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Prologis Starts Spec Industrial Project in North Las Vegas

24 Sep 2014, 8:13 pm

By Alex Girda, Associate Editor

Prologis Inc. has started construction of a 464,203-square-foot speculative industrial park at Pecos and Gowan roads, the first property of its kind to be developed in the area since the recession. The REIT is counting on continued local demand, despite  Tesla’s recent decision to bypass Las Vegas and pick Reno as the site of its giant battery factory.

Located at 3700 Bay Lake Trail in North Las Vegas, the Prologis Las Vegas Corporate Center has an estimated delivery date of February 2015.

The property will feature 112 dock doors, 36-foot minimum clear heights, 56-foot by 60-f00t column spacing, 1,800 square feet of office space, 316 parking stalls, 37 trailer parking stalls, 4,000 amps of power, concrete tilt-up construction, full concrete truck courts and the ESFR Sprinkler System.

The 27.9-acre site in North Las Vegas offers ready access to I-15. Prologis Las Vegas Corporate Center will feature electric utilities provided by NV Energy, water and sewer services by Clark County Water Reclamation and the city of North Las Vegas, gas provided by Southwest Gas, and telephone service by Century Link.

Griffis Residential Rebrands Pair of M-F Assets

17 Sep 2014, 10:24 pm

By Alex Girda, Associate Editor

Griffis Residential recently unveiled new names for a pair of Las Vegas area multi-family properties it owns. The Denver-based residential investment and management specialist has rebranded the premium assets by introducing the Griffis brand name. The Wellington Apartments is now known as Griffis Summerlin South, while Quest Apartments was renamed Griffis Cornerstone Park. According to a company statement, Griffis plans a series of improvements at the two properties.

Griffis Summerlin South is located at 9550 West Sahara Ave. in Las Vegas. The 322-unit community is located near the I-215 beltway, in a great school district, in the vicinity of the Red Rock Canyon area, as well as shopping and entertainment options, including Downtown Summerlin.

One-, two- and three-bedroom units are available, with unit sizes ranging between 759 and 1,322 square feet. Amenities include a resort-style swimming pool, spa, clubhouse, fitness and business centers.

Griffis Cornerstone Park is a similarly equipped apartment community located at 210 Quest Park St. in Henderson, about 15 minutes from the Las Vegas Strip. The 310-unit asset, feature a variety of floor plans with one-, two- and three-bedroom apartments. Units range in size between 739 and 1,258 square feet of space. The resident amenity package also resembles that at Griffis Summerlin South.

Image courtesy of thewellingtonbygriffis.com

Officials Delay Vote on Parcel Eyed for Global Business District; Triple Five Markets Site Near Riveria

11 Sep 2014, 2:48 pm

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor

At least for now, the acquisition of a site crucial to the Las Vegas Convention and Visitors Authority’s vision for an innovative business magnet is on hold., VegasINC reported.

Citing unspecified concerns, on Tuesday officials postponed a vote on the purchase of a 4.8-acre site on Convention Center Drive. Owned by Tarsadia Investments of Orange County, Calif., the property includes Vegas Indoor Skydiving and a nearby parking lot.

The parcel would be part of the Global Business District, envisioned as a hub for companies to interact with businesses visiting the convention center. So far the agency has acquired 18.7 acres toward that goal at a cost of $49 million. Of that total, the single largest transaction was a $21 million deal last fall for a 5-acre site.

The decision to postpone a vote on the purchase coincided with the release of a feasibility study prepared by Cordell Corp. on the Global Business District, which also includes a $2.3 billion expansion of the convention center itself from 3.2 million square feet to almost 5.7 million square feet. During the first phase, the convention center would gain 750,000 square feet of exhibit space and 187,500 square feet of meeting space in the first phase. In phase two, the entire facility would be renovated and 100,000 square feet each of meeting space and general session space would be added.

In other development news, Triple Five is attempting to unload a 5.4-acre property on the north Strip, a move that signals the end of plans for a resort neighboring the Riveria. Triple Five paid $180 million for the site prior to the recession and is now asking $16 million per acre. At that price the developer would recoup only about half of its investment. The parcel may find some takers as the new SLS Resort and a planned project recently announced by Genting Group indicate that a revival of the Strip’s northern end may be gaining momentum.

Tropicana Follows Up $200M Renovation With Meeting-Space Makeover

3 Sep 2014, 9:08 pm

By Alex Girda, Associate Editor

In a bid to capture a bigger share of the city’s convention and meeting business, Tropicana Las Vegas – a DoubleTree by Hilton is expanding its Tropicana Pavilion. When complete next March, the project will increase the property’s meeting space to about 100,000 square feet. The pavilion project follows the Tropicana’s recently completed $200 million makeover aimed at lending a South Beach flavor to the venerable property.

The expansion will add 26,000 square feet to the facility and feature 16-foot ceilings and up to 11 rooms of flexible meeting space. Also in the works are new private restrooms and escalators. Meanwhile, upgrades are in store for the existing section of the pavilion, including a decorative acoustic treatment.

All told, the project will increase Tropicana Pavilion to 55,000 square feet, which the resort is banking on to further improve its appeal to the events market. The facility currently hosts functions ranging from conventions and corporate meetings to wedding receptions.

“The fact that the space is all new and can entirely self-contain groups will be an appealing feature for organizers of larger corporate meetings and events,” Gavin Mealiffe, vice president of sales for Tropicana Las Vegas, commented in a statement. “It is also very convenient to the hotel’s Club Tower, allowing for easy access for group attendees.”

Image courtesy of troplv.com

Thorofare Capital-Arranged Loan Leads to Sale of Final Condo Units at The Martin

21 Aug 2014, 8:02 pm

By Alex Girda, Associate Editor

Thorofare Capital, an alternative investment platform, has provided a $4 million short-term loan to finance the acquisition of a condo unit portfolio at The Martin. The sponsor will use the financing to acquire the final units under the ownership of the tower’s developer, and then focus on selling the condos to foreign investors. KCD Martin is buying the units from New York-based iStar Financial.

The 45-story luxury residential tower is located on Las Vegas Boulevard, and is one of the three buildings that comprise the Panorama Towers complex at the core of Las Vegas. The 372-unit condo tower, located near Las Vegas CityCenter, offers access to the nearby Cosmopolitan Hotel and The Bellagio via an overpass. After its completion in 2009, the crashing market caught up with The Martin and the property ended up as part of iStar Financial’s portfolio through foreclosure, since the company provided the original construction loan. Under the management of iStar Residential, a subsidiary of the ownership entity, the remaining units were eventually sold, with the exception of 20 units, all of which were part of this recent deal.

Units at the residential tower offer high-end features such as state-of-the-art appliances and floor-to-ceiling windows with panoramic views, including the Las Vegas Strip and the mountain range. The standout feature of the amenity package is a dedicated concierge service, while others include steam and treatment rooms, a library lounge, a 2,400-square-foot health center, pool cabanas and a garden lounge, as well as a yoga studio.  

Image courtesy of thorofarecapital.com

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