Joint venture snaps up 26 acres of Las Vegas land
Partners say they'll invest $200 million to buy, develop parcels Apr. 03, 2006 Stoltz Real Estate Partners and GoldenTree InSite Partners have formed a joint venture to acquire a portfolio of nine buildings and 26 acres of vacant land in the Las Vegas Valley. Financial details of the transaction weren't disclosed. Stoltz executive Kirt Klaholz said the partners will invest $200 million in the acquisition and subsequent land development.
The seller was a partnership between Stoltz and Urdang Advisors. Stoltz sold out of its partnership with Urdang and then formed a new partnership with GoldenTree because they wanted to develop the rest of the land, Klaholz said. Klaholz and Wes Jenson of the Stoltz' office in Las Vegas will continue to manage, lease and spearhead development of the properties. The portfolio consists of 600,000 square feet in the nine buildings with a combined occupancy of 80 percent. Six land parcels totaling 26 acres are targeted for 500,000 square feet of office development. A 9-acre site along Sunset Road is already in the planning stage. Seven of the buildings and four of the vacant parcels are in Hughes Airport Center, including the headquarters for Konami Gaming. The other two buildings and land parcels are in Hughes Cheyenne Center in North Las Vegas. They're more traditional industrial and warehouse uses with potential for street-front retail. GARDENS PARK: SR Construction Chief Executive Officer Scott Loughridge said the contractor has completed site work for The Gardens retail and business park at Town Center Drive and Garden Mist Drive. The 7-acre project is valued at $1.8 million and will have nine office and two retail buildings. The developer is Mark L. Fine & Associates. SR Construction's Mark Olson served as project manager. REALTOR CONVENTION: The National Association of Realtors said it will hold its 2007 Realtors Conference & Expo at the Sands Expo and Convention Center. An estimated 25,000 real estate professionals will attend the conference, which coincides with the 100th anniversary of the association's founding. The dates are Nov. 12-16. Joanne Levy, president of the Nevada Association of Realtors and chairwoman of the committee overseeing the 2007 conference, said the Las Vegas event could top the 2006 NAR convention scheduled for this fall in New Orleans. REALTOR NUMBERS: A study from the National Association of Realtors showed a record 528,000 new homes sitting on the market in January awaiting buyers. At the current sales pace, it would take 5.2 months to sell that inventory, the longest span since 1996. APARTMENT SALE: Chris Bentley of the Bentley Group Real Estate Advisors negotiated the $1.25 million sale of the 27-unit Olive Street apartment complex in east Las Vegas. The seller was Pinnacle Apartments. The average price per unit was $46,296, about half the value of apartments in the market overall, particularly those with potential for condominium conversion. CONTRACTOR SENTENCED: Thomas Fico, an unlicensed landscape contractor who was on the Nevada State Contractors Board Top 10 "Most Wanted" list, was sentenced March 27 to serve concurrent terms of 18 to 48 months in the Nevada State Prison for felony crimes of contracting without a license and 28 to 72 months for diversion of funds and obtaining money under false pretenses. Fico's cases were investigated by the Special Investigations Unit of the contractors board. He was arrested by Henderson police on the outstanding warrants. CONDO LOAN: Las Vegas-based USA Capital provided $4.5 million in short-term financing to ComVest Capital Advisors to convert a 36-unit apartment complex in Satellite Beach, Fla., into condominiums. The 850-square-foot units are expected to be priced from the low $200,000s. If you are planning to relocate in the Las Vegas area, contact us for a prompt response to any questions you have about the Las Vegas real estate market. We invite you to visit our website to view updated daily listings of Las Vegas homes at Free Las Vegas Homes MLS Search |
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