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LaSalle and Panattoni Plan Industrial Project in Southwest Las Vegas

30 Oct 2014, 3:54 pm

By Alex Girda, Associate Editor

Industrial projects are proliferating in Las Vegas, and a newly completed land deal promises more growth in the local inventory.

A joint venture of LaSalle Investment Management and Panattoni Development Co. has acquired a 21.5-acre parcel at the northwest corner of Sunset Road and Jones Boulevard in Southwest Las Vegas. LaSalle and Panattoni plan two state-of-the-art Class A distribution facilities in a development dubbed Jones Corporate Park.

According to LaSalle Managing Director Paul White, the city’s industrial market has shown an attractive combination of high demand but limited supply. “Panattoni identified the site, which is located in the Southwest Submarket, the largest submarket in Las Vegas, and adjacent to the Las Vegas Strip,” White noted in a statement. He added that the developers are estimating that construction will start in the first quarter of 2015.

LaSalle’s research and strategy team noted that the industrial availability rate has declined 2.2 percent since the fourth quarter of 2012 and 4.2 percent since 2010. Other developers are moving to pick up the slack, such as Prologis Inc., which plans to open Prologis Las Vegas Corporate Center, a spec project, next year.


Stable Development Adds Summerlin MOB to its Stable

23 Oct 2014, 8:02 pm

By Alex Girda, Associate Editor

Stable Development has acquired Longford Medical Center, a 130,000-square-foot Class A medical office building located at 7465 West Washington Ave., the company announced Oct. 14. Coinciding with its ownership change, the building is also getting a new name: The Parkway, a reference to its location near Summerlin Parkway. The property is the company’s first in the Summerlin area.

Stable has recently leased a total of 70,000 square feet on the building’s third and fourth floors to medical tenants. The new owner is planning a makeover to the exterior and interior, as well as adding surgery center and elevator shaft to the west corridor.

According to Brett Bradford, vice president of Stable, the company is “looking forward to creating a new landmark for the Summerlin Parkway corridor and to servicing the medical professionals that are excited to move into The Parkway.”

Also in Stable’s development pipeline is Building G at Corporate Center, scheduled for completion in February 2015.  Previous local projects completed by Stable include the Coronado Medical Center in the St. Rose/Anthem corridor, and Seven Hills Business Plaza in the Seven Hills/Anthem area.

Berkadia Secures $107M Financing Package for M-F Portfolio

15 Oct 2014, 9:58 pm

By Alex Girda, Associate Editor

The Orange County, Calif., office of Berkadia Commercial Mortgage L.L.C. recently arranged $106.9 million in financing for a seven-property multi-family portfolio on behalf of Angelo, Gordon & Co. and Interwest Capital Corp.

The effort was led by Jackson Cloak, a Berkadia vice president, who secured the floating-rate financing through the company’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass. The Freddie Mac loan totals around half of the financing, with the remainder provided by Berkadia and BBVA.

The portfolio totals 2,149 age-restricted units. All assets feature an occupancy rate of at least 90 percent. Three of the four properties were part of a portfolio acquired by the borrowers late last year for about $75 million.

In a statement, Cloak noted that the operation required the company to leverage its expertise across a number of capital sources and said that Berkadia provided the borrowers with “unique and flexible loan structures not generally offered in the overall market to help them execute their business plans.”

Image: Destinations at Spring Valley, courtesy of destinationslivingatspringvalley.com


NorthMarq Secures Acquisition Financing for LaPour Corporate Center

2 Oct 2014, 2:57 pm

By Alex Girda, Associate Editor

NorthMarq Capital secured $12.3 million in acquisition financing for LaPour Corporate Center in Las Vegas. The Denver office of the company handled the financing with Senior Vice President Greg Benjamin and Senior Investment Analyst Jeff DeHarty heading the process on behalf of NorthMarq.

Located at 9075 West Diablo Drive in Las Vegas, LaPour Corporate Center is near the northwest corner of I-215 and Russell Road.  The property is fully leased and offers 70,188 square feet of space.

Built in 2008, the tilt-up concrete building has paneled glass window bands at each level and earned LEED certification from the U.S. Green Building Council. The building offers citywide views of the Las Vegas Strip, the Las Vegas Valley and the mountains.

The 10-year financing secured by NorthMarq is structured with a fixed-interest rate in the mid-4 percent range and a 25-year amortization schedule. The financing was provided by a correspondent relationship with a Midwestern life insurance company.  

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.

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