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.
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Commercial Real Estate
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.
Some of the biggest deals were on display Oct. 17 at The Orleans during DEALing in Vegas 2014, a panel discussion held by NAIOP Southern Nevada, the Commercial Real Estate Development Association.
The grand opening of Downtown Summerlin’s new shopping and entertainment center has passed, but that doesn’t mean you’ll stop hearing about the project’s launch.
Stable Development announced Tuesday it has officially taken ownership of the 130,000 square foot, four-story Longford medical and professional Class A office building in Las Vegas.
After a six-year development hiatus, Downtown Summerlin’s 1.6 million-square-foot shopping, restaurant and entertainment center opens at 10 a.m. Thursday.
Downtown Summerlin’s biggest phase to date — a 1.6 million-square-foot shopping, dining and entertainment complex — opens to the public on Thursday. But this project is way more than a mall. It began as an economic messenger heralding the dawn of Southern Nevada’s Great Recession.
Sometimes, it’s important to take stock to see where we’ve come from and where we’re headed.
The Gramercy, initially launched as Manhattan West in 2008, said in March that HMS Holdings Corp., a publicly traded provider of cost-containment solutions for the health care industry, would move in. HMS will take over about 80,000 square feet of space above the soon-to-open DW Kitchen + Market and Alex Stratta Italian Steakhouse.
It’s been a busy year for The HC | Hughes Center. Since Blackstone subsidiary Equity Office bought the Class A office park at Paradise and Flamingo roads for $347 million a year ago this week, the investor has quietly made big changes.
When developer Prologis breaks ground Tuesday morning on its 464,203-square-foot Las Vegas Corporate Center No. 19, it will be the first time since the recession that a large-scale, speculative building has been attempted in the local market.
The recent sale of an office building in southwest Las Vegas looks routine on the surface. But brokers involved in the $17.4 million deal say it’s a sign that local commercial real estate has begun transitioning into a more stable market built around long-term investment.
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