Nevada Archives - REBusinessOnline

Confluent Development, Ovation Group Sell 168-Unit Seniors Housing Community in Las Vegas

Amy Works — Fri, 25 Sep 2026 13:30:30 +0000

LAS VEGAS — A joint venture between Confluent Development and Ovation Group has sold MorningStar at The Canyons, a seniors housing community located in Las Vegas. Confluent and Ovation co-developed the property, which totals 168 units, with MorningStar Senior Living. Delivered in 2024, the community features independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. Amenities at MorningStar at The Canyons include multiple dining venues, a salon and spa, theater, fitness center and swimming pool, as well as walking paths, a central courtyard and outdoor dining areas. JLL Capital Markets brokered the sale on behalf of the joint venture. JLL also secured a five-year acquisition loan on behalf of the undisclosed buyer. MorningStar will remain as the operator and a joint venture partner.

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IPA Arranges Joint Venture Equity for Cliff at Green Valley Ranch Adaptive Reuse Project in Henderson, Nevada

Amy Works — Thu, 24 Sep 2026 13:17:45 +0000

HENDERSON, NEV. — IPA Capital Markets, a division of Marcus & Milichap, has arranged joint venture equity on behalf of VAC Development for The Cliff at Green Valley Ranch, an adaptive reuse redevelopment in Henderson. Jeremy Slocumb of IPA Capital Markets led the transaction. Upon completion, The Cliff at Green Valley Ranch will be Henderson’s first major open-air retail, dining and lifestyle development of its scale since 2004. The project will convert two obsolete office buildings, built in 2002 on 10 elevated acres at 2500-2550 Paseo Verde Parkway, into a 100,000-square-foot, Class A, pedestrian-friendly campus. The Cliff will feature 38 units ranging from 200-square-foot kiosks to a 16,000-square-foot Arhaus anchor, all organized around a 26,000-square-foot covered outdoor dining lounge. The project will emphasize experiential retail, chef-driven dining, wellness, art and community gathering space. Confirmed tenants include The Taco Stand, Lyte House, Barista Botanist and Killer Whale Creamery. Planned amenities include landscaped courtyards and breezeways, a central bar and outdoor lounge, covered patios, a food-kiosk alley, a children’s play area, public art and live music and performance zones. Deliveries will begin in second-quarter 2027, with first tenants opening in the second half of the year.

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BWE Secures $71M in Acquisition Financing for Las Vegas Multifamily Portfolio

Amy Works — Thu, 10 Sep 2026 13:39:27 +0000

LAS VEGAS — BWE has secured $71 million for the acquisition of 536 multifamily units in Las Vegas. Jake Roberts of BWE originated the financing on behalf of a high-net-worth family real estate office and a longtime client of BWE. The loan, which was sourced by BWE through its position as a direct Freddie Mac servicer, features a five-year term. The funds were used to refinance an existing asset in the family’s portfolio as well as acquire a new asset in the Las Vegas area.

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MorningStar Senior Living Completes Recapitalization of 168-Unit Property in Las Vegas

Amy Works — Wed, 09 Sep 2026 14:29:17 +0000

LAS VEGAS — MorningStar Senior Living has recapitalized MorningStar Senior Living at The Canyons, a seniors housing property situated on 3.6 acres at 490 S. Hualapai Way in Las Vegas. JLL Capital Markets represented the seller, a joint venture between Confluent Development and Ovation Group, in the sale of the property to a private equity firm. JLL also worked on behalf of the buyer to secure a five-year acquisition loan through a debt fund. MorningStar will remain as the operator and a joint venture partner. MorningStar opened the 168-unit community in 2024 with co-developers Confluent Development and Ovation Group. The four-story MorningStar at The Canyons offers independent living, assisted living and memory care units in a mix of studio, one- and two-bedroom layouts. Community amenities include multiple dining venues, fitness and therapy spaces, a salon, theater and swimming pool, as well as a variety of social and wellness programs.

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Packaging Manufacturer, Recycler Signs 141,540 SF Industrial Lease in North Las Vegas

Amy Works — Thu, 27 Aug 2026 13:57:21 +0000

NORTH LAS VEGAS, NEV. — ALPLA, a global plastics manufacturer and recycler, has signed a 141,540-square-foot industrial lease at Building A within Craig Road Logistics Center in North Las Vegas. The Class A industrial facility is located at 4340 N. Nellis Blvd., a former Walmart Supercenter, and will support ALPLA’s continued growth in the Las Vegas market. Building A features 32-foot clear heights, ESFR sprinkler systems, LED warehouse lighting, 52-foot by 60-foot column spacing, 18 dock-high doors, two grade-level doors, 151 auto parking spaces and 2,535 square feet of office space with separate office and shop restrooms. Jason Simon and Rob Lujan of JLL’s Las Vegas office represented the landlord, Rockefeller Group, in the lease negotiations, while Daniel Wilkins, Lou Hall and Donna Alderson of Cushman & Wakefield represented ALPLA. Lee & Sakahara Architects designed the project. TWC Construction served as general contractor, and Taney Engineering served as civil engineer.

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SRS Real Estate Partners Brokers $6.2M Sale of 31,086 SF Retail Property in Las Vegas

Matthew Auchincloss — Wed, 19 Aug 2026 14:30:00 +0000

LAS VEGAS — SRS Real Estate Partners has brokered the $6.2 million sale of a 31,086-square-foot retail property located at 2420 E. Desert Inn Road in Las Vegas. The building, which is situated on 2.5 acres, has been occupied by Ross Dress for Less for more than 40 years. Patrick Luther of SRS represented the West Coast private seller. The buyer was a private investor from California who paid all cash. The closing cap rate was 6.5 percent.

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

Amy Works — Wed, 19 Aug 2026 14:07:14 +0000

LAS VEGAS — IndiCap has acquired land in southwest Las Vegas for the development of Southwest Bay, a Class A infill industrial project. The site spans 3.8 net acres of usable land, not including street rights-of-way, and 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. Sitework 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.

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

Amy Works — Fri, 14 Aug 2026 13:10:31 +0000

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.

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

Amy Works — Tue, 11 Aug 2026 13:22:26 +0000

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.

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

Amy Works — Tue, 11 Aug 2026 13:13:53 +0000

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.

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CONAM Acquires 232-Unit Alicante Apartment Homes in Las Vegas

Amy Works — Fri, 07 Aug 2026 13:39:08 +0000

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.

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

Amy Works — Tue, 28 Jul 2026 13:38:42 +0000

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.

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

John Nelson — Fri, 10 Jul 2026 11:58:00 +0000

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…

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

John Nelson — Tue, 07 Jul 2026 12:00:00 +0000

— 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,…

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Las Vegas’ Retail Market Holds Firm as Growth Moderates

John Nelson — Fri, 26 Jun 2026 12:00:00 +0000

— 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…

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

John Nelson — Fri, 19 Jun 2026 12:00:00 +0000

— 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.…

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Las Vegas’ Industrial Market Splits as Small-Bay Demand Holds Firm

John Nelson — Fri, 12 Jun 2026 12:00:00 +0000

— By Alma Cuevas and Jason Griffis of Cushman & Wakefield — The Las Vegas industrial market continues to evolve, shaped by new development and sustained demand. While vacancy has increased due to recent deliveries, the market tells a more nuanced story, particularly within smaller space requirements. Leasing activity in first-quarter 2026 totaled just under 3 million square feet, with an average deal size of about 21,000 square feet. Notably, about 95 percent of all leases occurred in spaces of less than 50,000 square feet. This concentration of activity underscores the continued depth of demand within the small and mid-bay segment. At the same time, the increase in vacancy is largely attributable to new construction, much of which has been concentrated in bulk distribution product. Continued development and expansion from groups like Prologis, OMP, EBS and Panattoni have added significant Class A institutional inventory to the market. While these projects enhance Las Vegas’ long-term positioning as a regional distribution hub, they have also expanded availability in spaces exceeding 100,000 square feet. This dynamic is effectively dividing the market into two distinct segments. Larger users are benefiting from increased optionality, more aggressive concessions and greater flexibility in lease negotiations. Smaller users,…

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Moonwater Capital Breaks Ground on 220,000 SF Halo Tower Office Property in Southwest Las Vegas

Amy Works — Wed, 03 Jun 2026 13:20:31 +0000

LAS VEGAS — Developer Moonwater Capital has broken ground on Halo Tower, an eight-story Class A office property in southwest Las Vegas. Completion and occupancy is planned for third-quarter 2028. Situated on Sunset Road adjacent to the 215 Beltway, Halo Tower will feature 220,000 square feet of office space with 28,571-square-foot floor plates, 15- to 17-foot lobby heights and an indoor-outdoor rooftop boardroom and amenity deck with panoramic views of the Las Vegas Valley. Martin-Harris Construction is serving as general contractor for the project. Brad Peterson, Tanner Peterson, Justin Witt and Grace Ordonez of CBRE will handle marketing and leasing for the property.

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Fertitta Entertainment Agrees to Acquire Caesars Entertainment in $17.6B Deal

Abby Cox — Fri, 29 May 2026 11:48:00 +0000

HOUSTON, LAS VEGAS AND RENO, NEV. — Fertitta Entertainment Inc., a private holding company controlled by the NBA’s Houston Rockets governor (i.e. owner) Tilman Fertitta, has entered into a definitive agreement to acquire casino and gaming giant Caesars Entertainment (NASDAQ: CZR) for $17.6 billion. Fertitta Entertainment plans to finance the acquisition through a combination of equity, assumed Caesars’ outstanding debt (approximately $11.9 billion) and new committed debt financing arranged by a consortium of 10 banks. Under terms of the agreement, Caesars shareholders will receive $31 in cash for each outstanding share, which represents a 49 percent premium to the company’s unaffected stock price on Feb. 25 (the last trading day before rumors of a potential transaction were reported) — $20.77 per share. Upon completion of the transaction, shares of Caesars Entertainment common stock will no longer be listed on the NASDAQ stock exchange. Caesars operates several major Las Vegas Strip properties, such as Caesars Palace, Harrah’s, Paris Las Vegas, Planet Hollywood, Horseshoe, The LINQ Hotel, Flamingo and The Cromwell. Fertitta Entertainment owns Golden Nugget Hotels & Casinos and operates more than 450 full-service restaurants around the world, including Landry’s, Rainforest Café and Morton’s. According to the press releases issued by both companies,…

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Metcalf Completes Construction of 475,880 SF Industrial Facility in Reno, Nevada

Amy Works — Tue, 26 May 2026 13:52:41 +0000

RENO, NEV. — Metcalf Builders has completed construction of East Building 6 at the Comstock Commerce Center, a $24 million project within the Tahoe Reno Industrial Center (TRIC) in Reno. Locus Development Group owns the building, which is ready to support tenant operations. Located at 2200 USA Parkway, East Building 6 features 475,880 square feet of bulk industrial space designed to meet logistics, warehousing and manufacturing needs. East Building 6 is part of the Comstock Commerce Center, a master-planned industrial development within TRIC.

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