Newmark Facilitates $90 Million Land Sale in Henderson, Nevada

January 27, 2025 9:00 AM

Newmark announces it has arranged the sale of 110 acres of prime development land located at the northeast corner of Stephanie Street and Galleria Drive, within the Whitney Ranch Planning Area of Henderson, Nevada. The property was sold by Wirrulla Hayward, LLC for $90 million.

Newmark Executive Managing Director Michael Stuart represented the buyer, KB Home Las Vegas, Inc., in the transaction. The site is entitled for the development of up to 940 attached and detached for-sale residential units, along with a six-acre commercial parcel. The project is planned to be built in three phases, contributing to the growth and vibrancy of the local community.

“This acquisition represents a significant opportunity to deliver much-needed housing to the Henderson market while enhancing the area’s commercial and residential infrastructure,” said Stuart. “We are proud to have played a role in facilitating this deal, which underscores the ongoing demand for quality development opportunities in Southern Nevada.”

“We have been building in Henderson for a quarter-century now,” said Aaron Hirschi, Regional General Manager of KB Home. “This community will feature parks, a dog park, walking trails, children’s playground and picnic areas. We are targeting first-time buyers looking to get into the market or first-time buyers looking to move up and will start developing the land within the next month.”

Construction will begin by the end of the year with sales starting in spring of 2026.

Hirschi added, “Life-changing circumstances will continue to drive homeownership in 2025, whether it’s getting married, having a baby, getting a promotion, relocating or retiring. Henderson is experiencing strong buyer demand, and we are excited to bring our affordably priced homes to a highly desirable location close to good schools and great parks.”

[1] By sale price, according to Newmark Research via CoStar data

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended September 30, 2024, Newmark generated revenues of approximately $2.6 billion. As of that same date, Newmark’s company-owned offices, together with its business partners, operated from nearly 170 offices with more than 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.