December 21, 2012
SunCal Acquires 208-Acre Park Highlands West In Las Vegas Market for $19.8 Million
IRVINE, CALIF., (Dec. 21, 2012) - SunCal, one of the leading privately held land developers in the U.S., this week closed the $19.8 million purchase of two parcels within the Park Highlands Master-Planned Community in North Las Vegas, Nevada, comprising 208 acres of partially developed property.
The sellers of Park Highlands West were a prominent local Las Vegas homebuilder and one of the development's original partners.
"We're very excited about the demand for finished lots in the Las Vegas real estate market," said Brad Shuckhart, SunCal Vice President of Land Acquisitions, about the recently closed transaction. "We are currently reviewing the existing plans for these residential properties and anticipate that we will be revising the land entitlements in response to market demands."
The properties were substantially developed by the previous developer. The wet and dry utilities are installed and virtually all grading of the home lots and roads has also been completed. The next step to further the development of the properties is the paving of roads.
The overall Park Highlands Master-Planned Community is one of the few remaining large-scale development opportunities in the Las Vegas area. The Park Highlands West parcels offer future residents easy access to job centers in Summerlin and the casino area via the recently complete I-215 beltway south of the project and Highway 95 located three miles west of the site.
The acquired parcels are in prime locations within the community, as they are bordered on all four sides by existing residential and retail developments. Area amenities include a regional shopping center, a newly constructed hospital and a casino that includes a movie theatre and numerous dining outlets.
SunCal is continuing to actively pursue additional acquisitions in various regions throughout the United States.
SunCal acquires, entitles and develops major residential properties and commercial developments. The company specializes in creating distinctive master-planned and mixed-use communities that emphasize quality of life, environmental sensitivity and recreational opportunities. SunCal is one of the largest privately held land developers in the U.S. and has offices in Irvine, Calif.; Northern California; New York City; Washington, D.C.; and Melbourne, Fla. For more information, visit www.suncal.com.