Nevada Briefs - February 2008

Nevada Briefs

Great Basin Internet Services Acquires WPTI Telecom and Broadband

Great Basin Internet Services Inc. (GBIS) has acquired WPTI Telecom, LLC and WPTI Broadband, LLC, a provider of Internet connectivity and collocation land-voice solutions for broadband applications in Minden. This merger will provide GBIS with access to competitive local exchange carrier status, meaning it can provide customers with both voice and data solutions. WPTI Telecom will operate as a wholly-owned subsidiary of GBIS. Financial details of the merger have not been disclosed. WPTI President and Founder Tony Prestigiacomo will become GBIS vice president and will manage WPTI Telecom product sales.

Arizona-Based Law Firm Expands Into Nevada

Jennings, Strouss & Salmon, a firm with offices in Arizona and Washington, D.C., has expanded into Las Vegas. The company joined with Berkley, Gordon & Goldstein in Las Vegas. Berkley, Gordon & Goldstein’s three attorneys will become partners of Jennings, Strouss & Salmon. The team brings more than 90 years’ combined experience in alternative dispute resolution, banking and finance, business formation, commercial litigation, construction, corporate, estate planning, family law, landlord/tenant and real estate law.

GLVAR Reports Median Price Drops

Following the trends from the final months of 2007, statistics released by the Greater Las Vegas Association of Realtors (GLVAR) show that local home prices decreased for single-family homes in December. The median price of a single-family home sold in the Las Vegas area decreased 4.9 percent to $260,000. The median sales price for condominiums increased 2.8 percent to $185,000. The number of homes listed for sale decreased 6.3 percent, and the number of condos listed declined 8 percent.

Colliers International Sells Out Centra Point Office Park

Colliers International handled the sale of all eight buildings at Centra Point Office Park totaling $126.4 million. Centra Point is comprised of 26 acres of land located on West Sunset Boulevard and totals 386,264 square feet. The buildings range in size from 15,000 square feet to 76,000 square feet. Tenants include State Farm Insurance, Stewart Title, Wells Fargo Home Mortgage and Pulte Homes.

Panattoni Development Closes on 20-Acre Parcel

Panattoni Development closed on 20 acres of land within the Pacific Gateway Industrial Center in Fernley. NAI Alliance represented Panattoni throughout the process.

The 337,500-square-foot Trex building will be the second build-to-suit project in Fernley by Panattoni. In 1999, the company completed the 588,000-square-foot building for Amazon.com.

Midtown Place Developed through Joint Venture

American Nevada Company and The Vista Group announced a joint venture with Place Properties to develop Midtown Place, the first major student housing complex serving UNLV students. The project, located at Maryland Parkway and Cottage Grove, will be the first off-campus student housing complex for UNLV. Upon completion, the project will encompass approximately 3,000 suites. The mixed-use property will also include neighborhood retail and restaurants. Humphreys and Partners Architects, LP is the architect for the project.

First U.S. Solar Thermal Power Plant Built in Nevada

Ausra Inc, the developer of utility-scale solar thermal power, announced it is building the first U.S. manufacturing plant for solar thermal power systems in Las Vegas. The 130,000-square-foot manufacturing and distribution center will produce reflectors, towers, absorber tubes and other components of the company’s solar thermal power plants. Solar thermal power plants use fields of mirrors to capture the sun’s power to produce electricity without pollution. The plant will begin regular operation in April 2008.

R.H. Donnelley Launches DexKnows.com in Las Vegas

    R. H. Donnelley recently unveiled DexKnows.com, a local online directory. The site allows consumers to find relevant information with the following features:

• My itinerary planning – provides step-by-step directions and estimated travel times.

• Ratings and reviews – provides ability to rate local business and register to write reviews of those businesses.

• Comparison shopping – offers side-by-side listings so consumers can evaluate criteria they find most important.

• Personalization tools – allows users to build their own personal index of favorite businesses for easy access.

• Advanced mapping – provides maps that clearly display locations of businesses.

• Business search – allows consumers to search businesses based on keywords.

• Resident search – includes complete residential information.

Burnham Real Estate and Commerce CRG/Cushman Wakefield Merge

Commerce CRG’s Las Vegas office and Burnham Real Estate’s local office have merged. The merger is part of the acquisition of Burnham by Cushman & Wakefield. As the Nevada Alliance partner, Commerce CRG is bringing Burnham’s 20 employees – including several senior brokers – on board, increasing the staff from 35 to 55. The merger will boost the firm’s property management portfolio by nearly 2 million square feet, to about 8 million square feet in Nevada and Utah.