 million a year.
In a milestone for what was once a recession-shuttered project in southwest Las Vegas, The Gramercy installs a giant “G” sculpture. Office and residential tenants are following soon.
Signature Homes, a 40-year-old local builder that stopped building single-family homes in the downturn, is relaunching its single-family operation with Solana Terrace, a community of about 50 homes in the northeast near Las Vegas and Nellis boulevards.
Southern Nevada’s commercial real estate markets continued to improve in the third quarter, but the industrial sector posted some of the biggest gains.
Downtown Summerlin is home to just about everything its developer, The Howard Hughes Corp., imagined. Upscale resort? Check, in the form of Red Rock.
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