BUSINESS PRESS A dynamic new industrial park in fast-growing North Las Vegas will break ground this summer. Panattoni Development Company recently unveiled plans for a five-building, 165,000-square-foot undertaking called "Shadow Mountain Business Center," located at the southwest corner of Pecos and Alexander roads. Situated on 9.5 acres, the $12 million master-planned development is scheduled to open during the fourth quarter.
Panatonni unveils new industrial park plans
BY TONY ILLIA
BUSINESS PRESS A dynamic new industrial park in fast-growing North Las Vegas will break ground this summer. Panattoni Development Company recently unveiled plans for a five-building, 165,000-square-foot undertaking called "Shadow Mountain Business Center," located at the southwest corner of Pecos and Alexander roads. Situated on 9.5 acres, the $12 million master-planned development is scheduled to open during the fourth quarter.
Panattoni Construction will begin work on the speculative light distribution project in June. Due to market demands, the center is offering space for sale with prices starting around $80-per-square-foot. IPG Commercial's Dean Willmore is the leasing agent.
"Low interest rates are prompting more companies to purchase their own buildings," says Jason Kuckler, Panattoni's development director. "Ownership enables businesses to accrue investment equity while writing-off deprecation."
The single-level, double-height buildings, designed by Howard F. Thompson Architects, include two dock doors, each measuring 9-foot by 10-foot. The concrete tilt-wall structures will range from 27,000 to 36,000 square feet in size, divisible down to 18,000 square feet. North Las Vegas comprises roughly 26 percent of the overall light distribution market.
"The North Las Vegas light distribution submarket had a low 9.6 percent vacancy rate during the fourth quarter," says John Restrepo, principal of Restrepo Consulting Group, LLC, a Las Vegas-based economic research firm. "It's the second strongest submarket in the valley behind Henderson."
There was 72,000 square feet of light distribution space under construction at the end of 2004, with another 315,000 square feet planned. That equates to roughly half of all the space planned and underway in the valley. Last year, light distribution absorption outpaced new project completions, which serves as a strong indicator for the market's vitality.
PROJECTS
DP Partners is constructing a new 513,240-square-foot industrial building inside its 102-acre Logisticenter business park in North Las Vegas. The build-to-suit facility will house CDW Corp., a Vernon Hills, Illinois-based business technology provider. Situated on 25 acres, near the northwest corner of E. Alexander and Belmont roads, the single-level, double-height building is scheduled to open this fall. Construction is expected to run $40 million, with an additional $5 million for initial start-up costs. The building, which will service CDW's western customers, will employ up to 210 people. CB Richard Ellis' Suzette LaGrange led the brokerage team that represented both the tenant and landlord. The deal is one of Southern Nevada's largest build-to-suit transactions in recent years.
American Nevada Company is building a new $3.5 million 44,062-square-foot Class B office building within Green Valley Corporate Center South, located at 2475 Village View Drive in Henderson. Martin Harris Construction is the general contractor. The two-story concrete tilt-wall building is scheduled to open May 1.
American Nevada Company is also building a new $2.4 million, 27,725-square-foot office building, located at 2590 Nature Park Drive in North Las Vegas. The two-story structure is situated inside the 1,900-acre, 7,500-home Aliante master-planned community being developed by North Valley Enterprises, LLC. The Korte Company is the general contractor, and JMA Architecture Studios is the architect. The new building is the first of three planned identical office buildings on a 6.54-acre site near the southeast corner of I-215 and Aliante Parkway. The first building is scheduled to come online during the second quarter.
AGO Investment, LLC of Los Angeles is developing three 15-story condominium towers, located at the northeast corner of St. Rose Parkway and Jeffreys Street in Henderson. Designed by Perlman Architects, Inc., plans call for 59,000 square feet of ground level retail, 11,200 square feet of health club area, and 460,100 square feet of residences, divided into one, two and three bedroom units. Amenities include an athletic club, a swimming pool, a pet park and a central courtyard plaza with dual-level underground parking. Although the project is currently in the schematic design phase, pre-sales are expected to begin in September.
Burke & Associates recently completed a new $1.1 million, 5,300-square-foot stand-alone office building, located at 3450 S. Hualapai Way in Las Vegas. Designed by The Richardson Partnership, the building will house a 12-station dental office/clinic for Two Doctors, LLC.
MILLION-DOLLAR DEALS
Phoenix-based Emerging Markets of North America and the MC Companies bought The Trails apartment complex, located at 5000 S. Rainbow Boulevard in Las Vegas, for $44 million. The 18-year-old, 440-unit development consists of 38 one and two-story buildings. Fremont Investment & Loan's Jeff Teetsel provided a $37.7 million acquisition loan. The buyer plans to spend nearly $10 million renovating the property, with exterior and common area improvements, and over $11,000 per unit in upgrades. The residences will then be sold in the $125,000 to $225,000 price range.
Russell Clark, a 104-year-old retired physician from Orem, Utah, sold the nine-acre Tropicana Industrial Center, located at 5115 Industrial Road in Las Vegas, to New York developer Gil Denzer for $32.8 million. Colliers International's George Connor represented the seller, and Prudential Americana Group's Flavio Ostolza represented the buyer. Denzer plans to build a $1 billion condominium complex on the site, consisting of three to four towers.
Fort Apache & Tompkins, LLC bought 4.21 acres of retail land, located near the northwest corner of Tropicana Avenue and Fort Apache Road in Las Vegas, for $3.2 million. Colliers International's David Grant and Scot Marker represented the seller, Rivierzo Family Limited Partnership.
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