Rightpath Inks $132M Lease for Private Air Terminal

LAS VEGAS-Rightpath Limited Development Group has signed a 30-year ground lease with the Clark County Department of Aviation for the development of a private air terminal and hangar at McCarran International Airport. The lease is the culmination of a high-profile public auction conducted by the Clark County Commission in December 2007.

The development site is located within the secured area of the airport and adjoins the taxiway. Rightpath’s project will total 300,000 sf at build-out and will cost approximately $60 million to develop, according to Rightpath partner Robert Banovac. The completed project will be operated by Lux Air Jet Centers, a Rightpath affiliate.

Rightpath says it outbid the likes of Wynn Las Vegas, Marnell Corraro Associates and Las Vegas Sands Corp. for the right to lease and develop the 13.09 acres at the Las Vegas International Airport. The lease is valued at $132 million, or $4.4 million dollars per year.

Rightpath, headquartered in Scottsdale, AZ, is a privately held investment and development company with a primary concentration on aviation, mixed-use retail, office and residential communities. Lux Air Jet Centers is a privately held aviation company established in 2007 by the partners of Rightpath Limited Development Group. Lux Air owns and operates a chain of fixed based operations and hangar developments throughout the Southwest.

Banovac’s partners include Danny Hendon and Rick Burton. The partners say Richard Huelsman of RE/MAX Millennium Commercial Properties and Al Kingham of Tower Realty Group guided them through the 96 total bids that were required to secure the exclusive ground lease rights.