Nevada

IndiCap Acquires Site for 70,405 SF Industrial Development in Southwest Las Vegas

by Amy Works August 19, 2026

LAS VEGAS — IndiCap has acquired 3.8 net acres in Southwest Las Vegas for the development of Southwest Bay, a Class A infill industrial project. The 70,405-square-foot property will offer shallow-, small- and mid-bay industrial space with flexible suite configurations. Current plans call for suite configurations beginning at approximately 17,600 square feet, with the ability to accommodate full-building users. Located at the southwest corner of Russell Road and Edmond Street, Southwest Bay will feature concrete tilt-up construction with 28-foot clear heights, ESFR fire sprinklers, dock-high and grade-level loading, electrical capacity and flexible demising options. Site work is slated to begin in April 2027, followed by vertical construction in May 2027. Southwest Bay is scheduled for delivery in February 2028, with preleasing available before completion. The project team includes Lee & Sakahara Architects as architect and structural engineer, Per4mance Engineering as civil engineer and NDL Group as general contractor. Greg Tassi and Donna Alderson of Cushman & Wakefield are handling leasing for the project. First American provided title services for the project.

August 19, 2026

Acquisitions Nevada Restaurant Retail Western

BIG Shopping Centers USA, Red Development Sell Mixed-Use Development in Northern Nevada for $103M

by Amy Works August 14, 2026

SPARKS, NEV. — BIG Shopping Centers USA and Red Development have completed the sale of Legends at Sparks Marina, a 41-acre mixed-use development in northern Nevada, to Alturas Capital Partners for $103 million. Kyle Miller and Rob Ippolito of Newmark represented the seller in the deal. Located at 1310 Scheels Drive, Legends at Sparks Marina features 421,479 square feet that was 95.8 percent leased at the time of sale. Current tenants include Galaxy Theatres, Burlington, H&M, Nike, Sephora, Defy, Calendar’s and Yard House, which is currently under construction.

August 14, 2026

Loans Multifamily Nevada Western

Newmark Provides $33.5M Agency Loan for Refinancing of Reno Multifamily Property

by Amy Works August 11, 2026

RENO, NEV. — Newmark has provided a $33.5 million Fannie Mae loan for the refinancing of Ascent on Steamboat, a 204-unit community in Reno that is owned by Elan Multifamily Investments. Newmark’s Lowell Takahashi and Vince Punzi originated the five-year, fixed rate loan. Located at 3300 Skyline Blvd. in Reno’s Old Southwest neighborhood, Ascent on Steamboat comprises one- and two-bedroom units and a pool, fitness center and clubhouse.

August 11, 2026

Development Nevada Retail Western

Agora Realty Completes Construction of 90,750 SF Grocery-Anchored Retail Center in North Las Vegas

by Amy Works August 11, 2026

LAS VEGAS — Agora Realty has completed construction of Hylo Park South, a 90,750-square-foot grocery-anchored retail center located in North Las Vegas. The property will serve as the central gathering place for Hylo Park, a 73-acre master-planned community that is currently under development. Cardenas Markets anchors the 11-acre center, which was delivered 95 percent leased. Tenants include Ross Dress for Less, Starbucks Coffee, Chipotle Mexican Grill, In-N-Out Burger, PDS Health, AT&T, The UPS Store, Chase Bank, Allstate, Sourdough & Co. and Tesla.

August 11, 2026

Acquisitions Multifamily Nevada Western

CONAM Acquires 232-Unit Alicante Apartment Homes in Las Vegas

by Amy Works August 7, 2026

LAS VEGAS — Multifamily investment firm CONAM, through a discretionary fund, has acquired the 232-unit Alicante Apartments Homes in Las Vegas’ Spring Valley submarket. Terms of the transaction were not released. Built in 2001 on 11.2 acres, Alicante features one-, two- and three-bedroom apartments across two-story, garden-style buildings. All units feature luxury vinyl plank flooring, quartz countertops, stainless steel appliances and full-size in-unit washers and dryers. Community amenities include a pool, spa, fitness center with yoga and spin studios, clubhouse, billiards room, dog park, playground, package lockers and gated access.

August 7, 2026

Acquisitions Mixed-Use Nevada Restaurant Retail Western

Alturas Capital Partners Acquires 421,000 SF Legends at Sparks Marina in Sparks, Nevada

by Amy Works July 28, 2026

SPARKS, NEV. — Idaho-based Alturas Capital Partners has purchased Legends at Sparks Marina, a 421,000-square-foot mixed-use lifestyle center in Sparks. Terms of the transaction were not disclosed. The transaction, which closed on July 23, will be added to the Alturas Real Estate Fund. This acquisition brings the company’s assets under management to $850 million and 4.6 million square feet. Legends at Sparks Marina features national and regional tenants, including H&M, Nike, Sephora, Five Below, Yard House, Galaxy Theatres, Burlington and Cavender’s.

July 28, 2026

Market Reports Nevada Restaurant Retail Western Western Market Reports

From Office to Experience: Retail Repositioning Gains Ground in Las Vegas

by John Nelson July 10, 2026

Adaptive reuse has always been an astute trend when it comes to utilizing location, existing bones, and saving a little time and money on delivery. It’s also particularly useful in submarkets like the southeast Las Vegas submarket of Henderson where strong population growth and rising household incomes outpace the availability of new retail. This long-standing unmet demand for Class A retail has inspired one developer to reshape how it views underperforming office assets. Steve Neiger, managing principal at CAST Capital Partners, is co-developing the Cliff, a 100,000-square-foot office-to-retail conversion in Henderson’s Green Valley Ranch submarket. The project involves the repositioning of a vacant, low-density suburban office property that had struggled to remain competitive as newer product and shifting workplace trends weighed on demand. Rather than pursue a traditional office lease-up or a residential conversion, the development team, which includes Partners Capital, is transforming the site into an open-air retail and dining destination designed to better align with the area’s demographics, accessibility and surrounding residential density. The repositioning reflects a broader trend in how developers are evaluating aging office assets in high-growth suburban markets, particularly where strong consumer demand is not being met by existing retail supply. Situated along Paseo Verde …

July 10, 2026

Hospitality Market Reports Nevada Western Western Market Reports

Las Vegas Strip Isn’t Cooling — It’s Normalizing

by John Nelson July 7, 2026

— By Mike Mixer of Colliers — Recent headlines have pointed to a “cooling” of the Las Vegas Strip, with RevPAR down, visitation below peak levels and growth moderating from 2022 and 2023 highs. On paper, the numbers look softer. But before drawing conclusions, it’s important to consider how the data is being viewed as the comparisons most often used are distorted. The Pandemic was Not a Normal Cycle COVID-19 shut down the Strip in March 2020, an unprecedented event in modern history. Southern Nevada visitor volume dropped by more than 50 percent. Resorts closed, occupancy collapsed and revenues fell sharply. The 2021 to 2023 rebound that followed was equally unusual. Pent-up demand, stimulus liquidity and limited new supply drove record ADR growth and historic RevPAR levels. Both the downturn and the surge were outliers. When those years are used as a benchmark, today’s performance appears negative. In reality, it reflects normalization. Rates Remain Elevated Even with recent moderation, Strip ADR remains materially above pre-pandemic levels. Operators have maintained rate discipline and are not aggressively discounting to chase occupancy. That suggests stability rather than weakening demand. Capital Signals Confidence If the Strip were in decline, capital would be retreating. Instead, …

July 7, 2026

Market Reports Nevada Retail Western Western Market Reports

Las Vegas’ Retail Market Holds Firm as Growth Moderates

by John Nelson June 26, 2026

— By Hillary Steinberg of Avison Young — The Las Vegas retail market delivered a mixed but resilient performance in 2025, with vacancy remaining tight and demand holding steady. Vacancy closed the year at 5.6 percent with nearly 5.6 million square feet of available space. While these fundamentals reflect a healthy market, rent growth softened, increasing by just 2.4 percent year over year. At the same time, development activity remains robust, with roughly 880,000 square feet of retail space currently under construction. New projects continue to emphasize mixed-use and experiential concepts, positioning the market to capture sidelined capital and evolving consumer demand in the year ahead. Vacancy held steady at 5.6 percent in fourth-quarter 2025, supported by sustained population growth, a continued rebound in tourism and stable consumer spending. This momentum is being reinforced by Las Vegas’ economic diversification, which continues to fuel expansion across food, wellness and entertainment retail segments. Although rent growth has moderated from its 2022 peak, leasing fundamentals remain strong. Limited availability continues to favor landlords, who are maintaining pricing power and offering minimal concessions. However, rising construction and tenant improvement costs are placing upward pressure on deal economics. With inventory across Las Vegas, North Las …

June 26, 2026

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas’ Multifamily Market Enters a New Demand Era as Supply Normalizes

by John Nelson June 19, 2026

— By Justin Neubeck of CBRE — Las Vegas is approaching an important turning point in its multifamily cycle. After several years of elevated construction, the market is now moving beyond its peak delivery period. The region completed about 7,071 units in 2023 — the highest total in more than 20 years. This was followed by 5,247 units in 2024 and 6,302 units in 2025. Deliveries are expected to decline again in 2026, to roughly 5,334 units. Meanwhile, 2027 deliveries areprojected to return to the 30-year average of about 3,500 units, including the 3,321 units currently scheduled. This shift marks the beginning of a more balanced supply environment. At the same time, the region continues to attract new residents at levels that outpace the national average. Clark County reached a population of about 2.4 million in 2024, an increase of 2.1 percent from 2023. It is projected to grow to more than 2.9 million by 2040, and to surpass 3 million by 2045. Southern Nevada also welcomed more than 40,000 new residents in 2025 alone. Nearly 47 percent came from California. This included 14,200 from Los Angeles County and thousands more from Orange County, San Diego and the Bay Area. …

June 19, 2026

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