Kansas City, Missouri-based VanTrust, a full-service real estate development company, announced in May that construction had begun on a more than 191,000-square-foot industrial building in North Las Vegas near Lamb Boulevard and Interstate 15. More than 2.2 million square feet of industrial space has already been completed at the site.
This is the fifth building of a planned eight at VanTrust’s Northgate Distribution Center. At full build-out, the company is planning for 3.2 million square feet of space at the 170-acre site in North Las Vegas at 4410-4490 Nexus Way.
“Commencing construction on Building Five at Northgate confirms our commitment to the Southern Nevada market,” said Keith Earnest, executive vice president of VanTrust. “We are confident that the velocity of leasing activity will continue as North Las Vegas establishes itself as an e-commerce and logistics leader.”
Building Five is expected to be completed in December 2017 and will feature a 32-foot clear height.
VanTrust announced the groundbreaking on Northgate Distribution Center in February 2016, when the company announced two industrial buildings: one at 558,00 square feet and the other a 250,000-square-foot industrial building.
The now more than 2.2 million square feet of space is home to companies like Florida-based Fanatics, a sports merchandise company, which leased 400,000 square foot of space.
VanTrust estimated that the completion of the entire Northgate Distribution project will create 4,500 jobs.
The general contractor on the project is Martin Harris Construction. And the design firm is Irvine, California-based HPA Architecture.
Tule Springs housing developments to come to life
The Villages at Tule Springs in North Las Vegas is on track to see its first signs of life in a housing development that has had trouble getting off the ground for more than a decade.
Two homebuilders, Pardee Homes and KB home, acquired about 100 acres of land at the Villages for $20.3 million on May 1, according to Clark County records.
Klif Andrews, division president for Pardee Homes, said construction on model homes should start around January, according to a report in the Las Vegas Review-Journal.
Tule Springs has a long history of battles. The project was once known as Park Highlands when Las Vegas developer Olympia Cos. acquired roughly 2,000 acres from the federal Bureau of Land Management for $639 million at auction in 2005.
At that time, plans called for 15,750 homes at the then-Park Highlands, but the project went bankrupt in 2009 and again in 2011.
In 2011, KBS, a California investment firm and partners, acquired 1,375 acres of Park Highlands for $21 million in a bankruptcy auction.
In 2014, the 2,000-acre site was split into two by the North Las Vegas City Council. KBS’ parcel became known as the Villages at Tule Springs. The other side became known as Park Highlands West, which has been renamed Valley Vista.
Valley Vista is being developed by Southern California-based SunCal, which is estimated to break ground in the second half of 2017, according to a report in the Review-Journal.
Berkshire Hathaway HomeServices signs marketing agreement with international property portal
Berkshire Hathaway HomeServices Nevada Properties, through a new marketing agreement with Juwai.com, will now syndicate all the company’s residential listings to the China-based international property portal that attracts roughly 2 million visitors monthly.
Berkshire Hathaway HomeServices also launched a banner advertising campaign on Juwai.com to promote its brand, home page and listings to Juwai.com’s audience. The alliance makes Berkshire Hathaway HomeServices a dominant brand on one of the world’s most popular real estate search sites.
Juwai.com and its affiliate sites attract high-net-worth consumers who are ready to buy homes in the United States. Site traffic comes from more than 400 cities in China and from 165 countries around the world. Juwai.com hosts its sites and services on both sides of China’s “great firewall,” enabling Chinese consumers access no matter where they live and buy.