Remington Nevada, a commercial real estate development company that does work in Nevada and across other parts of the Southwest, announced the completion of the first phase of its 250,000-square-foot Mountains Edge Marketplace project at Buffalo Drive and Blue Diamond Road.
The area’s newest Albertsons was part of the project. A grand opening celebration was held April 26.
“We’re really excited to celebrate the opening of Albertsons,” said David DelZotto, founder and president of Remington Nevada. “This community has been lacking a grocery store for a while, and we’re proud to have played a role in bringing this needed amenity to this community.”
Stan Wasserkrug, developer of Mountains Edge Marketplace, said he expects 167,000 square feet of the $80 million project, which is being constructed in three phases, to be completed by the end of 2017.
As part of phase two, space will be completed for junior anchors, restaurants and service-based businesses, according to a written statement from Remington.
At build-out, it’s expected that over 370 new jobs will be created.
“Mountains Edge is one of the top five master planned communities in the country,” DelZotto said. “It’s been exciting to watch this project come to fruition in a way that is not only providing services that are needed in southwest Las Vegas, but enhancing the quality of life for residents as well.”
Commercial real estate Q1 numbers are positive
The retail, office and industrial commercial real estate sectors were on a positive path in the first quarter of 2017, with predictions that the overall commercial real estate market will continue to thrive for the coming quarters, according to a first-quarter report from Cushman &Wakefield Commerce for Las Vegas.
“The first quarter continued the positive upswing that Las Vegas and Southern Nevada has been experiencing recently, with strong indications that the overall commercial real estate market will continue to strengthen in 2017,” said Michael Dunn, market leader for the Las Vegas office of Cushman &Wakefield Commerce.
Dunn said the strongest sector was the industrial market, and its momentum is expected to continue through the end of 2017.
The industrial sector’s 5.7 percent vacancy rate is slightly up from the fourth quarter of 2016, though it is the same as it was in the first quarter of 2016. The rate, however, was lower than the first quarter of 2015, when it sat at more than 6 percent.
According to the report, vacancy rates could rise in 2017 if demand for large e-commerce and distribution space wanes. Net absorption was down in the first quarter of 2017 at 541,000 square feet, compared to 871,000 square feet during the same time in 2016.
New construction is expected to bring about 4.7 million square feet of space to the local market in 2017. That number is up from 2016, when there was 3.7 million square feet of space under construction.
The average asking rates for rents were up in the industrial market in the first quarter of 2017 — moving up 2 cents a square foot from 64 cents a square foot in the first quarter of 2016 to 66 cents a square foot in the first quarter of 2017.
The commercial real estate office sector saw some positives in the first quarter of 2017, with a decline in vacancy to 15.1 percent — down 2 percentage from the first quarter of 2016, when vacancy sat at 15.5 percent, according to the report.
Also, construction activity in the office sector was on the move in the first part of this year. According to the report, there was about 104,000 square feet of construction in the office sector in the first quarter with less than half of that during 2016.
The retail sector slowed down in the first quarter, also, though the sector continues to see positives in absorption. That is expected to continue through the end of the year.
Analysts expect the relocation of the Oakland Raiders to Las Vegas to have a positive impact on the local retail sector. The stadium is expected to bring 6,000 new jobs to Las Vegas.
Nonprofit group helps revitalize
Rebuilding Together Southern Nevada (RTSNV), a local affiliate of the national nonprofit group Rebuilding Together, facilitated the revitalization of a dozen homes across Henderson and Las Vegas at the end of April.
The 23rd annual event brought out 600 volunteers, who worked in 17 separate teams, to do work such as exterior painting, xeriscaping, property cleanup and small exterior repairs. The event was held April 29 from 9 a.m. to 2 p.m.
Some of the volunteers represented local businesses, including Wells Fargo, St. Rose Dominican Hospitals, Aqua Plumbing and Leadership Henderson — a nonprofit group connected to the Henderson Chamber of Commerce Foundation.