NV Energy sells land to home developer for $14.8 million

NV Energy, Nevada’s main electric utility, has sold almost 40 acres of vacant land to developer Ryland Homes.

The $14.8 million deal closed last month and was announced today by the brokerage firm CBRE Group, which represented NV Energy.

The land is on Sunset Road between Durango and Buffalo drives in southwest Las Vegas, next to casino supplier International Game Technology’s 630,000-square-foot facility.

The sale to Ryland, one of the top-selling homebuilders in Southern Nevada, is not unusual for NV Energy, which has sold numerous valley properties over the years.

But it is one of the most lucrative.

Locally, the investor-owned utility has closed just two real estate sales that outweigh the Ryland deal, according to Clark County records.

In October 2003, NV Energy, then operating as Nevada Power Co., booked a $24.8 million sale to a buyer known as FC Properties LLC. And in January 2003, the utility sold a 2.5-acre property on Flamingo Road just east of the Strip for $20.7 million to Coast Hotels and Casinos, a company that was later acquired by Boyd Gaming Corp.

Ryland, headquartered in Southern California, sold 451 new homes this year through mid-November in Southern Nevada, according to Las Vegas-based Home Builders Research.

That was the sixth-highest sales total during that time period, giving Ryland almost 8 percent of the market.

A company spokesman did not return a call seeking comment.