Partnership Acquires Las Vegas Portfolio
Stoltz Real Estate Partners and GoldenTree InSite Partners are acquiring a portfolio of office/flex buildings and land parcels they intend to develop in Las Vegas. The seller is a partnership between Urdang Advisors and Stoltz Real Estate Partners. Although financial details of the transaction were not disclosed, Stoltz and GoldenTree said the joint venture will invest about $200 million in the acquisition and subsequent development. The Stoltz Las Vegas office will continue to manage, lease and spearhead the development of the properties. The portfolio consists of nine buildings containing approximately 600,000 square feet, with a combined occupancy of 80 percent. Six vacant land parcels totaling 26 acres are also targeted for development of more than 500,000 square feet of office space.
Panattoni Developing Carson City Project
Panattoni Development Company recently broke ground on an 87,000-square-foot flex industrial condominium project in Carson City. The Eagle Valley Commerce Center, located on 5.39 acres on Arrowhead Drive, is scheduled for completion in November 2006. The facility will include concrete tilt-up construction with metal roof structures. Once completed, it will contain 14 units of flex industrial space. The architect on the project is Tectonics and the builder is Panattoni Construction.
Shea Breaks Ground on Office Condos
Shea Commercial recently announced the groundbreaking of Tenaya Village, a seven- building office condominium complex totaling 105,000 square feet. Situated on a 10-acre parcel near the intersection of US95 and the I-215 Beltway, the $17 million project represents the first major office condo development in northwest Las Vegas. The complex will include seven office buildings – five one-story and two two-story buildings. DFD Cornoyer Hedrick is the project architect and Caviness Construction is the contractor. Completion is scheduled for September 2006.
Pulte Homes Building Master Plan in Mesquite
Pulte Homes recently broke ground for a 2,014-acre master-planned community in Mesquite, to be called Anthem Mesquite. The project, with approximately 4,600 homes, will include a Del Webb active adult community to be called Sun City Mesquite. A focal point of the community will be an 18-hole golf course and driving range designed by Gary Panks, which will include a 5,000-square-foot clubhouse. Anthem Mesquite will also feature a 33-acre regional park and four miles of walking trails. At Sun City Mesquite, planned for 1,600 acres and 3,400 homes, home sales are projected to begin in the summer of 2007. Pulte acquired the parcel from a private owner for an undisclosed amount.
The Korte Company Building Henderson Church
The Korte Company has begun construction of the 800-seat St. Francis of Assisi Parish Hall in Henderson. Completion is slated for December 2006. The site’s master plan includes a 2,000-seat capacity church and a Catholic school. The total cost of the current phase of the project is estimated at $10 million. The owner is the Catholic Diocese of Las Vegas.
Trammell Crow Building in Reno Tahoe Industrial Park
Trammell Crow has purchased 47 acres in the Tahoe Reno Industrial Center (TRI), 10 miles east of Sparks on I-80. Plans call for construction of two massive buildings – one 550,000 square feet, the largest ever built in Northern Nevada – and the other 375,000 square feet. Construction is scheduled to begin in early summer on the property, strategically located along TRI’s USA Parkway, a four-lane expressway that will soon connect I-80 with Highway 50. When built out, the 104,000-acre Tahoe Reno Industrial Center will be the largest industrial park in the country. Wal-Mart is currently completing an 890,000-square-foot distribution center at TRI.