Category – Land – Henderson

Coldwell Banker Premier Realty Facilitates 32-Acre Land Sale

Coldwell Banker Premier LogoColdwell Banker Premier Realty (CBPR) recently completed the sale of 32 acres of land at 1525 and 1545 Wigwam Parkway (at Stephanie St. and I-215) in Henderson.  CBPR represented the seller and Jorant Commercial/Sunbelt Development & Realty Partners represented the buyer, The Wolff Company, based in Scottsdale, Ariz.

The Wolff Company intends to develop market-rate multifamily housing and high quality senior living communities on the property. “Henderson is a fantastic community that lacks amenity-rich, lock-and-leave housing for renters aged 55+,” said Mike Milhaupt, Vice President of Senior Housing for The Wolff Company. “This project’s on-site dining options, top-of-the-line activity centers, and highly detailed residences will set a new benchmark for senior living rental communities in Nevada.”

The market-rate multifamily component of The Wolff Company’s development will directly address the area’s shortage of quality for-rent housing. Nate Carlson, Vice President of Development for The Wolff Company, said, “this site is in an ideal location for families and individuals seeking convenient access to Las Vegas while enjoying the high quality of life that Henderson offers.” The property is closely located to a number of schools, parks and transit options.

Panattoni Takes Down 28 Acres at South15 Airport Center

Panattoni Development Company purchased an approximately 28 acre development land site located in South15 Airport Center on Executive Airport Drive in Henderson. The transaction value was $5,630,021.00. Dan Doherty, SIOR, Susan Borst, CCIM, Chris Lane and Jerry Doty of Colliers International represented the buyer and the seller, South15 Partners LLC.

Calida Residential to Create a New Luxury Multihousing Community, Elysian at Stone Lake

NGKF Capital Markets, in conjunction with ARA, A Newmark Company (ARA Newmark), announces the sale of 15.52 acres at the northwest corner of Stephanie Street and Wigwam Parkway to The Calida Group, L.L.C. The notable multihousing builder purchased the land from KB Home for $9,312,000, or $600,000 per acre. NGKF Capital Markets and ARA Newmark representatives Doug Schuster, Curt Allsop and Vittal Ram represented the buyer in the sale transaction.

“The Green Valley/Henderson Class A submarket has been experiencing extreme rental growth, with five to 10 percent rental increases in the last 12 months. The high price paid per acre is consistent with this expansion, as well as the anticipation for future escalation,” noted NGKF’s Senior Managing Director Schuster. Known for their highly amenitized lifestyle communities located in premier submarkets, Calida intends to expand on its successful Elysian brand at Stone Lake, which reflects the company’s commitment to quality design, construction and management of premier multihousing communities. “Calida’s Elysian product is highly admired, fills quickly, and consistently sets records for lease rates and exit values,” added Schuster.

“This transaction represented an alliance between The Calida Group, one of the most active multihousing builders in the valley, and KB Home, one of the nation’s largest and most recognized home builders,” commented Allsop, also a NGKF senior managing director. KB Home owned the 40-acre parcel, which was subdivided to sell the 16-acre lot to Calida for the company’s premier multihousing product. KB Home reserved a 21-acre parcel for single-family, as well as sold a three-acre lot for a retail corner with three pad sites.

Stone Lake is part of Cornerstone Park, Henderson’s 100-acre open space with a lake and hiking trails. KB Home is actively building single-family product in the Stone Lake community, in sizes ranging from 1,800 to 3,800 square feet. KB and Calida will share an entrance into the development, with the Calida product located along Stephanie Street, and leading to the Galleria Mall , with its premium amenities, including top schools and exclusive retail. Calida is scheduled to begin construction in fourth quarter 2015, with delivery expected in the fall of 2016.

“Multihousing is growing at a phenomenal rate in the valley compared to just a few years ago,” added Allsop. “Currently 2,500 units are under construction with another 2700 planned for 2016, and 2017.” Despite the expansion of multihousing product, it is estimated that the market will require 8,000 units of additional multifamily product – up to 60 percent more – to accommodate current demand.

Southern Nevada Land Sales Up in 2014

Report 3Q Valley Land Values Cut in HalfSouthern Nevada’s land market continued its recovery in 2014, with 2,761 acres trading hands up 4.5% from the prior year, reports John Stater, research manager for Colliers International Las Vegas. There was $150 million in sales with an average price of $6.35 per square foot. During the real estate boom in 2007, land sold for $22.93 per square foot on average. After the market collapse, however, land prices reached a low of $4.41 per square foot in 2012. “The key to land sales is confidence in the future, both in terms of land investment and demand for land by developers,” said Stater. “The future is now looking brighter, although there room for more improvement.” For more information, CLICK HERE.

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