Careers     Rental Application     Tenant Login     Call Us:   702-376-7379

Month: October 2017

Acquisition City: California Investment Group Purchases Vegas-Based Centra Point Office Campus for Nearly $79 Million

LAS VEGAS, NV – As yet another example of how the rapidly-recovering Las Vegas economy and business climate is attracting numerous out-of-state investors looking to get in on the ground floor of an amazing money-making opportunity, the $78.3 million acquisition of Class A office campus Centra Point was recently announced by a joint venture between PCCP LLC and The Brookhollow Group, two California-based investment organizations .

Centra Point is a nine-building, 383,700-square-foot multi-use office complex at 8311-8395 W. Sunset Road and 6655 S. Cimarron Road, located in the southwest area of the Las Vegas valley; this region is considered by many the most rapidly growing in terms of office-related space, with many such structures – along with apartment complexes and retail stores – popping up in greater numbers than in other areas of Southern Nevada. In contrast, office space in other areas of Vegas has been considered by experts as one of the more sluggish aspects of its overall recovery.

Centra Point’s occupancy currently stands at 70 percent, but with this impressive investment on the part of PCCP LLC and The Brookhollow Group, it’s obvious that a push will be instituted to fill the remainder of the empty spaces as quickly as possible by making the property more desirable to businesses looking for a home base via a series of renovations and upgrades to the existing structures – $3 million worth to the facilities alone, not including any upgrades that may be performed for individual tenants – to go along with its impressive 25 acres of space and significant parking availability.

The complex was originally finished construction in 2006, and is comprised of seven office buildings housing multiple tenants representing a wide array of different companies and businesses. The previous owner was Seattle-based Washington Capital Management, who recently announced the $78.3 million sale in late October after PCCP LLC and The Brookhollow Group closed on the property on September 27. Current business tenants in Centra Point include Ticor Title, Tropicana Entertainment, Valley Health Systems and Dickinson Wright, among others.

Representatives for Brookhollow Group have been quoted as saying that Centra Point, located between the Summerlin and Green Valley communities, is in a “great location” and is expected to take advantage of the slowly-but-surely growing Vegas office space market, especially with the extra attention the region has been receiving in recent months after the announcement of the arrival of professional NFL and NHL teams – including the transplanted NFL Raiders football team, expected to kickoff in their new Las Vegas home stadium in 2020 – which has greatly increased investor interest in the Southern Nevada market.

It is news like this that cements the area as one to watch for business professionals looking to set up a new headquarters or a savvy real estate investor looking to get a great long-term return on their money. Combined with the skyrocketing home and rental real estate market in Las Vegas, new and continued growth and prosperity is likely for those inclined to put their money and hard work into the Nevada marketplace.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Las Vegas Raiders Announce Date for Groundbreaking of New $2B, 65,000 – Seat Stadium on Nov. 13

LAS VEGAS, NV – With the news that the Oakland Raiders National Football League (NFL) team would be picking up their cleats and moving to Las Vegas, the Southern Nevada economic climate – already on an upswing due to a rejuvenated real estate market and business market – has continued on its pathway to recovery and prosperity.

According to updated reports on the news, the Raiders will break ground on their new $2 billion, 65,000-seat stadium on Nov. 13 – a joint-use agreement with the football team of the University of Las Vegas – that recovery is poised to skyrocket as the transplanted NFL team – who won’t be playing in Vegas until at least the 2020 season – has already attracted new businesses and investors who believe that a local professional sporting team will serve as a massive boon to their bottom lines.

In May of this year, the Raiders purchased a 63-acre plot of land situated between Russell Road and Hacienda Avenue, west of Interstate 15. The property, acquired for a whopping $77.5 million, represented a substantial investment and a firm declaration that the NFL team was resolute in their stated goal of making Southern Nevada their new home. Construction has been delayed while the team garners the necessary development agreements with local government, but in the meantime, has secured the services of Mortenson Construction of Minneapolis and Henderson’s McCarthy Building as general contractors, with the two companies already engaged in preparation work on a number of aspects of the property, including clearing and grading the land, removing and bringing in materials, and handling drainage issues as needed.

However, as the needed agreements and permits have taken longer to get than previously anticipated, the ambitious timetable that the Raiders have laid out for completion of the stadium has been reconsidered in the interim; originally they were slated to hold their first kick-off in Las Vegas in 2019, and then 2020, but with work finally to progress this year, reports indicate that even that 2020 date may be seen as unrealistic, especially amid issues which have arisen regarding parking and transportation problems with the new stadium. As a result – and as a safety measure only – it was recently announced that the Raiders were negotiating with the Oakland Alameda County Coliseum Authority for the possibility that they may have to play out the 2020 season in their current stadium before finally moving to Vegas for 2021. However, all involved have stated their intent to have construction completed on-time if at all possible.

At the end of the NFL’s 2015 season, the Raiders boasted a lifetime regular-season record of 444 wins, 397 losses, and 11 ties; their lifetime playoff record currently stands at 25 wins and 18 losses. The popular team’s move to Las Vegas is expected to provide a boost to the local economy, which is expected to create a ripple effect that will be felt throughout many of Las Vegas’ many industries- including real estate. Jobs and local wages are both expected to receive a boost; in addition, the amount of tourism to the area is sure to increase as not only will the stadium be host to the Raiders, but also the University of Nevada – Las Vegas football team as well, attracting professional and collegiate football fans of all ages.

Resorts World Las Vegas Announces Construction Manager, Recipients of Over $400 Million in Contracts

LAS VEGAS, NV – Resorts World, the famed chain of resort casinos, is looking to build their newest location in Las Vegas, Nevada, and to that end, they announced this week not only the proposed establishment’s Construction Manager, but also that they will be awarding a whopping $400 million-plus in contracts to various companies for a variety of services, materials, and personnel in order to make the ambitious project a reality.

W.A. Richardson Builders, LLC has been pegged by developer Genting Group of Malaysia as Resorts World Las Vegas’ official Construction Manager, heading up construction on the first, ground-up, integrated resort development on the Las Vegas Strip in a decade. In addition, over $400 million in contracts have been awarded by the Genting Group for numerous purposes related to the resort’s extensive construction, ranging from bulk orders of concrete and steel to tower crane equipment and operators.

Targeting the grand opening for 2020 on Las Vegas Boulevard South, the Resorts World Las Vegas “megaresort” will boast 3,000 rooms and will sport a Chinese-style architecture and lighting theme. Located at the intersection of South Las Vegas Boulevard and Resorts World Drive – diagonally across from Wynn’s Encore tower, and within walking distance to the Las Vegas Convention Center and Fashion Show Mall – Resorts World Las Vegas is expected to be a great boon to surrounding businesses as well once it opens, generating a great deal of anticipated walk-in traffic by attracting tourists.

W.A. Richardson Builders of Las Vegas, had already been utilized by Genting Group for pre-construction services, including infrastructure and utility work, the completion of the main parking structure, preliminary steel and foundation work, and permitting and remediation across the site to prepare it for the commencement of construction.

The Resorts World Las Vegas project has encountered numerous roadblocks and hiccups over the years; originally intended to open in 2016, the project occupies the space of the former Stardust Casino, which was imploded by the Boyd Gaming Corporation in 2007 to make way for a resort that was to be called The Echelon.

When the Echelon project fell through in 2008, the 87-acre property laid dormant for several years until it was purchased by the Genting Group in 2013; from there, the newly-proposed Resorts World Las Vegas hired its first president and announced that construction would commence the following year, employing over 1,000 workers in that endeavor. When the $4 billion resort opens in 2020, it will employ 3,000 union employees and feature a 175,000-square-foot casino, a replica of the Great Wall of China, and a panda exhibit, according to reports.

Through the Resorts World Las Vegas project has stalled in the past, these recent announcements have instilled a sense of confidence in the proposed megaresort, which is sure to not only generate interest from tourists and tax revenue for local government, but also a positive financial trickle-down effect for local businesses as well, creating a win-win situation for the Las Vegas economy as a whole.

Need information on the fast-evolving Las Vegas market? New home construction referrals? Las Vegas developers  for investment homes in the area? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Developers Pouring Resources into Apartment Complexes Throughout Southern Nevada

Developers Pouring Resources into Apartment Complexes Throughout Southern Nevada

LAS VEGAS, NV – With the housing boom overtaking Las Vegas in recent years, one fact has emerged above all others- there are currently not enough houses to satisfy the overwhelming demand, pure and simple. But while developers are doing their best to ramp up construction to give prospective Southern Nevada homeowners more options (which would hopefully also help to drive down skyrocketing real estate prices in the process) people looking for a roof over their heads are turning to apartments, causing their availability – and prices – to dwindle as well, and subsequently driving more and more investment in that aspect of local housing.

Recent reports have noted that apartment vacancy rates in Las Vegas are among the lowest in the United States, currently standing at only 3.1 percent, compared to the national rate of 4.5 percent; this represents a vacancy increase in Las Vegas of 2.8 percent over the second quarter of 2017. Rent prices have continued to climb with greater demand as well, with tenants experiencing a 0.7 second-quarter bump to an average monthly cost of $956 in the Southern Nevada region; the national average is currently $1,295, which makes Vegas slightly cheaper than many other cities nationwide, albeit for the time being.

Bridge Investment Group, based out of Salt Lake City, Utah, is jumping into the apartment scene with both feet; they recently announced that they had purchased eight Las Vegas apartment complexes in a deal worth approximately $130 million. The complexes that were acquired as a part of the deal include Oasis Meadows on Nellis Boulevard in east Las Vegas; Oasis Landing on Bonanza Road; Oasis Ridge on Charleston Boulevard; and Oasis Bay on Katie Avenue, among others.

Buying apartment complexes in Las Vegas en masse is nothing new; in May, New York investment firm The Blackstone Group purchased three in May for $170 million and TruAmerica Multifamily of Los Angeles acquired three complexes of their own in September of 2016 for $83.5 million; in addition, 15 local apartment complexes, a retail center, and 20 acres of property were sold by Camden Property Trust of Houston to out-of-state investors.

Indeed, the apartment situation in Las Vegas is such that developers are finding it worth the effort and expense to replace aging and outdated apartment complexes as opposed to renovating them; for example, the 120-unit North Las Vegas public housing complex Rose Gardens – assailed by numerous structural issues due to its advanced age that would take at least $12.5 million to fix (according to estimates), will be building a new Rose Gardens right across the street as part of a new project spearheaded by the City of North Las Vegas to improve the surrounding neighborhood. The new Rose Gardens will be an energy-efficient, water-smart building, and once completed, the demolition of the old building will make way for yet more apartment complex construction to fill the area’s population needs.

Las Vegas’ apartment market has become highly competitive in recent months and years, with a general uptick in rents and construction amid dwindling vacancies. With recent increase in development, it’s expected that the apartment market in Las Vegas is only going to continue to heat up.

Looking for information on the fast-evolving Las Vegas real estate market? Thinking of relocating here? Investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

Work Progressing on Vegas-Based All Net Arena; Officials Hope to Lure NBA to Nevada

Work Progressing on Vegas-Based All Net Arena; Officials Hope to Lure NBA to Nevada

LAS VEGAS, NV – While  news of the famed Oakland Raiders National Football League (NFL) team transplanting themselves to Southern Nevada in a newly constructed stadium  by 2020, having one major sporting team taking up shop in Las Vegas isn’t enough for local officials and businessmen it seems. Indeed, announcements have recently come to light regarding efforts to lure other professional sports teams to Vegas from leagues such as the National Basketball Association (NBA), and to that end, plans have been unveiled to give potential basketball teams looking to uproot an appealing place to hang their sneakers.

The All Net Arena project – which has run into multiple issues in the past and had lain dormant for quite some time – has finally managed to cut through the red tape and is starting to get traction in its bid for reality, according to reports. Once completed, the All Net Arena – a privately-financed venture which will be located at the northern end of the Las Vegas Strip, the site of an abandoned Wet ‘n Wild water-park – is slated to serve as a basketball, hotel and retail complex, with the goal being to attract an NBA professional basketball team to the area.

Designed by the Cuningham Group, All Net Arena was planned to open in 2017, but has been delayed until 2018 or 2019. This isn’t the first time a group has attempted to develop the former Wet ‘n Wild property into a sporting arena; previous plans for the site included the construction of a venue to be known as the Silver State Arena, but plans were withdrawn after Clark County rejected a proposal to fund 15 percent of the venue with public money and nearby residents opposed construction.

Ground had already been broken on the All Net Arena project in 2014, but financing problems caused a subsequent delay; after resolution of those issues, demolition of the existing structures on the property began in 2016, and now that work on that aspect of development has been completed, developers have high hopes to have the complex completed before 2020, after which they will attempt to court an NBA franchise to relocate to the Las Vegas area.

Plans for the project – spearheaded by Jackie Robinson, a former UNLV and NBA basketball player – are scheduled to go before Clark County Commissioners on October 18 2017; once that hurdle has been cleared, further details on the anticipated $1.4 billion development are expected to be made public. What is currently known is that the complex will include a proposed 728-foot tall hotel tower; a $670 million, 22,800-seat multi-purpose indoor arena with a retractable roof (which would enable the arena to host outdoor events such as tennis, rodeos, or indoor sports such as basketball and hockey); a high-end resort with a spa; and a restaurant, nightclub, wedding chapel and retail amenities. In addition, the four-level arena is to include 75 luxury boxes.

Need real estate information on the fast-evolving Las Vegas market? Thinking of relocating here? Maybe investing? Please feel free to give us a call at 702.376.7379 so we can answer any questions you may have.