Nevada

Colliers Brokers Sale of 1 MSF Las Vegas Logistics Center

by Amy Works June 11, 2025

NORTH LAS VEGAS, NEV. — Colliers has arranged the sale of Las Vegas Logistics Center, a Class A industrial portfolio in North Las Vegas. NorthPoint Development acquired the asset for an undisclosed price. Totaling 1 million square feet, the portfolio consists of three buildings located at 3837 Bay Lake Trail, 3717 Bay Lake Trail and 3200 R. Gowan Road. At the time of sale, the 50.4-acre center was fully leased to five tenants, including Amazon, with a weighted average lease term (WALT) of 3.4 years. Las Vegas Logistics Center features 30- to 32-foot clear heights, 202 dock-high doors, deep concrete truck courts and generous trailer and auto parking. Michael Kendall, Gian Bruno and Kenny Patricia of Colliers’ West Region Industrial Capital Markets represented both parties in the transaction. Additionally, Jeremy Thornton, Nicole Sayers and Andrew Gibson of Colliers arranged acquisition financing for the buyer. Dan Doherty, Paul Sweetland and Jerry Doty of Colliers provided local market insight and leasing support throughout the transaction process.

June 11, 2025

Acquisitions Industrial Nevada Western

Panattoni Development Sells 169,027 SF Industrial Building in Reno

by Amy Works June 11, 2025

RENO, NEV. — Panattoni Development has completed the disposition of a freestanding industrial property located at 400 E. Parr Blvd. in Reno. An undisclosed owner/occupier in the kitchen and bath appliance industry acquired the asset for $20.5 million. Situated on 6.7 acres, the 169,027-square-foot facility was originally built in 1972 and renovated in 2016. The property features 25-foot clear heights, 18 dock doors, one grade door, ESFR sprinklers and skylights. Sears Outlet Stores previously tenanted the property. Mike Nevis and Shawn Jaenson of Cushman & Wakefield represented the seller in the transaction. Nevis and Jaenson were joined by Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of the firm’s National Industrial Advisory Group – Mountain West, along with Jeff Chiate, Rick Ellison, Matthew Leupold and Aubrie Monahan of the IAG – West team.

June 11, 2025

Development Industrial Nevada Western

Metcalf Builders Breaks Ground on 475,880 SF Bulk Industrial Facility in Reno

by Amy Works June 10, 2025

RENO, NEV. — Metcalf Builders has broken ground on East Building 6 at Comstock Commerce Center, a logistics property owned by Locus Development Group. Slated for completion in fourth-quarter 2025, East Building 6 will offer 475,880 square feet of bulk industrial space designed to meet the needs of modern logistics and manufacturing space. The $24 million project is located within Tahoe Reno Industrial Center.

June 10, 2025

Industrial Market Reports Nevada Western Western Market Reports

Southern Nevada Industrial Market Faces Short-Term Slowdown

by John Nelson June 10, 2025

— By Jerry Doty of Colliers — While several other Western markets started to slow down in late 2022 or early 2023, the Southern Nevada industrial market seemed to be relatively unscathed going into 2024. However, the impact was finally felt early in the first quarter of 2024. It lasted through the remainder of the year. Despite this noticeable decline in activity, most remained optimistic that it would be a quick slump. We were hoping 2025 would come out with guns blazing. These prognostications have so far proven to be incorrect. First-quarter 2025 felt very much like the past four quarters. This noticeable slowdown could not have come at a worse time. We are in the midst of a record wave of new completions that will continue to deliver through the third quarter. The Las Vegas industrial market delivered a little less than 16 million square feet of new inventory in 2024, bringing the total market up to 180 million square feet. The Valley is composed of eight different industrial submarkets, with the North being both the largest in total size (75 million square feet) and the largest amount of product under construction (almost 3.6 million square feet). At the …

June 10, 2025

Development Nevada Retail Western

City of Henderson Approves Development Plans for $50M Retail Project in Metro Las Vegas

by Amy Works June 6, 2025

HENDERSON, NEV. — The City of Henderson has approved development plans for The Cliff, a $50 million open-air retail and dining destination located in Henderson, roughly 15 miles outside Las Vegas. A 100,000-square-foot office complex on the property will be redeveloped into a pedestrian-friendly, retail-oriented environment that will feature landscaped courtyards, breezeways, public art, live music and a kiosk village named “The Yard.” Serving as the gateway to the Green Valley Ranch master-planned community, The Cliff will be Henderson’s first retail development in more than 20 years. Construction is expected to begin in October, with a grand opening scheduled for fall 2026. A partnership between San Diego-based CAST and Los Angeles-based Partners Capital will be leading the project. Dubbed as Southern Nevada’s first “anti-mall,” the project aims to replace the traditional strip mall and big-box retail model with a walkable, community-centric gathering place.

June 6, 2025

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas Multifamily Enters a New Era of Growth Opportunity

by John Nelson June 3, 2025

— By Adam Schmitt of CBRE — The Las Vegas multifamily market is experiencing a significant transformation that’s shaped by new construction trends and evolving market dynamics. As the city continues to expand and adapt, it is essential for current investors, developers and capital allocators to understand the opportunities and barriers for growth. The multifamily market has seen substantial fluctuations since the onset of COVID-19. Rents surged by 24.6 percent in 2021, buoyed by government interventions. However, as these supports diminished, vacancy rates rose sharply, climbing from an average of 3.4 percent in 2021 to 7.35 percent in 2023. Recent trends, however, indicate a recovery. Vacancy rates have decreased to 6.5 percent as of February, which hint that multifamily fundamentals may be regaining stability and moving toward normalized averages. The single-family housing market is another critical element influencing the overall health of Las Vegas’ economy. The market produced 160,092 single-family homes between 2003 and 2008. However, only 142,455 were built between 2009 and 2024. This slowdown has led to soaring home prices, even amid rising mortgage rates approaching 7 percent. Consequently, the growing disparity between renting and owning has created favorable conditions for rental housing demand, further solidifying the multifamily …

June 3, 2025

Acquisitions Industrial Nevada Self-Storage Western

Buchanan Street Partners Acquires 917-Unit Self-Storage Facility in Las Vegas

by Amy Works May 13, 2025

LAS VEGAS — Newport Beach, Calif.-based Buchanan Street Partners has acquired a newly constructed self-storage facility located at 310 Rock Springs Drive in Las Vegas. The project’s developer sold the asset for $21.8 million in an off-market transaction. Totaling 103,570 square feet, the three-building property offers 917 self-storage units. The Class A facility features a mix of interior climate-controlled units and drive-up access options spread across three-story buildings. Buchanan acquired the property at certificate of occupancy upon construction completion. The company is an active self-storage investor throughout the Western United States, including recent transactions in California and Arizona.

May 13, 2025

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $4.5M Sale of Nellis Gate Apartments in Las Vegas

by Amy Works May 8, 2025

LAS VEGAS — Northcap Commercial has brokered the sale of Nellis Gate Apartments, a multifamily property located at 4340 N. Las Vegas Blvd. in Las Vegas. Built in 2002, Nellis Gate Apartments offers 50 units. The asset traded for $4.5 million, or $90,000 per unit. Jerad Roberts, Devin Lee and Robin Willett of Northcap Commercial represented the undisclosed buyer in the deal. The name of the seller was not released.

May 8, 2025

Development Hospitality Nevada Retail Top Stories Western

Caesar’s Entertainment Begins $160M Transformation of Harveys Lake Tahoe Casino, Hotel in Nevada

by John Nelson May 1, 2025

STATELINE, NEV. — Caesar’s Entertainment (NASDAQ: CZR), a gaming and casino giant based in Reno, has begun the $160 million transformation of Harveys Lake Tahoe, a 1.6 million-square-foot hotel and casino located in Stateline. The redevelopment project will feature upgrades, accommodations, elevated dining and gaming options and a new contemporary design. Beginning July 1, the resort will operate as Caesars Republic Lake Tahoe Hotel & Casino. “This transformation honors the storied history of Harveys while introducing modern amenities and elevated experiences that will redefine luxury in Lake Tahoe,” says Karie Hall, senior vice president and general manager of Harrah’s and Caesar’s Republic Lake Tahoe. The 88,000-square-foot casino floor at Caesars Republic Lake Tahoe will be reimagined with fresh carpeting, lighting, tables, chairs and digital displays, while also including new slot machines, a high limit room and a World Series of Poker room. The lobby will also be redesigned. The resort’s towers, Remus Tower and Romulus Tower (formerly Mountain Tower and Tahoe Tower), will also be improved. All rooms in the Remus Tower will be remodeled, while Romulus Tower will receive a refresh after previously being fully redesigned in 2020. Additionally, butler service for select suites will be available for both hotels. …

May 1, 2025

Acquisitions Industrial Nevada Western

Panattoni Buys Two Industrial Buildings in Southwest Las Vegas

by Amy Works April 25, 2025

LAS VEGAS — Panattoni Development Co. has purchased two industrial buildings situated on 7.2 acres in southwest Las Vegas. Terms of the transaction were not disclosed. Located at 3300, 3564 and 3515 Birtcher Drive, Southwest Vegas Innovation Center consists of the 138,817-square-foot Building 1, which includes 83,127 square feet of warehouse space and 55,690 square feet of office space, and Building 2, a 9,100-square-foot industrial building with a fenced yard. The property is currently leased to Aristocrat Technologies Inc., a global, publicly traded gaming and tech company based in Las Vegas.

April 25, 2025

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