BY TONY ILLIA
BUSINESS PRESS

May 01, 2006

Centex Destination Properties plans to break ground next week on the repackaged $1.5 billion, 2,400-unit “Urban Village” mixed-use project on Las Vegas Boulevard South, between Frias and Pyle avenues. The firm purchased the 50-acre site and project plans from Diversified Real Estate Group in December.

Although the sale terms are confidential, county records show that Centex paid $35 million for 13.59 acres being used for the first phase, or $2.575 million per acre. Diversified, by contrast, purchased the entire site in 2004 for $34.8 million, or $696,000 per acre, county records show.

“We have launched reservations for the initial 212 brownstones,” said CJ Julin, vice president of marketing for Centex Destination Properties. “The master plan, architecture and brownstone theme are all similar to Diversified’s original plan, but we’ve upgraded the level of finishes and amenities package.” The first units range from 938 to 2,225 square feetin size, with asking prices of $375,000 to $795,000, or about $357 to $400 per square foot. Single-family homes, by comparison, averaged 2,223 square feet in February, with median sale prices of $175 per square foot, reported Home Builders Research Inc., a Las Vegas residential market research firm.

Urban Village will eventually consist of five neighborhoods with buildings up to 12 stories, housing a combination of brownstones, live-work spaces, flats, lofts and condo-hotel units. The project additionally will offer shops, restaurants, a pool complex, fitness center, jogging paths and parks. Other features call for secured parking, rose gardens, pet stations, outdoor grills and a bocci court. The development is expected to reach build-out in eight years, Julin said.

Diversified, meanwhile, is reportedly moving forward with its planned 60-story Club Renaissance condo high-rise at Casino Center Boulevard and Bonneville Avenue. The 906-unit downtown condo project sits on a 1.5-acre parcel that Diversified bought for about $110 per square foot.

PROJECTS

Silver State Bank’s Steven Haynes loaned the Emery Family Trust $4.8 million to develop a Speedee Mart Convenience Store on 4.1 acres at Cactus Avenue and Decatur Boulevard.

The Greater Las Vegas Association of Realtors recently broke ground on a $2.3 million, 12,000-square-foot expansion at 1750 E. Sahara Ave. The new two-story building was designed by JMA Architects, with LND Construction as general contractor. The expansion nearly doubles the size of GLVAR’s existing facility, adding larger classrooms, computer training areas and new administrative offices. The project is scheduled to finish in September.

Silver State Bank’s Mike Rogers loaned Braelynn Land, LLC $2 million to build a 38,760-square-foot Mastercraft boat dealership at 615 W. Lake Mead Parkway, Henderson.

MILLION-DOLLAR DEALS

The Apartment Company of Encinitas, Calif., bought the 312-unit The Pines apartment complex at 3060 South Decatur Boulevard for $24.25 million, or $77,724 per unit, from Commercial Ventures of Los Angeles. Hendricks & Partners’ Carl Sims and Brian Anderson represented the buyer.

The Clark County Health District signed a 10-year, $5.806 million lease for 23,200 square feet of flex industrial space at 520 E. Lake Mead Drive. Coldwell Banker Commercial ETN’s Larry Singer and Mike Tabeek represented the tenant, and MDL Group’s Mark Kincaid represented the lessor, Coast Center LLC. The reported average rent equals $2.09 per square foot.

Lapour D.C. Two LLC bought 4.18 acres of land at the southwest corner of I-215 and Diablo Drive for $4.9 million, or $1.172 million per acre, from Russell and Diablo LLC. CB Richard Ellis’ Derek Rafie represented the seller.

Bankers Union Trust bought 8.9 acres of vacant industrial zoned land at Jones Boulevard and Post Road for $3.160 million, or $355,136 per acre, from Matrice Nevada, Ltd. Colliers International’s David Frear represented both the buyer and the seller.

La Parfumerie signed a 10-year, $1.413 million lease for 1,047 square feet of retail space in the Desert Passage Mall at 3663 S. Las Vegas Blvd. Colliers International’s George Connor and Jimmy Marsh represented the tenant. The reported average rent equals $11.25 per square foot.

Indigo Joe’s signed a 10-year, $1.355 million lease for 5,000 square feet of retail space in South Pointe Plaza, 790 S. Coronado Center Drive. Coldwell Banker Commercial ETN’s Sandra Naseef and Ed Bassford represented the lessor, Donald J. Nicoli Living Trust. The reported average rent equals $2.26 per square foot.

Steven Day bought a 5,040-square-foot industrial building in the Traverse Pointe Commerce Center at 1060 Wigwam Parkway, Henderson, for $1.134 million, or $225 per square foot, from Traverse Pointe Phase II LLC. Colliers International’s Greg Pancirov represented the buyer, and Colliers International’s Michael De Lew and Taber Thill represented the seller.

Weston Adams bought 12,133 square feet of warehouse space at 4612 Industry Center, for $1.298 million, or $107 per square foot, from Copper Sage Commerce Center LLC. CB Richard Ellis’ Greg Tassi represented the seller.

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