The 18,000-acre Apex Industrial Park could be a catalyst to bringing more “innovative” companies and manufacturing operations to Southern Nevada, adding onto a tenant list that includes Faraday Future and Hyperloop One.
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The number of foreign investment dollars heading to the Las Vegas Strip has been on the rise in recent years. Capital supply chains from across the globe have headed toward projects like the SLS, which is helping revitalize the north end of the resort corridor, and have brought investments reaching into the billions on megaprojects such as City Center.
Development advocates are now asking the Legislature in the 2017 session to help cities in Southern Nevada and statewide pay for the extension of water, sewer, power, telecommunications and other utilities to industrial sites primed for development.
NAIOP Southern Nevada will host its annual Spotlight Awards 6 to 10 p.m. March 4 at Red Rock Resort.
Longtime commercial real estate developer Jay Heller took over the helm at the start of 2017 of NAIOP Southern Nevada, one of the local area’s largest associations that focuses on commercial real estate development sector. Under his watch, Heller is predicting continued growth patterns in commercial real estate while he helps to write the market’s future for the valley and the state.
They’re not exactly going to surpass Tesla or Faraday Future in jobs creation, but Drew and Jonathan Scott, AKA “The Property Brothers” are doing their share to grow the state’s economy. The twin brothers live in Las Vegas and star in several of the most popular series to air on HGTV. Now they have created a product line bearing their name, Scott Living; a subsidiary of SB (Scott Brothers) Merchandising, which are Nevada companies, as are their real estate ventures.
SALES OF SIGNIFICANCE
The Greater Las Vegas Association of Realtors’ recent housing market analysis reported a jump in the median home price for an existing single-family home in the valley. Leadership at the agency said the increase in January is a rare occurrence.
The Las Vegas high-rise condo market is on the rebound. The market was hard hit with the onset of the Great Recession a decade ago that kept many prospective buyers from closing on sales as financing dried up and some who did buy suffered foreclosures.
Strip headliner Claire Sinclair of the show “Pin Up” at the Stratosphere, whose show is coming to a close March 4, is heading for fame on a different kind. Sinclair will be heading to the “Shark Tank” at the end of March in the hopes of making a deal to expand on a themed bed and breakfast concept that she’s been putting together in downtown Las Vegas nationwide.
The Nevada Association of Real Estate Brokers (NAREB), the local chapter of the oldest minority trade association in the U.S., installed its 2017 board members and recognized several industry leaders at its installation and awards gala at The Orleans at the end of January.
Representatives from the valley’s major cities spoke about the positive development under way and what can be expected in the coming years at a recent event early this month.
Leadership at local commercial brokerage MDL Group went searching for a larger space to expand its offices in the southwest part of Las Vegas just over a year ago, not expecting the twists and turns it experienced. At that time, the company’s leaders were looking to either buy or lease an existing structure, but were eventually led to start construction on a new building.
SALES OF SIGNIFICANCE • Pathfinder Partners purchased the 89-unit Tierra Bella apartment community at 10620 Alexander Road fro $12.5 million from Willows at Lone Mountain West LLC .
Confidence in the local housing market is growing for 2017, according to a first quarter Quarterly Sentiment Index from the University of Nevada Las Vegas’ Lied Institute for Real Estate Studies and the Greater Las Vegas Association of Realtors.
Beyond spindly, denuded trees, a cold breeze softly rippled the surface of the rounded swimming pool surrounded by verandas. Only a few residents were visible, traversing the large, grassy common areas between the units and clubhouse. On this late afternoon, the grounds took on a feeling of hibernation, but this perception was deceiving. Elysian West — emblematic of the city’s residential building surge — is buzzing.
A local developer is switching gears on a development near McCarran International Airport once pegged for office space with plans to raise a pair of industrial buildings on the site.
NAIOP Southern Nevada — a commercial construction trade group — hosted national and local experts to speak about real estate in Las Vegas and across the U.S., along with the potential for upcoming changes in regulation and infrastructure projects.
Henderson and Las Vegas were on the list of metropolitan areas across the country with the fastest-growing average rents in the multifamily sector at the end of 2016, according to a January report from RentCafe — a nationwide apartment search website.
Residential and some sectors of the nonresidential construction markets have been heating up over the last several quarters in the Las Vegas Valley, leading to a greater need for qualified workers. But some local firms and homebuilders are reporting a dry spell in available workers needed to fill some of the new positions.
The Bascom Group, an Irvine, California-based firm with several multifamily holdings in Las Vegas and across the U.S., increased its Southern Nevada footprint at the end of 2016.
A local group, built by power players such as Mark Fine and Irwin Molasky, is looking to carry downtown Las Vegas into the next chapter of its evolution.
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