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Category – February 2012

Windermere Prestige Hires Seven New Agents

Windermere Prestige Hires Seven New AgentsWindermere Prestige Properties has hired seven new agents at its Lake Las Vegas office, including: Barbara Barnett, Vicky Crichton, Joseph Denofrio, Barry Guca, Tammie Harris, Jeff Jonas and Sharla Scharpnick. The agents bring have more than 100 years of combined real estate experience. Windermere Real Estate entered the Las Vegas real estate market in 2004, and now has four offices in Southern Nevada and Southern Utah. “Low prices in Lake Las Vegas continue to spark growing demand,” said Windemere owner Robyn Yates. “We are happy to bring a group of experienced and communally trusted agents on board to help us meet this rising demand.” 

Dan Palmeri to Head Cushman & Wakefield Office Group

Dan Palmeri to Head Cushman & Wakefield Office GroupCommerce Real Estate Solutions, an independently owned and operated member of the Cushman & Wakefield Alliance, today announced that it has hired Dan Palmeri as director of its office properties division. He most recently served as senior associate with the Las Vegas office of Colliers International. Palmeri is a member of the Las Vegas chapter of the NAIOP and sits on its government affairs and spotlight awards committees. 

Survey: Nevadans Upbeat About Economic Recovery

Survey Nevadans Upbeat About Economic RecoveryThe number of Nevadans that believe the economy is headed in the right direction tripled from 11% in 2010 to 33% last week, reports the Retail Association of Nevada. It’s the first time in the two-year history of the survey that more than 50% of respondents feel that the worst times are over. “Nevadans are feeling more optimistic with fewer bracing for worse economic news,” said RAN President Mary Lau. “While jobs and the economy remain primary concerns, 73% of Nevadans reported that their own economic situation had either improved or stayed the same in the past six months.” For the full survey results, CLICK HERE.

VegasTech Moves to 302 E. Carson Ave.

VegasTech Moves to 302 E. Carson Ave.VegasTech.com has signed a lease for 21,000 square feet of office space inside an 11-story, 162,000-square-foot building, on 0.48 acres, at 302 E. Carson Ave in downtown Las Vegas. Thompson National Properties and Vulture Fund VIII completed an $11.5 million renovation of the 45-year-old former First National Bank of Nevada office building in 2010. CB Richard Ellis’ Brad Peterson represented the lessor; Jones Lang LaSalle’s Bret Davis represented the tenant. VegasTech.com’s lease has an option to expand to nearly 46,000 square feet, if needed. 

Cushman & Wakefield: Local Economy Slowly Grows

Cushman & Wakefield Local Economy Slowly GrowsClark County’s economic activity continues to expand at a slow pace, reports Cushman & Wakefield-Commerce Real Estate Solutions. Compared to a year earlier, visitor volume was up by 1.7% in December, while gaming revenues were up by 1.2%. Taxable sales for November were 8.6% above those for the same month a year earlier, and residential construction permits rose from November to December. Las Vegas area employment, meanwhile, grew by 4,300 jobs (or 0.5%) from December 2010 to December 2011. For the full report, CLICK HERE.

Report: Shopping Center Sales to Rise in 2012

Report Shopping Center Sales to Rise in 2012Shopping center sales will rise moderately in 2012, as banks list reclaimed assets and become more amenable to short sales, says Marcus & Millichap. Sales involving performing shopping centers will remain scarce due to limited for-sale inventory, as opposed to sagging demand, holding cap rates for quality grocery-anchored properties around 8%. Within the single-tenant sector, credit-tenant deals will remain in high demand, placing further downward pressure on cap rates, particularly for top drugstore assets and fast-food properties with corporate-backed leases. The most sought-after triple-net deals currently trade between the 6% to 7% cap rate range, while local or regional tenants tend to sell between 9% and 11%.

SkyVue Observation Wheel To Pour Foundation

SkyVue Observation Wheel To Pour FoundationRoughly 100 mixer trucks will pour the concrete foundation for the 500-foot SkyVue observation wheel on March 1. The attraction at 3951 Las Vegas Blvd. South, directly across from Mandalay Bay, consists of 32, 24-person gondolas with two LED multi-media displays at the center of the wheel, each measuring 50,000 square feet. Norcross Construction is the contractor, with JKR & Associates as design-engineer. The project is being developed by Howard Bulloch and David Gaffin. Situated on 11 acres, SkyVue will be the world’s third largest observation wheel when it opens July 4, 2013. 

Report: January Construction Dips 2%

Report January Construction Dips 2%New construction starts dropped 2% to $402.2 billion in January, reports McGraw-Hill Construction.  Both nonresidential building and housing settled back from December, while nonbuilding construction saw a modest gain with the help of new electric utility starts. “For construction starts, 2012 got off slowly, with activity retreating further into the lower half of its recent range,” said McGraw-Hill economist Robert Murray. “This is consistent with the view that construction is still struggling even with the recent improvement shown by the U.S. economy.” For the full report, CLICK HERE.

 


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