HENDERSON, NV-Judy Henkens, the owner of a local real estate services firm, has engaged CB Richard Ellis to drum up interest for her planned redevelopment of a Downtown retail site here into a 40,000-sf office building. Henkens is the owner and managing broker of Asset Realty. Her vision is to have the building occupied solely by real estate-related companies such as escrow, mortgage and title.

The development is located at 323 Water St., in the heart of Henderson’s Downtown redevelopment district. Jayne Cayton and Bret Davis with CBRE’s Vegas office have the leasing assignment.

“This is one of the more unique projects we’ve worked on in some time,” Cayton says. “By housing so many real estate services in one place, it’s more convenient for consumers and for the tenants in the building.”

The $12-million project will feature office space ranging in size from 1,500 sf to 13,000 sf. The asking lease rate is $2.15 per sf, triple net. The rate includes a $35 per sf allowance for tenant improvements. If the lender’s preleasing requirement can be met in time, construction should begin later this summer. Project completion is slated for early 2008.

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