LAS VEGAS — Lincoln Property Co. has broken ground on Windsor Commerce Park, a nearly 1.6 million-square-foot industrial project in Las Vegas. The eight-building, 86-acre, Class A industrial park is LPC’s first ground-up industrial endeavor in Nevada. It is scheduled for completion during the third quarter of 2024. Kevin Higgins, Garrett Toft, Jake Higgins and Kelsey Higgins from CBRE are the project’s exclusive leasing brokers.
MINDEN, NEV. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno. The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates. The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price were not disclosed.
— By Baker Krukow, Senior Advisor, Industrial, Dickson Commercial Group — The Reno-Sparks industrial market is expected to remain active in 2023. It has a hefty pipeline of proposed industrial projects, steady increases in rental rates and a direct vacancy rate below 2 percent. The lack of available product has remained a challenge for tenants looking to occupy space, while landlords have been able to benefit from competing offers. The result of these tight market conditions will continue to push industrial development throughout the year. There was roughly 5.4 million square feet of new industrial product delivered in 2022, with 76 percent of those projects being speculative developments. A vast majority of those spec projects were pre-leased prior to completion. Looking at 2023 new construction, developers are dealing with severe winter weather delays. As a result, several projects have had to push back their completion timelines. Amongst some of the anticipated industrial projects under construction are Dermody Properties’ LogistiCenter at I-80 West Phase II, which will contain two state-of-the-art distribution buildings totaling 429,000 square feet. In the Sparks submarket, Panattoni Development has broken ground on the Pyramid Pointe Commerce Center, a 195,000-square-foot, Class A flex/bulk building, which will demise to …
LAS VEGAS — Camino Verde Group has purchased the 10-unit Sherwood Apartments in Midtown Las Vegas. The community is situated just east of Las Vegas Boulevard. There are major redevelopments within walking distance of the complex. They include the construction of the Fontainebleau and the MSG Sphere, as well as renovations at Circus Circus.
— By Melissa Molyneaux, Executive Vice President, Colliers — The Northern Nevada market has seen continued positive net absorption, slowed investment sales and a sizeable increase in available sublease space in recent months. Local tenants with smaller footprints have been the driving force behind leasing activity and the market’s positive net absorption, with most new leases signed in 2022 being 5,000 square feet and less. Meanwhile, national and corporate tenants reevaluating their space needs have brought much of the available sublease space to the market in significantly larger blocks. Uncertainty surrounding interest rates has slowed investment sales, although pricing remains healthy. With investors putting a pause on new acquisitions, owner-user purchase activity may increase as tenants seize new occupancy opportunities. New construction starts have been minimal, although redevelopment/renovation projects remain prevalent. Two new developments that have broken ground include the Kimpton, a premier Class A high rise in downtown Reno, and Renown South Meadows, a specialty care center with about 40,000 square feet available for third-party providers. Each development represents continued demand from client-facing occupiers and healthcare providers in the region. In 2022, there were 30 companies that either expanded in or relocated to Northern Nevada, according to the Economic Development Authority of Western …
RENO, NEV. — Prism Realty has announced plans to develop North Valleys Industrial Center, a 143,640-square-foot property in Reno. The Class A building will be located at 9630 N. Virginia St. Prism plans to break ground this summer and complete the project in the second quarter of 2024. The development will offer availability for a single full-building user or can be split to a minimum of 45,000 square feet to accommodate tenants seeking mid-bay space. Plenium Builders will serve as general contractor on the project. DCG’s Joel Fountain, Nick Knecht and Baker Krukow will represent Prism Realty on all leasing activity.
SPARKS, NEV. — LDK Ventures has announced plans to develop Pioneer Logistics Center in Sparks. The company purchased the 85-acre property from Lennar in November 2022. The project will be situated in an infill area of the Pioneer Meadows master-plan community. It will feature 1.3 million square feet of industrial warehouse facilities at full build-out. Construction is scheduled to begin in 2024.
LAS VEGAS — CapRock Partners has completed construction of two industrial warehouse distribution facilities in Las Vegas totaling nearly 700,000 square feet. The first asset, Tropical Logistics Phase II, contains three single-tenant buildings totaling 442,780 square feet in the North Las Vegas submarket. The space is fully pre-leased to high-quality tenants. The second asset is Spanish Ridge Industrial Park, which contains three buildings totaling 230,899 square feet in the Southwest submarket. It is partially pre-leased to investment-grade credit tenants. Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock Partners in the leasing of Spanish Ridge Industrial Park and Tropical Logistics Phase II.
PALO ALTO, CALIF. AND LAS VEGAS — Simon Property Group and José Andrés Group (JAG) have announced plans to collaborate and bring restaurants to three properties located in Las Vegas and Palo Alto. The partnership will introduce new dining concepts to Stanford Shopping Center in Palo Alto and The Shops at Crystals in Las Vegas. The collaboration will also bring Turkish, Greek and Lebanese restaurant Zaytinya to The Forum Shops at Caesars Palace in Las Vegas.
HENDERSON, NEV. — MIG Real Estate has sold Pecos Plaza, a 124,000-square-foot medical and office campus in Henderson, to Woodside Health for $26.7 million. The Class B medical and office campus is located at 9005-9089 South Pecos Road. It includes a two-story building complemented by seven single-story medical/professional office buildings situated on a 7.6-acre parcel. The assets are 93 percent occupied with a tenant roster that includes Belle Medical, Las Vegas Urology, Serenity Dental, and Innovative Pain Care Center, among others. Cushman & Wakefield and JLL represented MIG in the transaction.
