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Data CentersDevelopmentIndustrialNevadaTop StoriesWestern

Vantage Data Centers to Invest $3B for New Campus in Sparks, Nevada

by John Nelson

SPARKS, NEV. — Vantage Data Centers is entering the Nevada market with a new $3 billion campus in Sparks, located outside of Reno in Storey County. The campus, dubbed NV1, will sit on 137 acres and offer a total 224 megawatts (MW) of critical IT load. Upon completion, the NV1 campus will house four multi-story data centers totaling 1.1 million square feet. The property will be designed with densities ranging from 360 watts to 720 watts per square foot in order to accommodate the “unique needs of AI deployments,” according to Vantage. Vantage will utilize a closed-loop chiller system to reduce water usage, with the ability to employ both traditional air-cooled compute loads and liquid cooling to support next-generation GPU (graphics processing unit) loads. Vantage is aiming to achieve LEED certification for the development. Vantage expects to employ more than 1,200 individuals across the construction and ongoing operations of the campus. The first two data centers to come on line at NV1 are fully preleased to undisclosed tenants. The first facility is scheduled to open in the second quarter of 2026. NV1 will be situated within Tahoe-Reno Industrial Center, which also houses Tesla Gigafactory 1 and operations for tech companies …

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AcquisitionsMultifamilyNevadaWestern

Joint Venture Acquires Two Multifamily Communities in Metro Reno Area

by Amy Works

RENO AND SPARKS, NEV. — A joint venture between HZ Capital Partners Fund I and New York Life Real Estate Partners has sponsored the purchase of two multifamily properties in Nevada — Lakeview and Sand Pebble/Spanish Oaks. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the properties, which are located within seven miles from one another. Terms of the transactions were not released. HZ Capital Partners Fund I is San Francisco-based Hamilton Zanze’s discretionary fund that targets the purchase of multifamily properties. Theses transactions represent Hamilton Zane’s third and fourth sponsored acquisitions of 2025. Located at 2600 E. Shore Drive in Reno, Lakeview features 328 studio, one-, two- and three-bedroom apartments overlooking Virginia Lake. Units include air conditioning, high-speed internet and private patios or balconies. Community amenities include a swimming pool, barbecue and picnic areas, a basketball court, onsite gym, laundry facilities and a playground. Located at 1877 El Rancho Drive in Sparks, Sand Pebble/Spanish Oaks features 448 one-, two- and three-bedroom apartments with air conditioning, high-speed internet, washer/dryer hookups, fireplaces, walk-in closets and private patios or balconies. Built in 1983, the community offers a resident clubhouse, swimming pool, sauna spa, laundry facilities, basketball and tennis courts, onsite …

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DevelopmentNevadaRetailWestern

Vestar Completes $3M Renovation of The District at Green Valley Ranch in Las Vegas

by Amy Works

LAS VEGAS — Vestar has completed the $3 million renovation of The District at Green Valley Ranch, a 385,000-square-foot mixed-use development in Las Vegas. The renovation project included upgraded signage, refurbished pylons and monuments, enhanced lighting with new fixtures, refreshed paint and improved landscaping, as well as remodeled storefronts, parking areas and entryways. Vestar has also secured a partnership with upscale home goods retailer Pottery Barn, a tenant at the center, to bring higher-quality outdoor furniture to the development’s communal spaces.   The District is currently 95 percent leased, with five new tenants recently joining the development, including Urth Caffé, Beverly Hills Rejuvenation Center and Bluemercury, and dining options North Italia and Flower Child. Other tenants at the property include lululemon, Aerie, Warby Parker, Anthropologie, Ben & Jerry’s, Chico’s and Lush. Originally constructed by American Nevada Co. in 2005, The District at Green Valley Ranch has been owned by Vestar since 2015.

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DevelopmentMultifamilyNevadaSeniors HousingWestern

Metcalf Builders Completes Valage Carson Valley Senior Living Community in Minden, Nevada

by Amy Works

MINDEN, NEV. — Metcalf Builders has completed Valage Carson Valley, a senior living community in Minden. Situated on 4 acres, the 79,829-square-foot project offers 88 units, totaling 92 beds, with full-sized kitchens and dining areas. Community amenities include interior and exterior courtyards, an arbor and planters, as well as a wellness center for the assisted living and memory care community. The seniors housing project is valued at $25 million and owned by Valage Minden LLC.

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AcquisitionsArizonaMultifamilyNevadaWestern

Kennedy Wilson Acquires 700 Multifamily Units Across Two Western Communities for $166M

by Amy Works

NORTH LAS VEGAS, NEV., AND TEMPE, ARIZ. — In two separate transactions, a real estate fund managed by Kennedy Wilson has purchased Tides on Commerce in North Las Vegas and Finisterra in Tempe for a total of $166 million, excluding closing costs. The fund invested a total of $61 million of equity in these transactions. The names of the sellers were not released. Tides on Commerce offers 336 apartments and Finisterra features 356 units. The low-density, garden-style properties offer a diverse mix of unit sizes and a variety of amenities. Kennedy Wilson has approximately 14 percent interest in a commingled fund that acquired the two properties and serves as asset manager. The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units.

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Market ReportsNevadaRestaurantRetailWesternWestern Market Reports

Las Vegas Retail Outperforms National Trends

by John Nelson

— By Liz Claire of Avison Young —  The Las Vegas retail market continued its strong performance in fourth-quarter 2024. Vacancy rates declined to 5.3 percent, marking a 200-basis-point drop from the fourth quarter of 2020. Strong absorption rates and healthy rent increases highlight the market’s resilience, even as growth has moderated since its peak in first-quarter 2021. Vacancy Declines and Strong Absorption Las Vegas experienced a significant increase in positive retail space absorption in fourth-quarter 2024, following eight quarters of minimal movement, with a total of 619,000 square feet absorbed. This surge was primarily driven by major developments, including the completion of the 500,000-square-foot BLVD retail project, which saw strong pre-leasing activity from prominent tenants like Adidas, H&M, Lululemon and In-N-Out Burger. Sustained high demand lowered the vacancy rate by 40 basis points from the previous quarter, further solidifying Las Vegas as a leading retail market. Retail Rents and Growth Trends Market-wide retail asking rents averaged $35.20 per square foot, with rents outside the high-priced resort corridor averaging $29.08 per square foot. Year over year, rents increased by 5.8 percent, significantly outpacing the national average rent growth of 3 percent. This steady rent appreciation demonstrates continued demand for retail space in …

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AcquisitionsIndustrialNevadaWestern

Dalfen Industrial Expands Las Vegas Footprint with Purchase of 143,763 SF Logistics Center

by Amy Works

LAS VEGAS — Dalfen Industrial has acquired Diablo Logistics Center, a two-building industrial asset located at 5075 and 5175 W. Diablo Drive in Las Vegas. Terms of the transaction were not released. Built in 2002, Diablo Logistics Center offers 143,763 square feet of industrial space that is fully leased to seven tenants. The buildings feature 160-foot truck courts, 24-foot clear heights, a total of 44 dock-high doors and 18 grade-level doors.

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Market ReportsNevadaOfficeWesternWestern Market Reports

Las Vegas Office Sector Finds Its Stronghold Along the 215 Corridor

by John Nelson

— By Charles Van Geel of Cushman & Wakefield — Despite broader economic headwinds, Southern Nevada’s commercial real estate market continues to showcase remarkable resilience – especially in the office sector. The demand for high-quality office space remains strong in the Southwest and Summerlin submarkets, underpinned by a flight to quality and shifting corporate priorities toward top-tier environments. The bulk of today’s office activity is concentrated along the critical Interstate 215 corridor, stretching from Green Valley to Summerlin parkways. This corridor has become the heartbeat of the region’s office market. However, within this high-demand stretch, the availability of true Class A product (particularly in the Southwest submarket) is diminishing. Small blocks of space are becoming increasingly rare, while sublease opportunities along this corridor are practically nonexistent. Adding pressure to this is the fact that new construction is largely stalled. Speculative development is not economically feasible with the current market dynamics. Lenders are unwilling to fund projects unless developers can demonstrate significant preleasing commitments, often north of 50 percent. This has been a challenge, as preleasing activity in the broader market remains minimal.  Still, the area has received a few recent high-profile deliveries. These include Downtown Summerlin’s 1700 Pavilion, Phase II of …

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AcquisitionsIndustrialNevadaWestern

Colliers Brokers Sale of 1 MSF Las Vegas Logistics Center

by Amy Works

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.

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