What Did VAC Development do in 2025?
While much of the commercial real estate sector spent 2025 waiting for perfect conditions, VAC Development spent the year creating them. The firm announced today that it successfully executed $110 million in total across acquisitions and development, aggressively expanding its footprint while competitors remained on the sidelines.
VAC Development’s 2025 performance stands as a direct challenge to the hesitation that plagued the broader market. By refusing to pause for market sentiment to shift, the firm solidified its presence in key growth markets, including Reno, Las Vegas, Phoenix, and Boise. The numbers reflect a strategy of high-conviction execution rather than passive observation.
Our ability to capitalize on opportunities came from creative capital structures, risk-mitigated business plans with a clear execution strategy that capital believed in the asset, plan, and VAC as an operator/developer. We continue to grow our accredited investor list and institutional capital relationships to expand our platform in our current markets and expansion market targets.
The pillars to our success this past year were velocity, creativity, and active management that doesn't rely on third-party consultants to help make decisions. VAC goes by their own technical analysis and gut check chasing basis and tight market segments to create alpha on the projects they operate and develop.
2025 Project Highlights
Acquisitions & Development – $110M Total Volume
1050 Waltham Way – Reno, NV: Capital Stack of $42M, this project is a ground-up speculative industrial development in the Tahoe Reno Industrial Center for a total of 334,800 SF, targeting one to two tenants to capitalize on the growing data center, logistics, and manufacturing demand in northern Nevada. This project is an opportunity zone development that was capitalized with our relationship bank for the senior debt, an institutional equity partner for the joint venture equity, and a co-gp with a longstanding family office relationship
Northgate Shopping Center – Boise, ID: Acquired a 70% occupied, 145k SF shadow-anchored Albertson's retail center in the Garden City submarket located off Glenwood and State St in the Boise MSA, which has less than a 5% vacancy factor. The project was capitalized with a senior life insurance lender, and the equity was facilitated with three TICs to help accommodate a family's 1031 needs. This was assisted with a new joint venture relationship to execute a business plan to stabilize the shopping center with new tenancy, active management, and a mark-to-market opportunity in the rents. The total capitalization is around $27M
Bethany Bay – Phoenix, AZ: A ground-up small and shallow bay industrial project located off the 303 and Bethany Home Rd in the West Valley in the Phoenix MSA to construct a 137k SF two-building industrial park to accommodate tenants between 4.5k SF to 18k SF to accommodatethe growing residential and industrial demand in the West Valley. The senior loan was a new relationship with a debt fund that specializes in this secto,r along with an institutional capital source, with the remaining LP equity syndicated from friends and family. This is a new joint venture with a strong local industrial developer in the first of several of these developments. The total capitalization of this project is $31M
Bernardo Springs - Las Vegas, NV: A neighborhood strip center acquisition for a total of 24k SF, where the property was 73% occpuied at acquisition with poor management, lease structures, and below market rents. The total capitalization is around $6.6M and was used with senior financing from our relationship bank, and the remaining equity was syndicated from friends and family. The plan is to stabilize the property by making capital expenditures in the property and restructuring the current leases at the property.
Starbucks BTS - Reno, NV: Ground up starbucks build to suit primarily capitalized from a high-leverage debt fund and dispositioning the property shortly after Starbucks takes occupancy. Total capitalization is around $3.4M.
Dispositions – $30.35M Executed
ROQ Gas Station – Las Vegas, NV: Sold for $7.3M with a 20 year lease with a regional operator that had 3% annual increases.
ROQ Pad – Las Vegas, NV: $1.25M half acre pad to an end medical office user.
ROQ AutoShop - Las Vegas, NV: Sold For $2.9M on a 15 year lease with a 20-unit location operator with 3% annual increases.
ROQ Starbucks - Las Vegas, NV: Sold for $3.3M, brand new ground-up 10-year lease, Starbucks leased drive-thru
Waltham Land - Reno, NV: 30 acres of industrial land in the Tahoe Reno Industrial Center to an all-cash buyer with active ownership and development experience in the park for $12M.
Starbucks BTS - Reno, NV: End of year disposition for $3.6M at a 4.9% cap rate to a local buyer to complete a successful year of deals.
Leasing – $12.2M in Net Lease Value
888 Pilot RD – Las Vegas, NV: Secured lease with Amerityre, a tyre manufacturer, for the full building SF of 40k SF on a 10-year lease with 4% annual increases. This building was a ground-up opportunity zone development located in the Hughes Airport Center submarket in Las Vegas. The land was originally purchased in Q3 2022, and the building was completed in Q2 2025.
ROQ Strip Center - Las Vegas, NV: Signed multi-tenant leases driving value across the 13k SF strip center in the ROQ development located off of Rainbow Blvd and Oquendo in the Southwest submarket in Las Vegas, NV. The strip center was leased to eight tenants with SF ranges between 1,200 and 2,400 SF, with lease terms of 5 to 10 years, with a blended annual NNN rental rate of $50/SF
Bernardo Springs - Las Vegas, NV: Signed multi-tenant leases shortly after acquisition, ranging between 1,400-2,300 SF, bringing the leases to market with various tenant improvement and free rent structures.
VAC Development’s aggressive approach from ground-up developments to savvy asset sales and strategic lease-ups demonstrates the firm’s commitment to extracting value and delivering results, even in uncertain market cycles.
As the industry looks toward 2026, VAC Development’s message is clear: opportunity does not wait for permission. The firm is actively seeking partners who are ready to move with similar speed and decisiveness. Parties interested in participating in the next wave of opportunities are encouraged to reach out immediately. As well as those who have prospective opportunities that align with the above in similar markets and asset classes.
About VAC Development
VAC Development is a commercial real estate firm focused on high-impact acquisition and development opportunities across the Western United States. With a track record of ignoring market noise to deliver results, the company specializes in identifying value and executing complex transactions in competitive markets.
Media Contact:
Andrew Dunn
Partner
andrew@vacdevelopment.com
949-500-0533
vacdevelopment.com