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DevelopmentHospitalityLoansNevadaTop StoriesWestern

Concord Summit Arranges $781M in Construction Financing for Four Seasons Private Residences Las Vegas

by Amy Works

HENDERSON, NEV. — Concord Summit Capital (CSC) has secured $781 million in construction financing for The Four Seasons Private Residences Las Vegas. Two Roads Development, Azure Resorts & Hotels and Luxus Developments are the borrowers. The full capital stack for the project’s vertical construction includes a $526 million senior loan from J.P. Morgan and $255 million in mezzanine and preferred equity from Sculptor Real Estate and Morning Calm Management. Kevin O’Grady and Tyler Beauregard of CSC served as exclusive advisors to the developers. Four Seasons Private Residences will consist of 171 condominium units and 21 custom-built single-family homes within MacDonald Highlands, a gated enclave in the foothills of Henderson, a city southeast of Las Vegas. Construction is underway, with completion slated for mid-2027. Residences will range from two to five bedrooms, all with views of the Las Vegas Strip. Wimberly Interiors is the interior architect for the project. The property will include roughly 90,000 square feet of Four Seasons amenities, including three outdoor pools and a high-end gym. Wolfgang Puck Fine Dining Group will operate an onsite restaurant. Additionally, the Four Seasons Private Residences features a first-of-its-kind collaboration with RH Contract, a division of luxury lifestyle brand and retailer RH, formerly …

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DevelopmentNevadaRestaurantRetailWestern

Six Retail, Restaurant Tenants to Open at The Cliff in Metro Las Vegas

by Amy Works

HENDERSON, NEV. — A partnership between Partners Capital Inc. and CAST has announced the first wave of tenants for The Cliff, a 100,000-square-foot retail development located in Henderson, roughly 15 miles outside Las Vegas. Retail and restaurant concepts including The Taco Stand, Killer Whale Creamery, Lyte House, The Barista Botanist and Next Health, along with new anchor tenant Arhaus, are anticipated to open by late 2026. Construction is set to begin in early 2026. Serving as the gateway to the Green Valley Ranch master-planned community, The Cliff is anticipated to open in fall 2026 and will be Henderson’s first retail development in more than 20 years, according to the development team.

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AcquisitionsNevadaOfficeWestern

CBRE Arranges $6.5M Sale of Office Portfolio in Henderson, Nevada

by Amy Works

HENDERSON, NEV. — CBRE has brokered the sale of a two-building office portfolio located at 8925 and 8975 S. Pecos Road in Henderson. A&C Pahrump Capital acquired the properties from Pecos Beltway Holdings LLC for $6.5 million. The portfolio offers 26,840 square feet of office space. Michael Hsu of CBRE represented the seller in the transaction.

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LoansNevadaRetailWestern

Maverick Commercial Mortgage Arranges Two Loans Totaling $36.4M for Nevada Shopping Center, Land Parcel

by Amy Works

HENDERSON, NEV. — Maverick Commercial Mortgage has arranged two loans totaling $36.4 million in Henderson. Maverick closed a $28 million CMBS loan for the owner, developer and operator of a shopping center in Henderson. The undisclosed borrower, which has owned the property since 2015, will use the loan to refinance the in-place loan and equity. The financing is a five-year, interest-only loan that will provide the borrower long-term, fixed-rate financing to leverage its property and provide steady cash flows. Maverick also closed an $8.4 million land loan for the owner and developer of a land parcel in Henderson. The undisclosed borrower has owned the property since 2015, and is using the loan proceeds to continue the development of the site with retail tenants and quick-service restaurants. This financing will be paid off by the sales of the individual parcels.

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IndustrialMarket ReportsNevadaWesternWestern Market Reports

Northern Nevada’s Industrial Market Balances Supply, Strategy, Workforce Readiness

by John Nelson

— By Rick Nelson of Mark IV Capital —  The Northern Nevada industrial market continues to stabilize following several years of rapid expansion and then a recalibration driven by broader economic uncertainty. Current conditions have presented challenges, particularly in the logistics and distribution sectors where tariffs and shifting trade policies have created a more cautious investment climate. Fortunately, there are signs of resilience and forward momentum. The region’s vacancy rate stands at 11.7 percent, down from its peak in fourth-quarter 2024, per CBRE. The market also recorded its third consecutive quarter of positive net absorption, with 130,433 square feet absorbed that quarter, bringing the year-to-date total to 1.9 million square feet. Although current construction activity has moderated to 1.6 million square feet currently underway, the development pipeline remains robust, with an additional 15.8 million square feet in planning stages. This underscores sustained investor interest despite elevated vacancy and measured tenant activity. Advanced manufacturing and data centers are poised to be the vanguard of industrial development in the greater Reno area going forward. Cushman & Wakefield recently named Reno No. 5 among emerging data center markets worldwide in its 2025 Global Data Center Market Comparison Report. This recognition reflects the growing …

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AcquisitionsMultifamilyNevadaWestern

Northcap Commercial Brokers Sale of 54-Unit Westland Orland Apartments in Las Vegas

by Amy Works

LAS VEGAS — Northcap Commercial has arranged the sale of Westland Orland Apartments, a multifamily property located at 109 Orland St. in Las Vegas. The asset traded for $5.4 million, or $100,000 per unit. Built in 1969, Westland Orland Apartments offers 54 units. Devin Lee, Robin Willett and Jerad Roberts of Northcap represented the undisclosed seller and procured the undisclosed buyer in the transaction.

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Market ReportsMultifamilyNevadaWesternWestern Market Reports

Reno’s New Multifamily Supply Boosts Market Fundamentals

by John Nelson

— By Ben Galles of CBRE — The Reno multifamily market started 2025 with a large supply of new Class A units that was delivered in the fourth quarter of last year. Despite some market challenges, leasing activity of the new supply has gone well, given the limited construction pipeline. There are currently fewer than 700 market-rate units under construction, with very few projects moving forward and starting construction. The constrained development pipeline will likely lead to a significant decrease in vacancy in the second half of 2026 and beyond. This should also start to push rental rates higher, which have been static or slightly down for most of the year, as many owners have offered rent concessions to lock in new tenants.  While future market fundamentals are promising, many buyers remained on the sidelines because most deals have been presented at negative leverage. The average price per unit in 2025 (year to date) is down about 22 percent, while the price per square foot is down about 16 percent (year to date) from the previous year.  This is due to a few things. First, there was an increase in the number of Class B and C assets that traded …

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AcquisitionsNevadaRetailWestern

Avison Young Negotiates $6.6M Sale of 18,000 SF Retail Building in Las Vegas

by Amy Works

LAS VEGAS — Avison Young has facilitated the sale of an 18,000-square-foot retail property located at 6315 S. Rainbow Blvd. in Las Vegas. A Las Vegas-based private trust sold the asset to Syndicate MMA, a mixed martial arts gym and property tenant since 2019, for $6.6 million. Syndicate MMA occupies 15,000 square feet of the building, with a salon and medical practice occupying the remaining space. Hillary Steinberg and Corina Towle of Avison Young represented the seller, while Kevin Jacobson of Iron Will LLC represented the buyer in the deal.

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AcquisitionsNevadaOfficeWestern

LaPour, G2 Capital Sell Narrative Office Building in Las Vegas for $48M

by Amy Works

LAS VEGAS — LaPour and G2 Capital Development, as owners and developers, have completed the disposition of Narrative, an office building located along the 215 Beltway in Las Vegas. A private family investment office acquired the asset for $48 million, or $480 per square foot, in an off-market transaction. Colliers and Agilysys are anchor tenants at the 100,000-square-foot building, which was 95 percent leased at the time of sale.

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Heartland Feature ArchiveMarket ReportsNevadaRestaurantRetailWesternWestern Market Reports

Northern Nevada Retail Market Gains Momentum Heading Into 2026

by John Nelson

— By Sam Meredith of Colliers —  After a slow and uncertain start to 2025, the retail market in Reno and Sparks is finally finding its stride. The first half of the year saw many tenants hit pause on leasing decisions as economic jitters made retailers cautious. By the third quarter, however, the mood had shifted. Leasing activity picked up noticeably, and tenants are now back in the market, actively looking for space. That momentum is expected to carry through the fourth quarter and into 2026, with healthy absorption on the horizon. This turnaround is backed by solid market indicators. Net absorption turned positive in the second quarter, while asking rents rose quarter over quarter. Vacancies nudged upward due to big-box closures, including three Big Lots and a Joann store early in the year, but the overall retail vacancy still sits at a manageable 5.4 percent. In fact, several submarkets, including North Valleys, Northwest Reno, South Reno and Southwest Reno, are reporting vacancy rates below 2 percent, showing strong demand in key areas. Retailers are clearly taking notice. Trader Joe’s, which once considered Northern Nevada a one-store market, has now opened two additional locations in Spanish Springs and South Reno. …

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