LAS VEGAS-Venture Corp. of Larkspur, CA recently acquired the Las Vegas real estate assets of Huffman Builders West for cash and assumed debt totaling $50.45 million. The deal included 520,000 sf of ongoing commercial development that is being sold off as commercial condominiums.

Without saying how much it would invest to complete the projects, Venture Corp. estimates the gross sell-out value at $187 million. “We bought these developments mid-way through the process, and have marshaled the forces needed to get them built and absorbed,” says Venture president Robert Eves.

The acquisition instantly makes Vegas the largest single market for Venture Corp. The builder of commercial condominiums entered the Nevada market in June 2006 with Venture Commerce Center – Las Vegas, which consists of four commercial buildings located on Eastern Avenue in the Parkview Center Business Park. The buildings house 38 privately owned business condos ranging in size from 1,313 sf to 3,600 sf.

Venture currently has 39 commercial condominium developments in various stages of construction throughout California, Las Vegas, Reno, Washington, Oregon and New Mexico. Venture also builds medical/dental condominium projects. Most of its developments carry the company’s name.

The Huffman Builders projects will become Venture Professional Centers, Venture Corp.’s brand for its medical-dental condominium developments. “Doctors and dentists especially appreciate the opportunity to control their own destinies,” Eves says. “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.”

As part of the transaction, Huffman Builders West’s president Michael Young has joined Venture Corp. as its chief executive of the Nevada region. The acquired Huffman projects are located across Southern Nevada. One of the projects is a 120,000-sf medical professional condominium development located at the intersection of South Fort Apache Road and West Russell Road on the southwest side of the city. This project is being constructed in 15 separate buildings on 10 acres and is already nearly sold out.

Another of the projects is Hualapai Pavilion Common, another medical professional condominium development. Located in the Summerlin area, the 5.7-acre project consists of 62,000 sf in six separate buildings ranging in size from 5,000 sf to 15,000 sf. Construction is underway; the development is sold out.

The third project, in the Town Center area of Centennial Hills northwest of the city, consists of 160,000 sf of medical office condominiums, an 87,000-sf, class-A office building and a 42,000-sf 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 development acquired by Venture is a 4.3-acre site on Horizon Ridge Parkway and Carmichael Way in Henderson, NV. 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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