Las Vegas Now The Largest Single Market For Venture Corporation Of California
LARKSPUR, Calif.-- Venture Corporation, one of the nation’s largest builders of small, privately owned business properties, has purchased the real estate assets of Huffman Builders West in Las Vegas for a total of $50,450,000 in equity and debt assumption. Venture Corporation, a 30-year-old Marin County, California-based commercial real estate development company, closed on the acquisition in January.
Venture bought 520,000 square feet of commercial real estate developments in the acquisition, and its value, when all the construction is complete, is estimated at $187,000,000. With this acquisition, Las Vegas becomes the largest single market for Venture, and the company is already beginning to look for more opportunities to grow its development portfolio in Las Vegas. Venture marked its entry into the state of Nevada in June, 2006 with Venture Commerce Center – Las Vegas. The four commercial buildings, located on Eastern Avenue in the Parkview Center Business Park, have 38 privately owned business properties ranging in size from 1,313 to 3,600 square feet.
In addition to Las Vegas, Venture currently has 39 commercial condominium developments in various stages of construction throughout California, Las Vegas, Reno, Washington, Oregon and New Mexico. Most of its developments are called Venture Commerce Centers and offer smaller companies, normally with fewer than 20 employees, an opportunity to own their own business properties. This affords them all the advantages of real estate ownership, including equity building and tax benefits that are usually available only to landlords.
Venture also builds medical/dental condominium projects in various other locations, and the company believes that the acquisition of the Huffman projects in Las Vegas is a perfect fit.
“We are delighted to be part of the extraordinary growth of Las Vegas,” said Robert Eves, Venture’s President. “The Huffman developments fit our core business model now underway throughout the western United States. We bought these developments mid-way through the process, and have marshaled the forces needed to get them built and absorbed.”
The company’s medical condominium developments are called Venture Professional Centers and have been very successful. The four developments that Venture purchased in Las Vegas will be built and marketed under the Venture Professional Center name.
Eves added, “Doctors and dentists especially appreciate the opportunity to control their own destinies, receive the tax advantages of owning their real estate and finally say ‘farewell’ to their landlords. At the end of the day, when they are looking to sell for practice, building ownership gives them something more tangible to sell then just a Rolodex.”
Michael Young, formerly Huffman Builders West’s president, joined Venture Corporation as its Nevada region CEO soon after the purchase. “Affiliating with a company of the caliber of Venture Corporation gives me the opportunity to grow, learn and expand our operations throughout Las Vegas and beyond,” reported Young. “What a great experience this has been!”
The Huffman projects are located across Southern Nevada. On the southwest side is a 120,000 square foot medical professional condominium development located at the intersection of South Fort Apache Road and West Russell Road. This project is being constructed in 15 separate buildings on 10 acres and is nearly sold out to medical and dental professionals.
Hualapai Pavilion Common is another medical professional condominium development. Located in the Summerlin area, the 5.7-acre project consists of 62,000 square feet in six separate buildings ranging in size from 5,000 to 15,000 square feet. Construction is moving quickly and the development is entirely sold out.
The third project being built by Venture is in the booming Town Center area of Centennial Hills in the northwest and consists of 160,000 square feet of medical office condominiums, an 87,000 square foot Class-A office building and a 42,000 square foot retail center. The 24-acre development has been approved by the City of Las Vegas, and Venture plans to start construction as soon as the building permits are issued.
The last property acquired by Venture is a 4.3-acre site on Horizon Ridge Parkway and Carmichael Way in Henderson. The City of Henderson has approved a two-story Class-A commercial office building for the site, and Venture Corporation has already commenced its outreach for suitable tenants. Construction is set to begin after lease negotiations have been finalized.
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