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Pulte, Woodside Sign On as Skye Canyon’s First Homebuilders

18 Dec 2014, 10:26 pm

By Alex Girda, Associate Editor

Last summer, renewed interest from developers breathed new life into several master-planned communities that had been dormant for years. In a milestone for the Las Vegas Valley market, Pulte Homes and Woodside Homes are the initial two homebuilders to commit to developing sites in Skye Canyon, the first major residential project of its kind to break ground in the valley since the recession.

According to Olympia Cos., master developer of the 1,700-acre community, the two builders acquired 80 acres of land between them.  One of the nation’s largest homebuilders, Pulte Homes currently operates in some 50 markets nationwide. Ryan Breen, president of the company’s Las Vegas division, promised that Skye Harbor “will offer Pulte homebuyers a robust and active, outdoor lifestyle in a great location.”

For its part, Woodside Homes has completed more than 40,000 homes in Nevada, California, Utah, Arizona and Texas since 1977. “With our ability to build a home based on our buyers’ needs and wants, we are a natural fit,” said Mike Casey, the company’s director of sales and marketing.

At full build-out, Skye Canyon will include 9,000 homes and a variety of amenities. The community is being designed to fit into its surroundings and will offer extensive outdoor amenities, including parks, hiking trails and biking trails. The first models at the master-planned community are scheduled to open next fall.

For more Las Vegas market data, click here.

Cambrige Cos./Diamond Rock JV Plans 1 MSF Industrial Development

15 Dec 2014, 12:01 am

By Alex Girda, Associate Editor

In a major step for their new joint venture, Las Vegas-based Cambridge Cos. L.L.C. and Diamond Rock Partners L.L.C. of Santa Monica, Calif., have joined forces in order to develop one million square feet of industrial space in Las Vegas. The partnership is set to control 50 acres of land, which will yield roughly one million square feet of industrial space in a market that is “ripe for big-box industrial development,” said Diamond Rock Partners Managing Partner David Makharadze.

Industrial assets in the area are attracting renewed interest from investors, who are keen to move on both development and existing asset opportunities.

According to Cambridge COO Filipp Chebotarev, the team has plenty on its to-do list: bring “much needed industrial inventory of larger buildings to market, create employment opportunities for our community, and utilize sustainable land use and building practices.”

Cambridge’s Vice President, Polina Chebotareva, noted that industrial vacancies in Clark Country are below 8 percent and less than 1 percent for big-box distribution or assets totaling more than 150,000 square feet. Michael Bash, the president of Cambridge, added: “We’re excited to work with Diamond Rock Partners on another industrial joint equity partnership in Las Vegas.”

Kamau Coleman, Managing Partner of Diamond Rock Partners also cited expectations of an improving market and “a clear picture for the future, which we are excited to be a big part of.”

BKM Capital Partners Buys 2 Industrial Properties for $27.5M

4 Dec 2014, 4:10 pm

By Alex Girda, Associate Editor

Las Vegas’ industrial market continues to draw a steady stream of transactions and development. Most recently, BKM Capital Partners paid $27.5 million for Cheyenne Technology Center and Wind River Industrial Complex, multi-tenant assets located in Las Vegas and North Las Vegas.

Totaling 309,932 square feet, the properties are BKM’s second and third Las Vegas acquisitions and expand the company’s industrial portfolio in the market to about a half-million square feet. Previously, BKM had acquired properties in the Phoenix and Portland markets.

Located at 3355-3675 West Cheyenne Avenue in North Las Vegas, Cheyenne Technology Center (above left) is a six-building office and flex/industrial park. BKM paid $18.4 million for the property. Acquisition financing was sourced through a $15.5 million senior loan provided by PCCP L.L.C. BKM represented itself, while Volt Real Estate Services represented the seller.

Wind River Industrial Complex is a 137,603 square-foot property located at 4301-4325 South Valley View Blvd. BKM purchased it for $9.1 million, about half the price per square foot it paid for the Cheyenne complex.

Wind River’s potential upside attracted BKM, according to Brett Turner, the firm’s director of acquisitions, who explained that the price was reduced by deferred maintenance and low occupancy.

BKM is planning to reposition the property and add value through structural and cosmetic improvements. Voit represented the seller, a local family.


Kislak Group Buys Southwest Las Vegas M-F Asset for $29.3M

20 Nov 2014, 4:32 pm

By Alex Girda, Associate Editor

As a deal recently completed by the Kislak Organization shows, signs are pointing n multi-family investment market that continues to exceed expectations.  The  Miami Lakes, Fla.-based firm recently paid $29.3 million for the Alicante Villa Apartments, a 232-unit complex in south Las Vegas.

The transaction between Kislak and seller Alicante Villa Apartments, LLC was arranged by Jeffrey Swinger and Spencer Ballif of CBRE Group Inc.  Andrew Behrens, vice chairman with CBRE Capital Markets’ Debt and Structured Finance Institutional Group, secured acquisition financing through Freddie Mac.

Alicante Villa Apartments is  located in the city’s fast-growing southwest area, which offers attractive retail and dining choices as well as major employment centers. Also nearby is Downtown Summerlin, the 1.6 million-square-foot shopping, dining and entertainment district that opened its doors last month.

Developed in 2001, Alicante Villa offers amenities that include a pool, spa, health center, a barbecue area,a community courtyard,  a business center and a controlled-access gate. Kislak is considering upgrades of unit interiors, clubhouse, amenities and exterior. The asset includes one-, two- and three-bedroom units with spacious kitchens and walk-in closets. Alicante Villa also offers views of the nearby mountains.

According to Thomas Bartelmo, the CEO of the Kislak Organization, the company has been observing the market “very closely” and the company moved for Alicante Villa as a result. Bartelmo also noted that “we are continuing to look for opportunities to expand our presence in this dynamic city.”

Image courtesy of alicantevillaapts.com

Republic Services Starts 110,000-SF Expansion at North Las Vegas Recycling Plant

13 Nov 2014, 10:35 pm

By Alex Girda, Associate Editor

Republic Silver State Disposal, Inc. a subsidiary of Republic Services, Inc. has started construction on a 110,000-square-foot expansion of the Southern Nevada Recycling Complex in North Las Vegas. Once completed, the new facility will effectively double the current residential recycling capacity in southern Nevada and become the nation’s largest residential recycling complex.

SNRC’s new facility will feature new technology, such as a highly automated control system, touch-screen Human Machine Interface control, Supervisory Control, Data Acquisition monitoring, and remote access to continually monitor operations for optimal performance.

The construction project will reportedly create around 80 temporary jobs for Cambridge Construction, The CP Group and EV&A, while 180 new positions will be created once the project becomes fully operational. Completion is scheduled for the fall of 2015.

This will be the 63rd facility operated by Republic Services, and it will have a processing capacity of about 1,000 tons of mixed recyclables per day, an average of 70 tons per hour.

Also planned is an interactive learning center that will offer the public a glimpse of the recycling process through videos, displays and educational materials. This part of the development will be a resource for the community and potential customers, as well as a destination for sustainability-minded visitors to Las Vegas.

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