Las Vegas Homes and Real Estate News
Second phase of Cheyenne Commerce Center under wayJan. 16, 2006 Construction value of the project is $11.9 million, said Greg Jones, regional manager for Harsch in Las Vegas. TWC Construction is the general contractor; VLMK is the architect. TWC project superintendent John May said about 50 workers are on the site daily doing underground utility work and forming and pouring the first set of tilt-up panels. The panels will be lifted into place by a crane and bolted to the foundation. The work started in October and will take about six months to complete, he said. Jones said two "flexible" light industrial buildings can be subdivided into spaces from 820 square feet to 5,750 square feet, perfect for smaller office and warehouse users such as Hughes Callahan, an office supplier that took space in the first phase of Cheyenne Commerce Center. "There really wasn't any thought about the smaller office tenants," he said. "You see the marketplace expanding and you start to see places like this. It looks more like an office product, even though you've got higher ceilings." A small company with 60 employees can take up to 12,000 square feet at rental rates of $1.50 to $1.60 triple net, which means the tenant pays for some maintenance costs, Jones said. OFFICE PARK: Magnum Opes, which has developed nearly 2 million square feet of industrial, retail and office space in Las Vegas Valley since 1999, has staked out pads for seven office buildings totaling 39,500 square feet at Sunridge Heights Office Park in Henderson. Underground utilities are being installed and the foundation forms are being built, said Tom Tved, Magnum Opes' vice president of construction. The $12 million project at Sunridge Heights Parkway and Coronado Center Drive is expected to be finished in July. Buildings will have 14 office units, 2,100 square feet on average, now for sale at about $235 a square foot. MOTEL FOR SALE: The Gateway Motel on Las Vegas Boulevard, north of Charleston Boulevard, is being listed for sale by Perry Muscelli of Cushman & Wakefield at slightly more than $10 million. Muscelli said the 1 1/4-acre site presents itself as the entrance to downtown Las Vegas from the Strip and is probably ripe for high-rise development. APARTMENTS SOLD: Miami-based J.I. Kislak has bought the 440-unit Stonegate Apartments at 5075 Spyglass Hill Drive in Las Vegas for $44.6 million from Sentinel Real Estate Corp. Wachovia Multifamily provided the financing. Tom Bartelmo, president of Kislak, said the company plans to hold and operate Stonegate for the long term. HOME RENTALS: The average residential rental price in November was $1,197, down from $1,338 in October, Southern Nevada Realtor magazine reported in its January issue. Median rental prices dropped to $1,150 from $1,200. Of the 930 homes leased in November, the largest number (440) was in the range of $1,001 to $1,300.
|
  |