Equastone Buys Office Building
Equastone, a real estate investment firm with offices in California, Arizona and Colorado, recently announced its acquisition of 330 South Third St. in Las Vegas for $9.3 million. The structure is an 11-story, 70,000-square-foot, Class B office building located in the office district of the downtown area. It was approximately 64 percent occupied at acquisition, with Clark County as the major tenant. Equastone acquired its first property in Las Vegas on Flamingo Road last year, and company officials said it intends to acquire up to an additional $50 million of investment real estate in Las Vegas in 2006, as well as $500 million in properties nationwide.
Sletten Construction Breaks Ground
Sletten Construction of Nevada, Inc. has begun construction of a new Clark County School District High School, currently named the Northwest Career and Technical Center. The $65.7 million vocational high school project encompasses 213,000 square feet, is Leadership in Energy and Environmental Design (LEED)-certified and will be built on a 30-acre site located at Durango and Tropical Parkway in Las Vegas. The school will house 2,010 students, focusing on academies such as hospitality, transportation, media and communications, early childhood, medical and pre-construction. Specialty areas will include a 7,000-square-foot banquet hall, a daycare center facility, a video production studio and digital photo laboratory. The project is due to be completed in the spring of 2007. The new high school was designed by Swisher & Hall AIA.
Southern Highlands Marketplace Expands
Territory Incorporated, a Las Vegas-based commercial development, brokerage and management company, has announced the groundbreaking of Southern Highlands Marketplace Phase II, located in the master-planned community of Southern Highlands at the southeast corner of Cactus and Decatur. The development of Phase II will complete the 190,000-square-foot marketplace currently anchored by a 58,000-square-foot Smith’s Food and Drug Store and Walgreens. Phase II will include a 17,000-square-foot ACE Hardware, Wells Fargo Financial Services, Fitness 19, H&R Block, Tropical Smoothie, American Family Insurance, McDonalds/Terrible Herbst convenience store and other retailers and restaurants. The project was designed by Sandberg Group Architecture. Oakview Construction is serving as the general contractor. Phase II is expected to be completed in summer 2006.
Ground Broken for Business Park
Las Vegas-based Glen, Smith & Glen Development Company recently announced the groundbreaking of The Park at NorthPointe, a 13-acre business park located at Alexander Road and Martin Luther King Boulevard near the master-planned community of Aliante in North Las Vegas. The single-story office complex will consist of 18 office buildings with street frontage ranging from 4,200 square feet to 7,200 square feet and offers easy access to the I-15 and I-215 interchanges. The $40 million project is slated for completion in the fourth quarter of 2006. SR Construction will serve as the general contractor, Perkowitz & Ruth are the architects for the property, and Colliers International will serve as sales and leasing agents.
PENTA Moves to Larger Location
The PENTA Building Group, a commercial general contractor, has purchased a new office building in Reno, located on Longley Lane in the South Meadows area. The 4,235-square-foot building is set to open in May 2006 after the completion of tenant improvements. Company officials said the new, larger building will enable PENTA to expand operations in anticipation of future growth. Blakely Johnson Ghusn is providing architectural services for the project. The PENTA Building Group has additional offices in Las Vegas, California, Arizona and Hawaii.