In October, Marnell completed MCC-5, a five-story, 117,000-sf office building that is still in lease-up. The building is about 40% leased, Schnepf says, and leases currently in negotiation would fill another 25% of the building.

There's land at Marnell Corporate Center for one additional building, he says, but there are no near-term plans for developing the site. "There's been a tremendous amount of inventory coming on line that we don't want to compete with," he says. "We're a little overbuilt but demand and absorption is still there so we expect new construction will slow while we absorb this new space. I'm still fairly bullish on the market."

Also adjacent to the airport, Marnell Properties is developing Marnell Airport Center, a 250,000-sf mid-rise development. The first building is going vertical, an 81,000-sf building that has been 100% preleased by the planning and construction division of the Clark County Department of Aviation, which operates the airport. At build-out, the property will contain three 81,000-sf buildings and a fourth, much smaller building that could house commercial tenants such as an insurance company, an engineering firm or a residential real estate office.