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LM Construction Builds in:
Nevada
Lic. C4 47156A
Arizona
Lic. ROC213418B-02
Utah
Lic. 6132191-5501
Idaho
Lic. RCE-25716
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New Monkarsh 40-Acre Industrial Complex Planned In North Las Vegas
From Southern Nevada Real Estate Monthly (November 2007)
Centennial West is developing a 40-acre industrial complex at the NWC of Centennial Parkway and Mount Hood Rd. in North Las Vegas. The still unnamed project is a joint-venture between Larry Monkarsh, president of LM Construction, and his dad, Gene Monkarsh, a principal with EJM Development. Phase 1 calls for two industrial buildings totaling 158,000 SF on 10 acres.
“The dwindling supply of available land and volatile industrial construction costs are limiting new construction,” said Larry Monkarsh. “Business-wise we’re able to keep costs down by being the land owner, developer and contractor.”
Designed by RGA of Nevada, the dual concrete-tilt wall structures feature divisibility to 6.570 SF, 30-ft high clearances, and grade-level and dock-high doors. One building is 72,284 SF; the other is 86,570 SF. CB Richard Ellis, Donna Alderson and Greg Tassi are the project representatives. Asking rents have yet to be determined.
The 11.8 million initial phase is scheduled to be completed by fourth quarter of 2008. The developers previously sold a 10-acre parcel at Centennial Pkwy. And Azure Ave. to Southwest Gas Co. for an unspecified sum. Plans are still being formulated for the remaining 20 acres.
“Northeast Las Vegas is rapidly expanding” said Gene Monkarsh. “This area of I-15 along the Speedway Corridor is an important transportation artery for the cities of Las Vegas and North Las Vegas as well as the unincorporated areas of Clark County.”
The Las Vegas Valley had a 4.8% industrial vacancy rate in the third quarter, which is 0.6% lower than two years ago, despite adding 11.1 MSF during the same time frame, reports Restrepo Consulting Group, a local real estate research firm. There was 449,400 SF of net absorption in the third quarter, with 3.1 MSF worth of new space under construction.
“The valley’s industrial market continues to be very supply-constrained, with low vacancies due to a dwindling land supply, a lack of new construction and steady user demand,” said John Restrepo, principal of Restrepo Consulting Group. “We only have two years of industrial supply left to accommodate Southern Nevada’s demand based on the last four quarters worth of vacancies, absorption and new construction.”
About LM Construction
LM Construction is a Las Vegas-based full service commercial and industrial construction company serving Utah, Nevada and Arizona. A leader in the southwestern United States for commercial industrial projects, LM Construction has been responsible for the completion of more than 3 million square feet of industrial space since the company was established in 1996. A general contracting firm, LM Construction specializes in commercial construction with related tenant improvements, including retail, office/warehouse and restaurant space. The Design-Build division of the company offers innovative building solutions including the ability for customers to actively participate in the design process and see their vision come to life. LM Construction can be contacted at (702) 262-6032 or www.lmconstructionco.com.
Contact: Cheryl Bella
The Firm Public Relations & Marketing
(702) 739-9933
Meet Larry Monkarsh
LM Construction Co. owner Larry Monkarsh has the best job in the world. He turns dirt into gold for his clients. As one of the top commercial builders in Las Vegas, Monkarsh's unique building style has won numerous awards.
