Southern 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.
Category – Land – North Las Vegas
Great Basin LLC bought 11.14 acres of land inside the Apex Industrial Park at the southwest corner of US 93 and I-15 in North Las Vegas for $590,000, or $52,962-per-acre, from Robert G. Wing. Avison Young’s Michael Campbell represented the seller.
The Pauls Corp. bought 36.95 acres of land at the southeast corner of Lone Mountain Road and Berg Street in North Las Vegas for $7.5 million, or $202,977-per-acre, from the Meldrum Family Trust. CBRE’s Donna Alderson and Greg Tassi represented the buyer. The Pauls Corp. is planning to construct approximately 675,000 square feet of industrial distribution space with an estimated completion date of the fourth quarter of 2015. CBRE’s Donna Alderson and Greg Tassi will be marketing the property upon completion.
Southern Nevada total land sales remains well below the levels seen in 2007, but during the first two quarters of 2014, there was 429.1 acres of commercial land that exchanged hands for $123.96 million in total volume, says Colliers International research manager John Stater. The average sales price of commercial land in 2014 was $577,605.50 per acre. “Until population growth increases, the land market in Southern Nevada will probably continue to improve at a slow pace,” Stater said. “Still, slow improvement is better than no improvement at all.” For more information, CLICK HERE.
Mendenhall Dynasty Trust bought 18.94 acres of vacant industrial land at Cheyenne Ave and Fifth Street in North Las Vegas for $3,258,855, or $172,062-per-acre, from Cohen 2006 Trust. Newmark Grubb Knight Frank’s Ben Millis and Chris Beets of represented the seller; Colliers International’s Susan Borst represented the buyer.