Las Vegas Commercial Real Estate

Verge, an eight-story condo development, located at the corner of Main and Bonaza roads has cleared another hurdle to qualify for its construction loan. According to its developers, 86% of the 229 unit have been put under contract in the past two weeks at an average price of $400 per sf. Previously, Fremont Bank had [...]

GlobeSt.com is reporting that Coral Gables-based developer R. Donohue Peebles has bought 13 acres in LV approved for a 4.5-million-sf non-gaming resort that he estimates will cost $1.6 billion to develop and have a retail value of $2.5 billion. The property is located east of the Wynn Las Vegas Golf Course on Paradise Road, one-half [...]

Marcus & Millichap released its Retail Trends forecast recently. According to the company, we can expect to see: A decrease in retail property deliveries in 2008, keeping overall vacancy rates from increasing too severely. Obsolescence (of older shopping centers) is a big factor in this dynamic. The retail industry’s 2007 construction pipeline is comprised of [...]

Virginia-based Resun Modspace Inc. bought the industrial property at 5950 Emerald Ave. from Transport International Pool Inc. for $4 million. The distribution building sits on a 9.16 acre lot and is 8,683-square-foot. Built in 2001, the property is located in the Airport/E. Las Vegas Industrial submarket.

In its latest report, the the Bentley Group predicts that the office vacancy rate in the LV market will reach 12% by the end of the 2007 as more space comes online than can be absorbed. The first quarter of 2007 saw a vacancy rate of 11.1%, up from 8.7% a year ago. With 4.1 [...]