Real estate brokerage resurfaces with new office

Commercial real estate brokerage NAI Las Vegas, formerly NAI Horizon, has incorporated in Nevada and opened a new office at 4029 Dean Martin Drive, an executive for the parent company said.

David Blanchard, executive vice president of NAI Global, said the full-service brokerage has retained 11 people from the closed office at Marnell Corporate Center, including principal broker Dave Johnson.

Blanchard, dispatched from Oregon to reorganize the Las Vegas office, said he knew his job was finished here when his phone went quiet after ringing nonstop for several days.

Out-of-town clients will be able to "feel and see the Las Vegas energy" from the 2,000-square-foot NAI Las Vegas office across Interstate 15 from Caesars and Bellagio, he said.

NAI Horizon was the third-largest brokerage in Las Vegas with $524 million in real estate transactions in 2006, behind CB Richard Ellis and Colliers International.

The office closed April 15 in response to the downturn in the Las Vegas commercial real estate market. The Phoenix-based owners said they couldn't continue to justify pouring resources into a market that wasn't showing signs of improving in either the short or long term.

"The Las Vegas market has slowed significantly in terms of both velocity and activity over the past year and that has a lot to do with the fact that the Vegas economic base is so centered on the hospitality and gaming segments," NAI Phoenix President Thad Seligman said in a company statement. "The office, land, investment and industrial markets have been an increasing challenge there and will continue to grow more difficult under current market conditions."

Commercial markets are struggling now, but over time the pressure to be in Las Vegas will create opportunity, Blanchard said.

Two of NAI Horizon's top brokers, Brian Blume and Eddie Gutzman, have joined ReMax Millennium Commercial brokerage.

CACTUS PLAZA: United Construction has broken ground on the 17,383-square-foot retail component of Cactus Plaza at Cactus Avenue and Rainbow Boulevard.

The first phase, scheduled for completion in July, consists of a 5,353-square-foot tavern shell on 3.6 acres and includes site work and infrastructure for future development of the retail strip center, bank and convenience store with gasoline station. Construction costs for the entire project are about $2.7 million.

Tierra Development is the developer; Marc Lemoine Architecture is the architect of record.

BUSINESS PARK: Stable Development has selected Korte Co. to design and build an office park with four buildings totaling 82,000 square feet on 12 acres at Sunset and Post roads.

The $15 million project includes site work, construction and complete tenant finishes. Future development is planned for more office buildings as well as a retail component.

OGDEN HOUSE: Burke Associates has been named contractor of record to renovate the Ogden House, the tower next to the El Cortez. The makeover will cost about $6 million and is part of $25 million in renovations being completed at the historic downtown hotel and casino.

YWS Architects is the design firm hired for the Ogden House project. Construction is set to begin this summer.

Upon completion later this year, the 29,000-square-foot Ogden House will feature 64 rooms, including suites, an expanded entrance lobby, fitness center and landscaped walkway providing access to the El Cortez. An outdoor pool is also planned.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.