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.
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Commercial Real Estate
Cathy Jones heads the No. 1 woman-owned commercial real estate brokerage firm in Southern Nevada. However, she took a roundabout path to get there.
Southern Nevada’s industrial market stayed in a holding pattern in the first quarter, according to a new report. The sector’s overall local vacancy rate was unchanged compared with recent quarters, at just over 11 percent, said brokerage Avison Young.
Asking prices are up, and some of Southern Nevada’s best commercial deals are picked over. But that isn’t stopping a California investor’s local buying binge. MCA Realty boosted its local portfolio with three recent deals.
Construction workers this week began dismantling a large crane that has sat unused atop the mothballed Fontainebleau on the North end of Strip for more than five years.
The Howard Hughes Corp. announced Tuesday that it’s building One Summerlin, a nine-story, 200,000-square-foot tower at 1980 Festival Plaza Drive, near West Sahara Avenue and the 215 Beltway, and next to the under-construction Shops at Summerlin.
There’s Class A, and then there’s Class AAA. For an example of the latter, look at 1701 Village Center Circle in Summerlin, where perhaps one of the highest-end office buildings in the Southwest has come on the market.
You know your real estate market is bouncing back when new companies swoop in to benefit from recovery. Redfin, an Internet-driven, nationwide residential real estate brokerage, announced April 29 that it has opened a brokerage office in Las Vegas.
Everybody has joined this party.
An improving economy boosted Southern Nevada’s commercial real estate markets in the first quarter. A new report from commercial brokerage Avison Young shows improvements in the industrial, office and retail sectors, and gives a few key trends to look for.
MGM Resorts International today will unveil detailed plans for an eight-acre outdoor destination on the Strip that will connect the New York-New York and Monte Carlo with a pedestrian-friendly environment.
The 220,000-square-foot Sahara Center at the northeast corner of Sahara Boulevard and Hualapai is scheduled to open in early October.
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.
It’s hard to single out the most noteworthy part of the recent sale of a local CVS drugstore. Maybe it’s the deal’s price tag, certainly the most expensive CVS ever sold locally. Perhaps it’s the shop’s location on the Strip just south of Sahara Avenue, which positions it as a harbinger of development to come.
KGA Architecture’s large-scale projects have helped shape the Southern Nevada landscape – from hotel-casinos to hospitals, and high schools to police stations. Ed Kittrell founded the firm 39 years ago with George Garlock.
After nearly a decade of incredible highs and devastating lows, it was time for a party. With its Silver Nugget Awards on March 29, the Southern Nevada Home Builders Association threw its first big annual awards party since 2004, and nearly 300 people came to celebrate.
Ken Lowman, broker-owner of Luxury Homes of Las Vegas, found his love for real estate while working as an engineer in Southern California at a Frito Lay processing plant.
Woodside Homes, which is building in west and northwest Las Vegas and in North Las Vegas, is working with California-based sun-systems provider SolarCity to include photovoltaic panels on all homes at no upfront cost.
The 14,378-square-foot CVS Pharmacy inside Sky Las Vegas on the Strip has new owners.
U.S. real estate investment bank, The Carlton Group, was retained by IDB Development to sell its 50 percent interest in a Las Vegas real estate portfolio that includes Tivoli Village.
If you’re shopping around for signs of recovery in Southern Nevada’s commercial real estate market, check out retail. The sector’s vacancy rate has dropped from a high of nearly 11 percent in 2010 to 9.2 percent at the end of the fourth quarter, statistics from local research firm Applied Analysis show.
Prudential Americana Group, Realtors had its best sales year ever in 2013, but that wasn’t the only big news coming out of the real estate brokerage’s March 13 sales meeting at Encore. The company also announced that it plans to rebrand itself under one of the nation’s best-known corporate nameplates.
Life is better for local homebuilders these days, but a recent housing forecast shows more room for rebound. Industry experts shared expectations for residential construction at the Las Vegas Housing Outlook, and if their predictions are any indication, Southern Nevada will have a relatively flat new-homes market through 2014.