Las Vegas Commercial Real Estate

Residential land for sale. Parcel size 0.3 acreas. Zoning R-E. Location: 5251 MARIETTA AVE
Las Vegas, NV 89108. Price $200,000.

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The Mortgage Bankers Association (MBA)) released its findings regarding mortgage debt levels. The level of commercial/multifamily mortgage debt outstanding grew by 2.5% in the first quarter, exceeding $3 trillion for the first time. This was an increase of $72.4 billion that the Federal Reserve reported for the fourth quarter 2006.

Commercial banks continue to hold the largest share of the mortgages, with more than $1.3 trillion, or 43% of the total. Real estate construction and development loans grew by $16.8 billion, but this was the smallest quarterly increase for these loans since the second quarter of 2004.

The retail strip center located at 7293 W Sahara Avenue and owned by Whitcombe Investment LLC has been sold. The buyer, PTI Investments LLC purchased the 15,000 square foot development for $7.25M, or approximately $484 per square foot.

The building was completed in April of this year and is part of the Stone Canyon Professional Park. The buyer reported a cap rate of 6.79% and the property was currently 84% leased at the time of sale.

The current decline in the housing market and the collapse of the subprime market has changed the face of the homeowner. As more and more foreclosures occur, lenders and investors like Citigroup, Morgan Stanley, Merrill Lynch, Lehman Brothers and JPMorgan Chase are becoming the new owners are large chunks for real estate across the country.

According to the FDIC, the value of U.S. homes held by commercial banks swelled 53% nationwide to $2.3 billion at the end of March, the highest since 1992, from $1.5 billion a year earlier.

The next question is will these new home owners maintain the properties and sit on them until the market improves or will they dump and run at whatever price someone is willing to offer them? It will be a potentially expensive outcome no matter how you cut it.

Summit Global LLC has sold the property located at 2260 S. Rainbow Blvd. in the Rainbow Sahara Center. The buyer, Summitt Global LLC purchased it for $12.23 million, or about $117.50 per square foot.

The general freestanding structure measures 104,282 square feet and sits on 7.76 acres. It was built in 1989. Summitt intends to occupy the property d/b/a Red Rock Harley Davidson.