— 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 …
LAS VEGAS — CBRE has arranged the sale of a 24,285-square-foot office property located at 9525 Hillwood Drive in Las Vegas. 9525 Hillwood LLC sold the asset to 9525 HQ LLC for $6 million. Michael Hsu of CBRE represented the seller in the deal.
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.
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.
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.
— 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 …
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.
— 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 …
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.
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.
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