Rezoned development site sold near Las Vegas

Buyer plans multimillion-square-foot mixed-use project

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Lee & Associates recently negotiated the purchase of an approximately 3 million-square-foot site in Henderson, Nev., on behalf of LWP/LWC Acquisitions. The value of the transaction was $19.4 million. Located at 347 Sunset Rd., the 70 acres were rezoned for development of a mixed-use project, from a general industrial (I-G) site. Jack Binion, who was represented by Cornerstone Co., sold the property. According to a press statement, the land will be developed to include a residential component totaling 784 affordable housing units, 197,500 square feet of light industrial, and nearly two acres of commercial retail space. In addition, 10 acres will be developed for speculative buildings/lots. The residential portion will consist of 49 buildings, each with 16 for-rent units, to accommodate one-, two- and three-bedroom floor plans. Garage and surface parking for nearly 1,300 cars will be provided for the residences as well. The development's industrial component will be composed of...