Las Vegas, NV — The Las Vegas-based company, Stable Development, announced it has officially taken ownership of the 130,000 sq. ft. four-story medical and professional Class A office building, adding to its already prestigious list of properties around the Las Vegas valley. The company will immediately begin exterior and interior renovations giving the existing exterior a complete makeover. The building also will change from Longford Medical to The Parkway paying homage to the Summerlin Parkway freeway it faces.
Stable Development has already secured over 70,000 sq. ft. of new leases for tenants wanting to occupy the third and fourth floors for their medical practices. The company will add a surgery center and elevator shaft to the west corridor to better facilitate their patient’s accommodations.
“The Longford acquisition gives Stable Development its first presence in Summerlin, which is exciting for us. This premiere Summerlin location provides our medical and professional tenants with prime office space to suit their needs,” says Lance Bradford, Founder and CEO, of Stable Development.
The company also recently broke ground on Building G at Corporate Center in the Southwest of Las Vegas, expected to open mid February 2015. The building is over 90 percent leased with a focus on healthcare. To date, Stable Development has developed over 350,000 sq. ft. of Class A commercial office space including Corporate Center, The Coronado Medical Center in the St. Rose/Anthem corridor, and the Seven Hills Business Plaza also in the Seven Hills/Anthem area.
“We are looking forward to creating a new landmark for the Summerlin Parkway corridor and to servicing the medical professionals that are excited to move into The Parkway”, states Brett Bradford, Vice President, of Stable Development.
Stable Development has experienced tremendous growth over the last eight years even though the Las Vegas real estate market was enduring one of the worst economic downturns in its history. Known for its Shared Equity Ownership Model, Stable Development identified a need in the market place and brought the solution to So. Nevada. This ownership concept allows business tenant members to become vested owners of the property they are leasing. The tenant agrees to a standard lease, which usually runs ten years in length, with a cost per sq. ft. that is on par with competitive properties. Upon signing, the tenant receives a specific percentage of ownership in the building he or she is leasing.
“We’re not just a landlord, we’re partners with our tenant members. The tenant receives all of the benefits of ownership without the headaches’, says Lance. The tenants have no exposure as the landlord takes full responsibility for the building maintenance and leasing”.
About Stable Development
Stable Development was established in 2006 with the vision to enable business owners the opportunity of building ownership with minimal cash outlay. The revolutionary Shared Equity™ Ownership model empowers tenants to literally take ownership of their office space. The company has built three commercial office centers throughout Las Vegas and Henderson and recently acquired a four-story office complex off of Summerlin Parkway with plans to expand into North Las Vegas and downtown, as well as out-of-state markets in California, Texas, Kansas and New York. The company is located at 8880 W. Sunset Road, Third Floor, Las Vegas, NV 89148. StableDevelopment.com.