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| Tuesday, February 22, 2005 |
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Real EstateTerritory builds new $40 million northwest retail center BY TONY ILLIA BUSINESS PRESS
The project's first 240,000-square-foot phase will be anchored by Lane Home Furnishings, Ashley Furniture, and La-Z-Boy. The three national furniture retailers will combine for over 75,000 square feet of space. Territory has additionally secured tenant commitments from In-N-Out Burger and Krispy Kreme Doughnuts. Lease rates range from $1.85 to $2.75-per-square-foot triple net. Scheduled to finish this fall, the first phase will have a four-story Holiday Inn Express and a two-story 30,000-square-foot office building housing Territory's corporate offices. Burke & Associates is the general contractor and Perkowitz + Ruth is the architect. "We are very excited about this project and the momentum it will bring to Centennial Hills," says Terri Sturm, Territory's principal and CEO. "This project is attracting well-known national tenants and is sure to fill up quickly..." The 190,000 square-foot phase two is slated for an early 2006 opening, and will include a variety of big box tenants, shops and restaurants. "Due to its proximity to the Beltway and rapid population growth, the Northwest is one of the valley's strongest retail submarkets, reporting a low 1.9 percent vacancy during the fourth quarter," says John Restrepo, principal of Restrepo Consulting Group, LLC, a Las Vegas-based economic research firm. "Support services for the Northwest have struggled to keep pace with the number of new homes coming online, creating a pent-up demand for retail-type facilities." PROJECTS AmLand Development is building a new high-rise condominium complex, located at the northwest corner of Shelborne Avenue and Las Vegas Boulevard. "ONE Las Vegas" will consist of five 21-story towers, totaling 1,000 residential units. Condominiums range from 830 to 2,850 square feet in size, priced from the high $200,000s. Taylor International is the general contractor, Miami-based Kobi Karp is the architect, and Herb Press Design is the interior designer. Situated on 19.5 acres, the first tower will open later next year with anticipated build-out by 2010. TWC Construction is building a new $1.5 million, 6,024-square-foot Nevada State Bank branch, located at Durango Drive and Badura Avenue in Las Vegas. This 1.5-acre stand alone single-level building, designed by Lucchesi Galati Architects, is scheduled to finish by the third quarter. Fore Property Cos. received planning approval for a 214-unit apartment complex, located at Wagonwheel Drive and Conestoga Way in Henderson, near the Nevada State College. Scheduled to finish by spring 2006, the project calls for six three-story-tall buildings with one to three bedroom units ranging from 825 to 1,236 square feet in size, priced from $890 to $1,250 per month. Concordia Homes received planning approval for a five-acre, 27-home subdivision called Avendale, located near Paradise Hills and Greenway roads in Henderson. The single-family detached residences will range from 1,400 to 1,800 square feet in size. MILLION-DOLLAR DEALS Kyle Canyon Land Group, LLC purchased 60 acres of vacant land from various sellers, located at the entrance to Kyle Canyon in northwest Las Vegas, for $13.82 million. Insight Realty Associates' Jim Zeiter and Infinity Enterprise Investment's Juli Koentopp represented the buyer. Keith-Warm Springs, LLC bought 64,488 square feet of retail space within the Rainbow Design Center, located at 1200 S. Rainbow Boulevard in Las Vegas, for $12.85 million. Grubb & Ellis' Michael Kammerling represented the tenant, and Five D Ltd.'s Chris Cunning represented the landlord. Arvesen Investment Properties bought an 8,456-square-foot office building within Northbrooke Business Park, located at 4315 N. Rancho Drive in Las Vegas, for $2 million. Sperry Van Ness' Michael Boscia and Dario Franceschi represented the seller, Las Vegas-based Northbrooke, LLC, and General Realty's Jacqui Bird represented the buyer. The deal was an all-cash, 1031 exchange. Prestige Direct, Inc. signed a five-year, $1.69 million lease for 33,688 square feet of office/warehouse space within Safari Business Park, located at 7770 S. Industrial Road in Las Vegas. IPG Commercial's Art Farmanali and David Mitchell represented the landlord and tenant. tonyillia@aol.com | 702-303-5699 |
