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Kennedy Wilson Adds Brokerage Expertise

1 May 2015, 7:16 pm

By Alex Girda, Associate Editor

Kennedy Wilson has announced the hiring of Greg St. Martin, a Las Vegas market expert and 30-year industry veteran, as vice president. Donna Clark, a senior managing director with Kennedy Wilson, noted in a statement that due to accelerating local activity, the company identified a need to add full-service brokerage capabilities in Las Vegas.

“We’re seeing a number of buildings changing hands, with many of the investors coming from Southern California, resulting in the need for brokerage services,” Clark explained

A 14-year veteran of the Las Vegas market, St. Martin is a former vice president of Sun Commercial Real Estate, where he handled sales and leasing of office, industrial and retail assets. He has also served as a vice president with Realty One Group and NAI Las Vegas. His career has included stints as a business owner and general contractor.

“The Las Vegas market may have been hit hard during the recession, but sectors like office and industrial are making a strong comeback,” St. Martin observed. “Industrial in particular is seeing a lot of action with large companies from California, where property and land are at a high premium, looking for spaces to develop distribution centers and manufacturing plants.”

Agora Realty Buys Fiesta Plaza

24 Apr 2015, 10:40 pm

By Alex Girda, Associate Editor

The Fiesta Plaza retail center in North Las Vegas was recently acquired by Agora Realty & Management Inc. of Sherman Oaks, Calif. The buyer paid the private seller $13 million for the 200,000-square-foot grocery-anchored center, and then signed on a major tenant to a ten-year lease.

In a statement, Agora Realty announced that Conn’s Electronics will occupy 52,000 square feet at the center starting in August 2015. Leasing will be handled by Las Vegas-based ROI Commercial Real Estate.

Located at 2201 Civic Center Drive and Lake Mead Boulevard, Fiesta Plaza occupies  23 acres and features a tenant roster that includes US Bank, El Pollo Loco, and H&R Block. The buyer noted in a statement that the neighborhood needs more varied retail options to serve its daytime employment population of about 42,000.

Agora Realty’s CEO, Cary Lefton, noted that the firm now plans to renovate the property’s façade, add new landscaping, upgrade the parking lot and improve lighting and utilities. Lefton also noted that the company is planning to transform the property into a core asset in an up-and-coming market that also includes the North Las Vegas Justice Center and the city’s police headquarters.

KB Home Rolls Out Plan for Latest Community

17 Apr 2015, 10:21 pm

By Alex Girda, Associate Editor

On the heels of a solid homebuying month in the Las Vegas area, KB Home recently revealed plans for its latest residential community. The homebuilder announced the opening of Portola Hills in Henderson, a favorite development destination in recent years.

One of KB Home’s single-family plans at Portola Hills

KB Home plans to offer 31 semi-custom homes that can be “personalized to reflect each individual homebuyer’s preferences through our unique homebuilding process,” Rob McGibney, president of the company’s Las Vegas division, explained in a statement.

The homes will be available in one- and two-story floor plans ranging in size between 1,849 and 3,059 square feet. KB Home’s residents will be ENERGY STAR-qualified structures designed to save energy costs.

Prices will start in the high $200,000s. Well-regarded public schools are nearby: Coronado High School, Bob Miller Middle School, and Glen Taylor Elementary School.

Greater Las Vegas’ single-family home market in the Las Vegas area has been improving for some time now. According to the Greater Las Vegas Association of Realtors, month-over-month figures show that the number of single-family sales went up 37.8 percent in March. Sale prices of the 2,707 homes sold last month traded hands in March stood at $205,000, virtually unchanged from February but 5.1 percent higher than in March 2014, when the average price stood at $195,000.

Image courtesy of kbhome.com

FirstService Residential is Nevada Trails’ New Manager

10 Apr 2015, 7:19 pm

By Alex Girda, Associate Editor

FirstService Residential recently added the 1,000-plus residential units of the Nevada Trails community to its 50 million-square-foot portfolio. The Florida-based real estate services provider took over management duties at the community on April 1.

Nevada Trails is a 1,067-unit master planned community located off of Robindale Road and Tenaya Way, a few miles from FirstService Residential’s main office. The property offers residents an amenity package that includes a community park and a playground. The community joins about 350 in Nevada managed by FirstService Residential.

Chris Wood, a senior vice president of business development with the company, noted in a statement that the Nevada Trails assignment is an example of the company’s growing portfolio of larger-scale properties.

First Service Residential’s management portfolio encompasses more than 6,500 residential and commercial associations and 1.5 million units in 21 states and three Canadian provinces.

Bascom/Oaktree JV Finds Asset No. 7 in Henderson

2 Apr 2015, 8:02 pm

By Alex Girda, Associate Editor

A joint venture of The Bascom Group and funds managed by Oaktree Capital Management L.P. recently completed the acquisition of a multifamily asset in Henderson. The $300 million venture is the new owner of Villa Serena. The 288-unit community is located near Union Village, which is billed as the world’s first integrated health village.

Mesa West Capital of Los Angeles provided acquisition financing, which was arranged by CBRE Capital Markets. The seller worked with CBRE Group Inc. representatives during the deal.

Villa Serena is located at 325 North Gibson Road, Half of its units are two-bedroom apartments, 45 percent are one-bedroom units and the remaining five percent are three-bedroom units. Residences feature full size washers and dryers, walk-in closets, nine-foot-high or vaulted ceilings and private patios or balconies.

The master-planned Union Village development comprises a massive hospital complex and health center, a large retirement community and a civic and cultural arts center. Also nearby are the Galleria Mall and the District at Green Valley Ranch retail centers.

Villa Serena marks the joint venture’s seventh acquisition. Since its launch in March 2014, the partnership has also purchased properties in Arizona, California, Florida, Georgia and Texas as well as Nevada.

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