The heat turned up on the valley’s speculative industrial market with the groundbreaking of one of Southern Nevada’s largest projects to date.
Northgate Distribution Center near Lamb Boulevard and Interstate 15 in North Las Vegas will bring more than 1 million square feet of space to the speculative industrial market in phase one of the project.
Kansas City, Mo.-based VanTrust Real Estate LLC is the developer of the project that will bring two buildings to the 120-acre site.
A 558,000-square-foot building, the larger of the two, will be expandable up to 785,520 square feet. The clear height on the building will be 36 feet, and its divisible down to 139,500. Other features include 128 trailer parking stalls and a cross-dock configuration.
The second building is pegged to be 247,750 square feet at build-out with divisibility down to 62,000 square feet. Clear height is set to be 32 feet, and there will be 77 trailer parking stalls.
Both buildings are set to be available by late 2016 and have office space built to suit. Martin Harris Construction is the contractor on the current phase.
In total, VanTrust is planning 2 million square feet of space when the entire area is built out. The organization has offices in Dallas, Houston, Phoenix, Columbus, Ohio, and Fort Lauderdale, Florida, and offers a variety of real estate services to its clients including acquisition, development, asset management, construction management and consulting.
Spanish Palms approved by HUD, FHA
Spanish Palms, a gated condo community in the valley’s southwest side, recently was approved by the U.S. Department of Housing and Urban Development to offer FHA financing to its buyers.
According to Uri Vaknin, a partner at KRE Capital, a firm that entered into a partnership in 2013 to purchase the community under the name DK Las Vegas, there has been much work done toward the goal of expanding financing options for potential buyers. The first bridge was making available VA financing options and now FHA financing.
“The Las Vegas real estate market is one of the hottest in the country, but many quality buyers are left out with financing that requires down payments as high as 20 percent,” Vaknin said. “FHA financing offers market rate interest with as little as 3.5 percent down to make home ownership a reality for many who otherwise would never qualify for traditional financing.”
The community at 5220 S. Rainbow Blvd. has sold more than 100 homes since April 2015, already a large amount according to current ownership. The new approval will only help expand on this number.
“While the Las Vegas economy continues its recovery, Spanish Palms has led the charge. It’s a true gem that offers a modern lifestyle, the perks of a maintenance-free condo lifestyle, lush landscaping and guard-gated security — all at an affordable price,” Vaknin said. “Today, the community is more than 80 percent sold, and, with FHA financing, we are confident Spanish Palms will be sold out in no time.”
There are 372 residences on the property, and 184 were sold before it was taken over by DK and relaunched. DK also owns several properties throughout Las Vegas, including The Ogden and One Las Vegas. DK is also planning to relaunch other properties including Juhl Towers and Loft 5, which will both be renamed.
Waypoint for accredited investors only
Waypoint Property Group recently announced its plan to accept only accredited investors — as defined by the U.S. Securities and Exchange Commission— in future funds.
Under SEC rules, an accredited investor is defined as an individual whose income exceeds $200,000 in each of the past two years — $300,000 in joint income if the individual is married. The investor also must expect to reach that same goal in the current year as well.
Individuals also may be qualified if their net worth is more than $1 million, excluding the value of a primary residence. Banks and registered investment companies are exempt from the asset test, and other high net worth individuals may also qualify.
Waypoint is not planning to end relations with existent clientele involved in an investment; only new investments will be subject to the changes.
According to a release, Waypoint will be able to benefit from the changes by entering into investments unavailable to unaccredited investors.
Veterans memorial project
The nonprofit Las Vegas Veterans Memorial Foundation and American Shooters Inc., a veteran-operated business in Las Vegas, will soon see its veteran’s memorial project come to life.
The two-acre memorial and park at 555 E. Washington Ave. in Las Vegas will feature 18 larger-than-life statues, representing veterans from the American Revolutionary War to the global war on terror.
American Shooters and the Memorial Foundation brought the project to fruition by partnering with the state of Nevada for support and the memorial’s location. A dedication ceremony is planned May 27.