Without new jobs, there’s no housing market.
And so the Greater Las Vegas Association of Realtors has ponied up funds for the Las Vegas Global Economic Alliance, an economic-diversification agency.
The alliance rolled out its Engage Southern Nevada investment campaign in the fall with an eye toward raising $7.5 million over the next three years for regional economic development.
The Realtors’ association wouldn’t disclose how much it invested in the campaign.
Association President Heidi Kasama said she hopes the contribution will help Southern Nevada sustain its job-growth streak. The city has added about 35,000 jobs in the last year, she noted. Its job-creation rate of 1.4 percent in the first quarter ranked No. 3 in the nation among big cities, according to a June 25 report from think tank Brookings Mountain West.
“Without a strong economy and job growth, people can’t buy. If we can increase jobs in the local market, that is a really good boost for us,” Kasama said.
Kasama added that she already sees positive signs from recent job growth.
Traditional sales to owner-occupiers, rather than sales by banks to cash investors, are now a majority of the local market — a sign that more locals are working and able to buy, she said.
“We’re thrilled about traditional buyers coming back in. These are people who set down roots with families, so we want to see them have more buying opportunities,” Kasama said.
What’s more, the market is still a little frothy. Buyer demand hasn’t slackened noticeably, and sellers continue to field multiple offers on properties in the $200,000 range, she said.
“You can’t qualify for loans without jobs, and that means these buyers have jobs,” Kasama said.
The association’s contribution could mean still more new jobs, alliance executives said.
“GLVAR’s support helps propel us to the next stage in our economic development efforts. We’re excited that such a strong community partner has invested in Las Vegas,” said Terrence Thornton, the group’s director of investor services and development. “The Las Vegas Global Economic Alliance is devoted to Southern Nevada and committed to establishing a quality investor pool. As we look to the future, new investors can feel pride in helping create a solid economic future for the Las Vegas area.”
Other campaign investors include Bank of America; Barrick Gold; JPMorgan Chase Foundation; Cirque du Soleil; Martin-Harris Construction; NV Energy; Switch; The Howard Hughes Corp.; The KeyState Companies; The PENTA Building Group; and Virgen Advertising.
■ Brokers with Sun Commercial Real Estate closed on nearly a dozen sizable deals in recent weeks.
Jeff Berg and Mica Berg represented Richmond-Southpoint 10 LLC in its $3.3 million sale of a 7,875-square-foot retail building at 7690 W. Lake Mead Blvd. Realty One Group’s Robert Papania represented buyer Thomas Day.
Cathy Jones, Paul Miachika, Jessica Cegavske, Roy Fritz and Cash Jordan helped King Vegas Group in its sale of a 5,400-square-foot retail automotive center at 1815 E. Sahara Ave. Curtis Sanders of Cushman &Wakefield represented buyer Carmar LLC in the $1.85 million deal.
The team also worked on the $1.6 million sale of a 9,473-square-foot retail building at 9030 W. Flamingo Road. They represented seller Harpo Flamingo LLC, while Merri Perri of Realty One represented buyer The Harvest Plaza LLC.
In addition, the Jones group assisted Dennis Cox in his $1.47 million sale of a 20,936-square-foot industrial building at 4795 Nevso Drive. TR Realty’s Brian Symonds represented buyers Howard and Scott Weinstein.
And the five brokers represented landlord Post Road Land 8 LLC in an 11-year lease to FedEx on a 0.54-acre parcel on Sobb Ave. The transaction’s value was $542,772.
Also, Lisa Hauger and Tim Behrendt represented Martinez Development in an $800,000 sale of a 5,042-square-foot office building at 6260 McLeod Drive. Remon Halteh bought the property with the help of Ted Scarborough.
Hauger also represented tenant NV Pain Specialists in a 60-month lease of 6,400 square feet of office space at 1681 W. Horizon Ridge Parkway. The lease is worth $553,770.
Finally, Edward Bassford represented tenant Braddah’s Island Style 3 in its 63-month lease of a 2,400-square-foot restaurant building at 4632 S. Maryland Parkway. Las Vegas University Gardens LLC is the landlord in the $256,320 arrangement.
■ The local office of Newmark Grubb Knight Frank reported two major transactions on June 27.
Michael Kammerling represented Sabal Financial Group c/o Maroon VOC Holdings LLC in its $2.55 million sale of 26,053 square feet of office space at 8215 S. Eastern Ave. Chip Johnson of Real Estate Services Group represented buyer RESG Corp.
Also, Nelson Tressler and Michael Zobrist represented landlord E-Grand Ventures LLC in its 60-month lease of 4,844 square feet of retail space at 4245 S. Grand Canyon Drive. Matt Nelson of J.A. Kennedy Real Estate represented tenant T and J Beauty Concepts LLC.
Contact reporter Jennifer Robison at firstname.lastname@example.org. Follow @J_Robison1 on Twitter.