Las Vegas Commercial Real Estate and Investment Property News

News articles covering Las Vegas land, industrial, office, retail and investment properties

Las Vegas commercial real estate news articles cover Las Vegas, Henderson, North Las Vegas and Unincorporated Clark County land, retail, office, industrial and investment properties.

  1. Las Vegas commercial real estate news
  2. News articles about Las Vegas land
  3. News articles about Las Vegas industrial real estate
  4. News articles about Las Vegas retail real estate
  5. News articles about Las Vegas office real estate

  6. Please read our Las Vegas Real Estate Blog and check our Las Vegas real estate Facebook Page for the latest in Las Vegas real estate

Las Vegas commercial real estate news

  1. Conditions worsen in Las Vegas commercial real estate market. Las Vegas Sun 7/6/2010. The vacancy rate in the commercial real estate market in Las Vegas continues to increase.
  2. LAKE LAS VEGAS: Closing close for Ritz. Las Vegas Review-Journal 05/01/10. The 493-room Loews Lake Las Vegas Resort, originally built in 1999 as the Hyatt Regency Lake Las Vegas, remains in operation. Also, the South Shore Golf Club has gone from being a private course to a public course to stay afloat. Lake Las Vegas entered bankruptcy in 2008 after Santa Barbara, Calif.-based developer Transcontinental Corp. defaulted on a $540 million loan with Credit Suisse. The resort has lost more than $60 million since filing for bankruptcy.
  3. Commercial real estate facing same trouble as residential market in Las Vegas. Las Vegas Review-Journal 07/01/09. Vacancy rates for office, industrial and retail properties are at historical highs and rents are falling, John Stater said at a second-quarter briefing at the Four Seasons. Industrial vacancy rose to 12.4 percent during the quarter, compared with 11.2 percent in the first quarter and 8.4 percent a year ago, while supply dropped to 920,732 square feet, the first time it’s ever been under 1 million square feet.
  4. Nevada lawmakers approve renewable energy authority. Las Vegas Review-Journal 06/26/09. The commissioner's job is to suggest ways to cut energy use and to attract wind, solar and geothermal projects to Nevada by offering tax breaks, technological data and financing options to renewable energy companies.
  5. Commercial market tilts to tenants, suffering real estate segment may help startups. Las Vegas Review-Journal 06/26/09.  A year and a half ago, rental rates were increasing and there was generally a "big bucket" of tenants chasing retail sites, Graski said. That pressure held rents up. Now a few tenants can choose from many sites, giving them the upper hand in lease negotiations. Troubled commercial real estate assets in Las Vegas jumped 72 percent from $4.7 billion in early 2008 to $8.1 billion in April, according to New York-based Real Capital Analytics. About one-fourth of commercial projects are in financial trouble, with apartment complexes experiencing the most difficulty.
  6. ENERGY: Searchlight residents grill Duke Energy representatives about wind farm. Senator. Harry Reid supports project. Las Vegas Review-Journal 06/26/09. The Searchlight debate began in December, when North Carolina-based Duke Energy, a Fortune 500 power giant that serves 4.5 million American households, proposed a $600 million wind farm on 24,000 acres of Bureau of Land Management property east of Searchlight, about 50 miles south of Las Vegas.
  7. Lake Las Vegas sees climbing foreclosures, falling values, owner aims to 'reset and reposition' community. Las Vegas Review-Journal 06/14/09. Lake Las Vegas was a symbol of Las Vegas largesse during the good times. Now it's an emblem of recession blues. Last year, the developer, Transcontinental Corp., lost the property in foreclosure after defaulting on $540 million in loans. The new owners of Lake Las Vegas filed for Chapter 11 bankruptcy last summer. One if its anchor hotels, a Ritz-Carlton owned by Village Hotel Investors LLC, also filed bankruptcy to stave off foreclosure and has been sold to new owners. One of three premier golf courses has been abandoned.
  8. REDEVELOPMENT PLAN: Ballot measures worry downtown Las Vegas businesses, culinary’s efforts to derail new city hall prompt alliance to build legal fund. A group representing downtown Las Vegas businesses is raising money to combat the "collateral damage" of a campaign to force changes to the city's redevelopment efforts. The Downtown Las Vegas Alliance, which counts many high-profile businesses as members, is building a legal fund to join the city of Las Vegas in opposing two ballot measures from Culinary union Local 226.
  9. 2008 YEAR IN REVIEW: TOP LOCAL BUSINESS STORIES: It was all downhill. Souring economy sows sadness across every industry in Las Vegas valley. Las Vegas Review-Journal 12/28/08. Because of its reliance on building and discretionary dollars, Las Vegas felt the downturn earlier, and fell harder, than many other regions of the country. This shows in the top local business stories of 2008
  10. Wind farm floated in state, Duke Energy proposes project near Searchlight. Las Vegas Review-Journal 12/19/08. Senate Majority Leader Harry Reid, who has aggressively promoted the development of renewable energy in Nevada, may be able to see some tangible results from his home in Searchlight in a few years. Duke Energy on Thursday said it proposes to build a wind farm that could cost up to $600 million dollars and generate 300 megawatts a few miles southeast of Searchlight.
  11. All lined up with nothing to build. Economic slump leaves construction businesses reeling.  Las Vegas Review-Journal 12/18/08. Scissor lifts, forklifts, backhoes and bulldozers lined up along Bonanza Road in Ahern Rentals' storage yard stand as an ominous indicator of Southern Nevada's construction industry. Equipment that was busy building 15,000 new homes and $30 billion in Strip development a year ago is now idle, adding nothing to the bottom line for Las Vegas branches of National Construction Rentals, Atlas Construction Supply and United Rentals.
  12. Lake Las Vegas may soon pass to Credit Suisse. Las Vegas Review-Journal 11/26/08. A bankruptcy judge on Friday suggested that attorneys for Lake Las Vegas may be wrapping up financial arrangements so investment bank Credit Suisse can take over the troubled 3,600-acre Henderson community built around a man-made lake.

Las Vegas Land News

Getting a parcel entitled for a tourist commercial zoning or resort zoning is the surest way to make a huge amount of profit when it is time to sell it. If this gets approved, the land owners will gain tens of millions of dollars in instant equity to use toward financing these projects. While the readers of this article foolishly worry about the Las Vegas sky line when they go over the I15-95 interchange, smart people with big money to back them, make tens of millions of dollars in a short time. I have discussed this in our Las Vegas land page.

  1. REAL ESTATE: Recession leaves raw land in dust, excess building inventory undermining values in valley. Las Vegas Review-Journal 03/07/10. Fortunes have been made and lost on land deals in Las Vegas. Prices for raw, or undeveloped, land in Las Vegas have fallen 74 percent from their peak of $939,357 an acre in fourth quarter 2007, business advisory firm Applied Analysis reports. She has a 2.5-acre parcel near Torrey Pines and Russell Road that was bought for $1.3 million, put back on the market by the lender at $650,000, reduced to $450,000 and is now being offered for $189,000. "I couldn't get $290,000 if you put a gun to my head," she said.
  2. Vacant land prices tumble, high vacancy, foreclosure, tight access to credit suppressing value. Las Vegas Review-Journal 12/03/09. The average price for raw land in Las Vegas Valley in the third quarter was $225,999 an acre, down 50.8 percent from $459,798 an acre in the same quarter a year ago and a steep drop from the peak of more than $900,000 an acre in fourth quarter of 2007, reported Applied Analysis, a Las Vegas business advisory firm. With nearly 90 percent of land transactions involving a lender through trustee sale or deed in lieu of foreclosure, pockets of opportunity may emerge as both buyers and sellers reset their pricing expectations.
  3. Las Vegas Real Estate: Homebuilders hunt for land. Las Vegas one of areas with falling prices. Las Vegas Review-Journal 11/07/09. But now Las Vegas homebuilders are on the hunt again, vying for choice parcels even in foreclosure-riddled markets such as Las Vegas, Southern California and Orlando, Fla., where prices are cheap and there are early signs of a recovery. It was primarily investors buying lots in Las Vegas for the past two to three years. Since August, major builders such as KB Home, Richmond American and Harmony have jumped back in the game.
  4. Vacant Land Deals, Values Continue to Shrink in Las Vegas Valley. GlobeSt.com 02/20/09. A lack of demand for raw land kept values on the decline. On average, non-resort-corridor properties traded for $391,900 per acre or $9 per square foot, a 15% drop from the third quarter of 2008 ($459,798 per acre; $10.56 per square foot) an a 58% drop from the fourth quarter of 2007 ($939,000 per acre; $21.56 per square foot), which marked the highest quarterly average recorded in Las Vegas’ history for non-resort-corridor properties.
  5. Developer bids again for Wet 'n Wild site. Las Vegas Review-Journal 12/25/08.  The Texas-based developer who wants to build a 1,064-foot hotel tower on the old Wet 'n Wild site on Las Vegas Boulevard (Strip) is making a second attempt to secure the land.

Las Vegas Industrial News

  1. Industrial vacancy rates hitting record high levels. Las Vegas Sun 7/16/2010. Las Vegas was saved by skyrocketing land prices, Martin said, because it stopped developers from overbuilding industrial buildings. Although industrial vacancy rates have increased to about 8 percent in Las Vegas, some 35 million square feet is sitting vacant in California's Inland Empire east of Los Angeles
  2. Moapa investors tout park's location, utilities. Las Vegas Review-Journal 07/17/09. Development plans for a 330-acre industrial park in Moapa appear to be as distant as the desert trails in this Indian reservation town 50 miles northeast of Las Vegas, but investors see it as a potentially great distribution point for Coyote Springs, Mesquite and Southern Utah. The industrial-zoned property lies along Union Pacific Railroad tracks where they cross Highway 168, providing easy access to Interstate 15. Utilities are available for each parcel.
  3. Industrial vacancy in Las Vegas at seven-year high. Las Vegas Review-Journal 04/22/09. Every sector of commercial real estate in Las Vegas is suffering -- including the industrial market, once thought to be somewhat invincible as national companies looked to establish big-box distribution and warehouse centers in the valley. Industrial vacancy rose to 10.5 percent in the first quarter, the highest level since 2002, business advisory firm Applied Analysis reported Tuesday. That's up from 9 percent in the fourth quarter and from 7.6 percent in the first quarter of 2008.
  4. High costs hamper industrial market, study finds; Regional competitors offering much lower rents. Las Vegas Business press 01/19/09. Las Vegas Valley industrial rents averaged $7.18-per-square-foot (on an annualized basis) in 2007, making Southern Nevada pricier than Bakersfield, Calif.; Boise, Idaho; and Denver. Local rents are $1.56 per square foot higher than the national average. Reno, by comparison, is 40 percent less expense and Phoenix is 17 percent cheaper.
  5. CRUNCH GOES COMMERCIAL . Industrial real estate markets search for stability amid frozen financing, rising vacancy. Las Vegas Review-Journal 10/08/08. The industrial market in Las Vegas, once driven by demand for big-box distribution and warehouse space, has changed drastically in the last two years.
  6. DP Partners builds new $32 million industrial complex. Groundbreaking for three-building project expected to come by year's end. Las Vegas Business press 10/01/08. LogistiCourt at Lincoln is a $32 million business park at the southwest corner of the Cheyenne Avenue and Lincoln Road in North Las Vegas. The three-building, 408,750-square-foot industrial complex is expected to break ground by year's end. DP recently bought the 19.89-acre site from developer Jackson Shaw Co. for $9.3 million or $467,572 per acre.
  7. Apex inaugurates industrial park after long wait. Mountain View breaks ground on 475,669-square-foot building. Las Vegas Business press 07/28/08        TOP                 

Las Vegas Retail News

  1. Vacant space in Vegas being filled by national retailers. Las Vegas Sun 7/16/2010. National retailers are stepping into Las Vegas and filling vacant space. Analysts say that says a lot about Southern Nevada’s economy and how much it is lagging behind the nationwide recovery
  2. Las Vegas, Tivoli Village names new tenants. Las Vegas Review-Journal 05/24/10. Some seven months after resuming construction in earnest, the Tivoli Village at Queensridge, which is located in Summerlin community in Las Vegas has announced several tenant offerings for the mixed-use, retail, office and dining center that is scheduled to open its first phase next year.
  3. Flagging economy forces several restaurants in valley to close, Lack of contingency plan can be kiss of death. Las Vegas Review-Journal 07/26/09. The Clark County Business License Division recorded 1,602 active or pending restaurant licensees as of July 10. Fifty-eight restaurant licensees went out of business in unincorporated Clark County from March 10, 2008, to March 10 this year. Those figures don't include licenses issued by cities.
  4. Empty stores proliferate in Las Vegas. Jump in vacancy bringing bargain rents for retailers. Las Vegas Review-Journal 02/21/09. Demand for retail space turned negative during the fourth quarter with nearly 200,000 square feet vacated throughout the Las Vegas Valley, business advisory firm Applied Analysis reported. The closure of stores such as Linens 'n Things, Mervyn's and Albertsons has driven retail vacancy rate to 7.4 percent, up from 6.6 percent in the third quarter and 4.0 percent in fourth quarter 2007.
  5. Sour economy pushes back Tivoli Village opening at One Queensridge at Rampart Boulevard and Alta Drive, rising construction costs and changes in design push project's price higher. Las Vegas Review-Journal 12/27/08. The economic slowdown has delayed yet another large-scale commercial development in Las Vegas, though construction will continue on the $850 million Tivoli Village at Queensridge at Rampart Boulevard and Alta Drive, an executive said. Plans call for 700,000 square feet of retail, restaurant and office space at Tivoli Village with a mix of 340 condominiums. The project was scheduled to open in fall 2009, but has been pushed back to 2010, Executive Home Builders President Frank Pankratz said.
  6. Juliet Cos. completes retail complex in downtown Henderson, Complex to employ 1,400 people, add up to $16 million to city's tax base. Las Vegas Business press 10/27/08.  Lake Mead Crossing, downtown Henderson's largest shopping complex, recently made its debut. The $130 million development by Juliet Cos. is along the north side of Lake Mead Parkway between Water Street and Basic Road. The 725,000-square-foot multi-phase project consists of 50 buildings ranging from big-box stores, junior anchors, stand-alone pads and inline space.
  7. RETAIL FACES EMPTY SPACES , Market sees rising vacancies, negative absorption in quarter . Las Vegas Review-Journal 10/15/08. Las Vegas commercial real estate markets have not escaped the turmoil of the national credit and housing crises, a third-quarter retail market report from CB Richard Ellis showed. -The retail market shows the strain of the economic downturn with steadily increasing vacancies and the first quarter of negative absorption, or the amount of new space taken by tenants, in a decade.
  8. RETAIL: Dillard's at Boulevard to close. Shutdown seen in late October, displacing about 150 workers; other LV stores to stay open. Las Vegas Review-Journal 8/23/08
  9. Ailing industry rolls out red carpet. World Market Center debuts building at event for furniture suppliers, retailers. Las Vegas Review-Journal  7/27/0807  TOP

Las Vegas 0ffice News

  1. Office vacancy climbs higher, activity in newly developed buildings bleak in Las Vegas valley wide. Las Vegas Review-Journal 04/11/09. Office vacancy hit a record 19.3 percent in the first quarter, up from 18.5 percent the previous quarter, and a lot of planned projects have been put on hold. Completion of new office space increased to 631,609 square feet in the first quarter from 452,500 in fourth quarter 2008. Net absorption, or the amount of space taken by tenants, fell dramatically, down by 413,213 square feet.
  2. Montecito Point office building topped off. Space designed with eco-conscious businesses in mind. Las Vegas Review-Journal  7/27/0807