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Category – May 2012

New $2.55 Million Summerlin Retail Center Planned

New $2.55 Million Summerlin Retail Center PlannedEscape Adventures is building a $2.55 million, 7,958 square foot retail building, on 1 acre, along Discovery Drive, just east of Town Center Drive in Las Vegas. TMC Financing’s Ann Santiago provided the 4.29%, 20-year SBA 504 loan. TWC Construction is the contractor. The building will house a travel office, plus a 1,835-square-bicycle store. 

Boulder City Shopping Center Sells for $2.3 Million

Boulder City Shopping Center Sells for $2.3 MillionLos Posados Plaza LP bought the 30-year-old, 26,192-square-foot Los Posados Shopping Center, on 2.04 acres, at 802 Buchanan Blvd. in Boulder City for $2,277,250, or $87 per square foot, from GMACCM Note #802 LLC Trust. Anchored by a Vons grocery story, the center was 79% occupied at the time of sale. Marcus & Millichap’s Chris Cunning represented the seller.

ViaWest Joins Golden Triangle Park

ViaWest Joins Golden Triangle ParkViaWest, one of the nation’s largest private data centers, recently signed a 10-year lease to occupy a 5-year-old, 112,240-square-foot standalone building, on 6.39, inside the Golden Triangle Industrial Park at 3330 E. Lone Mountain Road in North Las Vegas. The space was formerly occupied by APG International. CB Richard Ellis’ Donna Alderson and Greg Tassi represented the landlord, Operating Engineers Pension Trust; CB Richard Ellis’ Doug Bakke and Jeremy Green represented the tenant. Marnell Properties’ Brad Schnepf has been acting as development consultant for ViaWest who is planning up to $7 million in tenant improvements. The starting rent is 30 cents per square foot, triple-net. 

 

Construction Confidence Reaches Record High

Construction Confidence Reaches Record HighNonresidential construction rose 1.7 index points in the second quarter, reaching it highest confidence rating since 2007, reports FMI, a Raleigh, N.C.-based industry consultancy firm. Although backlogs remain about the same at a median of eight months, all markets, with the exception of education construction, are expected to improve slightly over the next quarter. Productivity has also shown improvement, though labor and material costs have also increased. For the full report, CLICK HERE.

NAR: Commercial Real Estate Rebound Continues

NAR Commercial Real Estate Rebound ContinuesAmid a backdrop of moderate-but-positive economic growth, demand for commercial space is rising and availability is declining across all property types, reports the National Association of Realtors. A main driver of the rebound comes from low levels of new construction in recent years, preventing a run-up in supply as well as rising office using employment, increased international trade, and a housing market that has turned many owners into renters. For the full report, CLICK HERE.

Report: Local Economy Sees Uneven Growth

Report Local Economy Sees Uneven GrowthClark County’s economy showed uneven signs of growth in April, reports Cushman & Wakefield-Commerce Real Estate Solutions. Compared to a year earlier, visitor volume was up by 3.1% in March but gaming revenue dropped 12.2%. Both commercial and residential construction permits rose from February to March, yet employment only rose a scant 0.8% or 6,300 jobs. For the full report, CLICK HERE.

 


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