GK Development Inc., an Illinois real estate acquisition and development company, has purchased the 407,000-square-foot Lake Mead Crossing in Henderson for $42.75 million.
“This is an outstanding opportunity to purchase a well-located center in a growing market with strong national anchors already in place and significant upside potential,” said Garo Kholamian, president of GK Development. “Lake Mead Crossing fits our strategy of reinvesting in a growing market where we have had previous success,” he said. GK Development once owned the Atrium Business Center, an office building in Las Vegas.
The center is on the northwest corner at Water Street and Lake Mead Parkway. The area is near the retail corridor on Boulder Highway and Lake Mead Drive. There are more than 78,000 residents within 3 miles. It’s also near Cadence, the 2,200-acre, master-planned community where over 13,000 homes are planned.
“Our objective is to maximize the tenancy of both the shopping center and adjacent property by attracting retailers not currently in the market,” Kholamian said. “Lake Mead Crossing appeals to national retailers because of its visibility, superior location and Henderson’s status as Nevada’s second largest city and one of the fastest growing cities in the U. S.,” he added.
The center was built on 73 acres in 2008 and has been stocked with major retailers since: Target, Ross Dress for Less, Big Lots, Marshalls, Ulta and Staples. The center is 85 percent occupied. Juliet Realty LLC of Las Vegas will manage and lease the center.
GK Development, Inc. has holdings across eight states and holds 4.7 million square feet of space. It was founded in 1995 and is based in Barrington, Illinois.
Las Vegas Country Club to sell golf course
A piece of historical greenspace is going up for sale on the Valley’s east side.
The Las Vegas Country Club, which is member-owned, has been listed with CBRE, a local brokerage firm. The 18-hole course will be offered for sale in December.
In the courses 40-year history, it’s welcomed mobsters, famous actors and prominent public figures, including Frank Sinatra, Evel Knievel and former Mayor Oscar Goodman. It’s also seen the likes of Frank “Lefty” Rosenthal and Anthony “The Ant” Spilotro.
Major development might not be possible for whoever gets the deed to Las Vegas Country Club: it requires a 55 percent vote by the club’s 500 members for any decisions made on the property. CBRE has drafted surveys for distribution to residents. The brokerage firm is looking for input on the future plans and development opportunities.
Developers do have something to look forward to if they take the plunge: 12 acres of the land is less restricted. This includes the clubhouse, which could be redeveloped into condo or commercial space. The space is also in a prime area near the Las Vegas Convention Center.
Senior living community planned
An Arizona-based developer is planning a 146-unit senior living apartment community at 1505 Wigwam Parkway in Henderson, part of a multi-state project in areas across the Western United States that will initially break ground on six projects.
Development will begin in the first quarter of 2016. The first six projects are expected to break ground in the next 90 to 120 days in several western states, including Washington, California, Colorado and Nevada.
The investor is planning to broaden its landscape in the senior living space. The developer is reporting that it will invest $300 to $400 million every year to develop independent and assisted living communities, along with purchasing existing ones.
“There’s an underserved market of renters aged 55-plus looking for a lock-and-leave lifestyle where we are building,” said Mike Milhaupt, vice president of senior housing for The Wolff Company. “These developments will fill a gap in the market and set a new benchmark for senior living rental communities.”
Zimbelman to head group
Melissa Zimbelman, broker-owner and property manager at LUXE International Realty & Property Management, has been named the 2016 president of the Women’s Council of Realtors.
Zimbelman has served in several leadership and volunteer roles for the Greater Las Vegas Association of Realtors. She has been in the industry for more than 16 years.
Affordable Concepts tops off tower
Affordable Concepts has topped off the tower addition at Spring Valley Hospital, which will add 144 beds to an existing 237-bed facility.
The four-story facility will be equipped with three labor and delivery suites, three neonatal intensive care beds and 18 post-partum beds, along with space for more. It will also contain medical/surgical inpatient beds.
Affordable Concepts, Inc. has been working with several partners including Amfab Steel Inc., Brasfield & Gorrie, LLC, Buehler & Buehler Structural Engineers, Gallagher Plumbing, HGA Architects & Engineers, LLC, and Mojave Electric & Southland Industries.