At The Top - October 2006

LaPour Partners owns and manages a portfolio of more than 1 million square feet in eight office and flex properties in Nevada, California and Arizona, and boasts a successful track record of approximately 60 deals last year.

Branding itself "a boutique firm with an entrepreneurial culture," this small nine-person real estate development company has carved a niche for itself in Southern Nevada, and is responsible for such high-profile developments as The Holsum Lofts, located in the historic Holsum Bakery building in downtown Las Vegas.

One of the area’s redevelopment pioneers, LaPour Partners was one of the first to recognize the promise of downtown Las Vegas as a thriving urban environment. Today, the rehabbed 1954 Holsum Lofts counts among its tenants progressive to classic establishments, including artistic boutiques, fine galleries, designer showrooms and a popular restaurant.

"Downtown Las Vegas has never had a brighter future than it does now," said Jeffrey LaPour, president of LaPour Partners. "There are some great projects downtown, like the Molasky Corporate Center. However, the fast-changing landscape is a curse and a blessing at the same time. The market has changed so quickly that many believe the best product for the area is high-rises. In order for downtown Las Vegas to be successful, there has to be some product differentiation."

As a regional real estate development, investment and management firm, LaPour Partners develops light industrial and flex space commercial properties, invests in vacant land, and provides unique real estate investment opportunities. "We can move quickly to analyze and close each property investment because there’s no bureaucracy," said LaPour. According to LaPour, the firm’s real-time flow of information, plus the direct involvement of its principals in every aspect of the development process – from analysis, negotiation, planning and financing, to leasing and tenant relations – enable the company to maximize value and minimize risks.

In addition to The Holsum Lofts, LaPour Partners’ Las Vegas projects include: Diablo Commerce Center, a 143,711-square-foot mid-bay distribution development; WesTech Business Center Phase III, consisting of 10 industrial buildings offered for sale and ranging in size from 4,480 square feet to 10,448 square feet; Decatur Crossing Phase II, which consists of three buildings totaling 140,594 square feet; and Perimeter Center, with eight free-standing, fee-simple office buildings for sale.

Like many other developers and investors, LaPour is also branching out into Phoenix, where his most recent acquisition is 35 acres for a $35 million, 400,000-square-foot master-planned business park. "Phoenix expansion is a natural for us," said LaPour. "We know the market well and it’s convenient to Las Vegas." LaPour said land prices in Las Vegas are a big factor causing developers and investors like himself to look to other markets.

While LaPour and his company focus their hands-on business model in other Southwest markets, he remains positive about Nevada even in the face of rising land prices and construction costs. "I am optimistic about the Las Vegas market, specifically in regard to demand," he said. "However, I’m pessimistic about the cost of land and the cost of construction, which I would rank as the market’s No. 1 problem."

Nevertheless, like a true entrepreneur, LaPour followed up his remarks with a touch of confidence, adding, "Any time you’re bringing added value to the table, there’s a niche." This seems true for a company that currently has more than $60 million in the pipeline.