Harsch Purchases Industrial Property
Harsch Investment Properties, a privately-held real estate investment company headquartered in Portland Ore., recently purchased Losee Industrial Park, a 68,829-square-foot multi-tenant industrial warehouse. Located in the North Las Vegas submarket at Losee Road and North Fifth Street, the building was purchased for $4.8 million. Harsch currently owns and manages more than 6 million square feet of industrial space in the Las Vegas market, with another 1 million square feet under development and construction. The property is 100 percent leased and includes tenants Bumpers Distributors, Inc., Info HK International and Otis Spunkmeyer Cookies.
Work Progresses on Summerlin Office Building
Construction is underway at Christopher Commercial’s 53,600-square-foot Parkway Pointe, a Class A office building at Summerlin Parkway and Town Center Drive in Las Vegas’ Summerlin master-planned community. The $13 million project offers contiguous space ranging from 1,200 square feet to 26,500 square feet. Initial tenants include a bank, a real estate firm, an insurance group and a financial firm. The architect for Parkway Pointe is Swisher and Hall Architects. Burke and Associates is acting as general contractor.
ProLogis Plans Distribution Center
ProLogis, a global provider of distribution facilities and services, recently announced it has acquired 32 acres outside Reno at the Tahoe-Reno Industrial Center. The company plans to develop a 601,000-square-foot industrial distribution center on the property, which will be marketed to retailers, manufacturers, logistics providers and other companies with large-scale distribution needs. Construction is expected to begin in the second half of 2006. Tahoe-Reno Industrial Center is located in Storey County, approximately seven miles east of the Reno-Sparks area. The initial phase of development for the park includes 6,000 acres of industrial, office and commercial projects. Current customers at the center include Wal-Mart, James Hardie Building Products and Transwestern Polymers.
Molasky Corporate Center Topped Off
A ceremony was held recently celebrating the final steel beam to be placed in the Molasky Corporate Center, a 16-story mixed-use office and retail building at Grand Central Parkway and City Parkway in downtown Las Vegas. The 285,000-square-foot building will be silver-certified for Leadership in Energy and Environmental Design (LEED) by the U.S. Green Building Council, making it the first LEED-certified building in downtown Las Vegas. Major tenants include the Southern Nevada Water Authority, which has signed a 20-year lease for a 129,000-square-foot space to be used for its headquarters. Architect for the project is Howard S. Thompson Associates/KKE and Marnell Corrao is serving as general contractor. Completion is scheduled for third quarter 2007.
Another Tower Underway at Hughes Center
Crescent Real Estate Equities, owner of the 115-acre Hughes Center office park in Las Vegas, is adding an 11-story office tower at 3883 Howard Hughes Parkway. The steel framework for the 240,000-square-foot building has been completed, and work is progressing on the fascia and glazing. Confirmed tenants for the $70 million project include the Snell & Wilmer law firm, Boyd Gaming Corp. and Echelon Resorts. General contractor for the building is Kitchell Construction. Tenants are expected to move in by the first quarter of 2007. Crescent has announced plans to build another eight-story, 170,000-square-foot building south of this tower.