The 10-acre development site sits on West Post Road west ofBuffalo Drive, across the street from the new Las Vegas campus ofpublicly traded International Game Technology. Kuckler paid $8.2million for the 10-acre property, according to county propertyrecords.

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Kuckler opened the local division of Panattoni in 2003 and forthe last four years has overseen development here for the company.Kuckler tells GlobeSt.com he's going out on his own for a newchallenge, which includes learning more about the private equityand legal facets of the development process, which at Panattoniwere handled by different teams.

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For his first deal as PAR Development, Kuckler says he financedthe purchase of the property with a local bank and is financing thedesign, entitlement and permitting phases with equity from a fewprivate partners. The total development cost will come in around$31 million, he says. The project is slated to break ground in thesecond quarter with completion scheduled for the fourthquarter.

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"We've got the zoning and entitlements completed and we areanticipating permits will be ready in April or May," he says. "Weinitially thought it would take until September to get the permits,but the slowdown in the housing market has apparently freed upgovernment agencies and actually sped up the permittingprocess."

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As for construction financing, Kuckler says it's in the worksbut ultimately will require some pre-development commitments."Lenders seem to be much more skittish on speculative projects thanthey were a year ago," he says. "A lot are requiring presales orpreleasing for between 25% and 50% of the project."

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The project is designed as two 40,000-sf buildings and two48,000-sf buildings, each divisible to 19,000 sf. "Initially weplanned to only offer the buildings for sale, but with the salemarket tapering off we also are starting to market them for leasewith an option to buy," he says. "We've got five proposals out,some for lease and some for purchase, but it seems that with themarket and the economy companies are waiting on the a sidelines tosee what happens with their business."

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The asking rate for purchase of a building in shell condition is$1.75 to $1.85 per sf. The asking lease rate is still beingdetermined. Knuckler retained his former employer, Panattoni, asthe general contractor for the project. Dan Doherty of ColliersInternational has the marketing assignment. Tectonics Design Groupis the architect of record.

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