# VAC Development

> VAC Development (Value Add Cowboy Development) is a Las Vegas based commercial real estate investment firm. We partner with developers and operators on ground-up development, value-add acquisitions, and entitlement plays across the Southwest and Mountain West, with 60+ years of operator experience, 15+ markets invested, and $2B+ in transactions.

VAC is led by principal Andrew Dunn. Our typical role is co-general partner, with flexibility on LP, JV, and structured equity. We invest across asset classes: industrial, retail, office, mixed-use, multifamily, and land. Primary markets: Nevada, Arizona, Utah, Hawaii, Southern California; opportunistic in Florida and the Midwest.

## Core Pages

- [Home](https://vacdevelopment.com/): Firm overview and active portfolio.
- [About](https://vacdevelopment.com/about): Firm history, principal background, and investment philosophy.
- [Portfolio](https://vacdevelopment.com/portfolio): Active and historical projects across retail, industrial, office, mixed-use, multifamily, and land.
- [Leasing](https://vacdevelopment.com/leasing): Available space across the VAC portfolio.
- [Invest](https://vacdevelopment.com/invest): Information for accredited investors interested in passive investment.
- [Deal Submittal](https://vacdevelopment.com/deal-submittal): For developers and operators with active opportunities seeking a capital partner.
- [Media](https://vacdevelopment.com/media): Press coverage, original research, and educational tools.
- [Contact](https://vacdevelopment.com/contact): Headquarters, direct email, and phone.

## Market Data & Tools

- [Live Market Rates](https://vacdevelopment.com/media/resources/market-rates): SOFR, the Treasury curve, and Prime, updated every weekday morning.
- [Cap Rates and Value](https://vacdevelopment.com/media/resources/cap-rate-explainer): Slide NOI and cap rate around and watch what a quarter point does to value.
- [Yield on Cost and the Spread](https://vacdevelopment.com/media/resources/yield-on-cost): Why developers say things like 'build to a 7 in a 5.5 market.'
- [Mark-to-Market Rents](https://vacdevelopment.com/media/resources/mark-to-market-rents): How a below-market rent roll hides value, and what it's worth as leases reset.
- [Loans, DSCR, and Debt Yield](https://vacdevelopment.com/media/resources/loan-debt-calculator): Design a loan and see the three numbers every lender checks first.
- [IRR vs. Equity Multiple](https://vacdevelopment.com/media/resources/irr-vs-equity-multiple): Two deals can both double your money and still be very different investments.
- [Leverage: Both Directions](https://vacdevelopment.com/media/resources/leverage-and-returns): Slide the LTV and watch what borrowed money does to the same deal, up and down.
- [The Sensitivity Grid](https://vacdevelopment.com/media/resources/sensitivity-grid): What 'we sensitized the deal' actually means: one IRR becomes a field of them.

## Learn (CRE Education & Market Analysis)

- [Insurance Was the Deal Killer. The Cycle Just Turned, and Not Evenly.](https://vacdevelopment.com/media/learn/insurance-was-the-deal-killer-the-cycle-just-turned-and-not-evenly): Property reinsurance rates fell the most since 2014 in 2026, but the discount reaches your renewal only in the right markets and only if you shop it
- [The Data Center Boom Is a Line Item on Your Operating Statement](https://vacdevelopment.com/media/learn/the-data-center-boom-is-a-line-item-on-your-operating-statement): The AI and data center buildout in Phoenix and Nevada is pushing utility rates up and grid capacity into a multi-year queue, which turns electricity into an underwriting variable for multifamily, retail, and industrial that never houses a server.
- [TSMC Adds $100 Billion in North Phoenix. The Story Is the Dirt Around It.](https://vacdevelopment.com/media/learn/tsmc-adds-100-billion-in-north-phoenix-the-story-is-the-dirt-around-it): On July 16, 2026 TSMC committed another $100 billion to north Phoenix, taking its Arizona total to $265 billion. For nearby owners the number that moved is land basis: entitled supplier land is trading at five to seven times what TSMC paid for its own expansion parcels.
- [The VAC Brief: Retail Stops Getting Built, and the Southwest Splits in Two](https://vacdevelopment.com/media/learn/the-vac-brief-retail-stops-getting-built-and-the-southwest-splits-in-two): US retail construction just hit a 20-year low even as space keeps leasing, while the Southwest industrial recovery splits: Phoenix and Las Vegas are tightening as Boise and Reno still digest supply.
- [The VAC Brief: The Fed Eased, the 10-Year Didn't, and the Southwest Reloads](https://vacdevelopment.com/media/learn/the-vac-brief-the-fed-eased-the-10-year-didnt-and-the-southwest-reloads): The Fed has been parked for six months, but the 10-year Treasury that actually prices CRE debt is higher than before it eased. Meanwhile Southwest industrial is tightening just as developers restart the speculative pipeline.
- [The VAC Brief: The Apartment Supply Wave Crests Over Las Vegas and Phoenix](https://vacdevelopment.com/media/learn/the-vac-brief-the-apartment-supply-wave-crests-over-las-vegas-and-phoenix): Las Vegas and Phoenix apartment rents are still falling as the 2021 to 2023 supply wave leases up, but national absorption has turned and the supply math points to a 2027 turn.
- [Insurance Is Softening in 2026. Your Loan Proceeds Aren't.](https://vacdevelopment.com/media/learn/insurance-is-softening-in-2026-your-loan-proceeds-arent): Premiums are falling across much of the market, but the relief won't rebuild the deals insurance broke, because lenders now size loans off a normalized cost and most relief sits in coastal markets we don't touch.
- [The 2026 Refinancing Window: The Math When Your Loan Comes Due](https://vacdevelopment.com/media/learn/the-2026-refinancing-window-the-math-when-your-loan-comes-due): Inflation just hit a three-year high and the Fed is on hold, yet long Treasury yields fell and CRE lending spreads tightened, opening the most executable refinancing window since 2022.
- [The 2027 Apartment Supply Cliff Is Already Locked In](https://vacdevelopment.com/media/learn/the-2027-apartment-supply-cliff-is-already-locked-in): Soft rents in Phoenix, Las Vegas, and Boise are the end of a supply wave, not a warning. Collapsed starts have already fixed a thin 2027-2028 pipeline, leaving demand as the only open variable.
- [The VAC Brief: The Southwest Builds Less, and Demand Comes Back](https://vacdevelopment.com/media/learn/the-vac-brief-the-southwest-builds-less-and-demand-comes-back): Las Vegas industrial is now absorbing far more than it delivers while data centers reshape the land market, and the national multifamily supply wave has finally crested.
- [Las Vegas Commercial Real Estate Analysis: The Corporate and Sports Rewiring of Southern Nevada](https://vacdevelopment.com/media/learn/las-vegas-corporate-sports-real-estate-rewiring): Tilman Fertitta is buying Caesars and Barry Diller is bidding on MGM, two pro teams are moving in, and the valley is running out of land. A look at what it all means for Southern Nevada real estate.
- [The New Reality of CRE Hold Periods](https://vacdevelopment.com/media/learn/cre-hold-periods-longer-exits): CRE hold periods have extended 12 to 24 months since 2022. How disciplined sponsors underwrite longer exits while protecting investor returns.
- [Where CRE Capital Is Actually Flowing in 2026](https://vacdevelopment.com/media/learn/where-cre-capital-is-flowing-2026): Banks, private credit, and the maturity wall are reshaping commercial real estate liquidity. A look at where capital is moving, where it isn't, and what that means for sponsors and investors.
- [The K-Economy: A Pillar of the VAC Investing Thesis](https://vacdevelopment.com/media/learn/the-k-economy-as-a-pillar-of-the-vac-investment-thesis): VAC Development's white paper on the K-shaped economy: why bifurcated American prosperity is the structural backdrop for commercial real estate capital allocation over the next twenty-five years, and how VAC positions industrial, retail, multifamily, and infrastructure assets across the upper and lower arms of the K.
- [Las Vegas Retail Market Report: Q1 2026](https://vacdevelopment.com/media/learn/las-vegas-retail-market-report-q1-2026): Southern Nevada retail posted its strongest quarter in two years. 235K SF of net absorption, vacancy down to 4.3%, asking rent at $1.96 NNN. An interactive walk through the submarkets, subtypes, and tourism backdrop that shaped Q1 2026.
- [Phoenix Industrial Market Q4 2025: Navigating the Shift from Boom to Balance](https://vacdevelopment.com/media/learn/phoenix-industrial-market-q4-2025-navigating-the-shift-from-boom-to-balance): The Phoenix industrial market concluded 2025 by demonstrating its maturity as a premier global logistics and manufacturing hub.
- [Las Vegas Retail Market Insights: Q4 2025 Report](https://vacdevelopment.com/media/learn/las-vegas-retail-market-insights-q4-2025-executive-summary): The Southern Nevada retail landscape concluded 2025 in a state of structural maturity, with historic scarcity in prime submarkets and a widening flight-to-quality performance gap.
- [What Did VAC Development do in 2025?](https://vacdevelopment.com/media/learn/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.
- [Advantages of Investing in Small Suite Properties for "Mom and Pop" Businesses](https://vacdevelopment.com/media/learn/advantages-of-investing-in-small-suite-properties-for-mom-and-pop-businesses): Investing in small suite properties, especially those designed for mom-and-pop enterprises in small bay industrial and retail spaces, delivers measurable economic impact and opportunity.
- [The Ultimate Guide to Tenant Screening for Commercial Properties](https://vacdevelopment.com/media/learn/the-ultimate-guide-to-tenant-screening-for-commercial-properties): A bad tenant costs more than a vacant suite. Here is how to screen commercial tenants properly, by property type, and stay inside the legal lines.
- [Las Vegas Retail Market Report: Q1 2025](https://vacdevelopment.com/media/learn/las-vegas-retail-market-report-q1-2025): The Las Vegas retail market in Q1 2025 maintained stable average asking lease rates despite a decrease in overall sales volume compared to the previous year.
- [What Landlords Need to Know When a Tenant Files for Bankruptcy](https://vacdevelopment.com/media/learn/what-landlords-need-to-know-when-a-tenant-files-for-bankruptcy): When a tenant files for bankruptcy, you're thrust into legal waters that are as complex as they are murky. Here's what you need to know.
- [Land Banking: A Strategic Analysis of Real Estate Investment and Land Management](https://vacdevelopment.com/media/learn/land-banking-a-strategic-analysis-of-real-estate-investment-and-land-management): Land banking represents a significant long-term strategy in real estate, encompassing both private investment and public land management with distinct motivations and risk profiles.
- [Decoding the Bond Market: What It Signals for the US and Global Economy](https://vacdevelopment.com/media/learn/decoding-the-bond-market): The bond market often provides insightful signals about the future direction of both the US and global economies. Here is what it was signaling around April 2025.
- [Mitigating Risk in CRE Deals - 5 Proven Tactics](https://vacdevelopment.com/media/learn/mitigating-risk-in-cre-deals-5-proven-tactics): Commercial real estate deals offer significant rewards alongside inherent risks. Here are five proven tactics for managing them effectively.
- [Consumer Sentiment Plunges Amid Inflation Fears and Tariff Uncertainty](https://vacdevelopment.com/media/learn/consumer-sentiment-plunges-amid-inflation-fears-and-tariff-uncertainty): The University of Michigan's Consumer Sentiment Index for April plummeted to 50.8, the lowest since the height of the COVID-19 pandemic, driven by inflation fears and tariff uncertainty.
- [Investing in Resilience: Why Experiential and Necessity Retail Centers Stand Strong](https://vacdevelopment.com/media/learn/investing-in-resilience-why-experiential-and-necessity-retail-centers-stand-strong): Learn why necessity-focused and experiential retail centers offer investors stability and long-term value in today's evolving commercial real estate market.
- [A Historical Analysis of US Tariffs and Trade: Implications of the "Liberation Day" Tariff Announcements](https://vacdevelopment.com/media/learn/a-historical-analysis-of-us-tariffs-and-trade-implications-of-the-liberation-day-tariff-announcements): Explore the history of US tariffs, from trade wars to Liberation Day tariffs, and their profound effects on the economy, global trade, and real estate markets.
- [The Western US Retail Market in Q4 2024: Retail Space, Population, and Housing](https://vacdevelopment.com/media/learn/the-western-us-retail-market-in-q4-2024-retail-space-population-and-housing): Explore Q4 2024 retail trends in the Western US: insights on retail space availability, population growth, and housing supply dynamics across key markets.
- [Loss Leaders in Retail Real Estate: Driving Foot Traffic, Enhancing Tenant Synergies, and Maximizing Profitability](https://vacdevelopment.com/media/learn/loss-leaders-in-retail-real-estate-driving-foot-traffic-enhancing-tenant-synergies-and-maximizing-profitability): Discover how loss leaders transform retail developments. Strategic anchors drive foot traffic, enhance tenant synergy, and elevate profitability.
- [Mapping Profitability: Unveiling the Hidden Forces Driving Strip Center Investments in the Western U.S.](https://vacdevelopment.com/media/learn/mapping-profitability-unveiling-the-hidden-forces-driving-strip-center-investments-in-the-western-us): Strip shopping centers under 40,000 SF have shown remarkable resilience across Western US markets. Here is a comprehensive analysis of market trends, cap rates, tenant mix, and recent transactions.
- [Investment Viability and Potential of Outdoor Shopping Centers in the U.S.](https://vacdevelopment.com/media/learn/investment-viability-and-potential-of-outdoor-shopping-centers-in-the-us): Outdoor shopping centers have emerged as a resilient and dynamic segment within the retail real estate market, combining accessibility, adaptability, and strong growth potential.
- [Navigating the U.S. Industrial Real Estate Landscape in 2025: Challenges, Opportunities, and Strategies](https://vacdevelopment.com/media/learn/navigating-us-industrial-2025): The US industrial real estate sector is undergoing significant transformation. Here is a comprehensive analysis of market conditions, demand drivers, regional dynamics, and strategic recommendations for 2025.
- [Investing in Grocery-Anchored Retail: A Sound Long-Term Investment Strategy](https://vacdevelopment.com/media/learn/investing-in-grocery-anchored-retail-a-sound-long-term-investment-strategy): Grocery-anchored retail centers have consistently demonstrated superior stability and resilience. Here is the case for them as a long-term investment strategy.
- [Comprehensive Report on Construction Contracts](https://vacdevelopment.com/media/learn/construction-contracts-comprehensive-report): An analysis of construction contract types (lump sum, cost-plus, time and materials, and unit pricing) covering structures, use cases, and strategic selection for developers.

## Press Coverage

- [Chandler Bay Breaks Ground in Chandler, AZ](https://vacdevelopment.com/media/press/chandler-bay-breaks-ground): VAC and IndiCap break ground on 110,481 SF mid-bay project in Chandler.
- [VAC's Andrew Dunn Joins Las Vegas CRE Roundtable on Repositioning and Rent Growth](https://vacdevelopment.com/media/press/lv-cre-roundtable-2026): Andrew Dunn joins a Las Vegas CRE roundtable on repositioning strip centers and above-market rents.
- [Bethany Bay Industrial Project Breaks Ground in Glendale, Arizona](https://vacdevelopment.com/media/press/bethany-bay-construction-owners): Ground breaks on two-building, 136,800 SF Class-A shallow-bay industrial project in Glendale.
- [IndiCap and VAC Development Secure Funding for First-of-Its-Kind West Valley Shallow Bay Project](https://vacdevelopment.com/media/press/bethany-bay-financing-arizcc): VAC and IndiCap close financing on a first-of-its-kind $31M shallow-bay project in Phoenix's West Valley.
- [IndiCap and VAC Development Break Ground on $31M Bethany Bay Industrial Project in Glendale](https://vacdevelopment.com/media/press/bethany-bay-groundbreaking-rebusiness): VAC and IndiCap break ground on a $31M, 136,800 SF shallow-bay industrial project in Glendale.
- [Industrial Development Breaks Ground in Glendale](https://vacdevelopment.com/media/press/bethany-bay-rose-law-group): Rose Law Group Reporter notes the Bethany Bay groundbreaking in Glendale's Loop 303 corridor.
- [Glendale Breaks Ground on $31M Small-Bay Industrial Project Along Loop 303](https://vacdevelopment.com/media/press/bethany-bay-in-business-phx): Greater Phoenix In Business covers the Bethany Bay groundbreaking along the Loop 303.
- [Argosy Real Estate Partners Invests in Waltham Industrial Opportunity Zone Project in Reno](https://vacdevelopment.com/media/press/waltham-argosy-investment): Argosy invests in WG Group and Krausz's 334,800 SF Qualified Opportunity Zone industrial project at TRIC.
- [WG Group and Krausz Acquire 18.7 Acres at TRIC for $44M Spec Industrial Development](https://vacdevelopment.com/media/press/waltham-tric-bisnow): WG Group and Krausz acquire 18.7 acres at TRIC for $7.13M, planning 335,000 SF spec industrial.
- [WG Group Acquires Foothills Corporate Centre I in Phoenix for $16.25M](https://vacdevelopment.com/media/press/foothills-acquisition-azbigmedia): WG Group makes its first Phoenix acquisition with 110,360 SF Foothills Corporate Centre I for $16.25M.
- [WG Group Acquires 110,360 SF Foothills Corporate Centre I for Industrial Conversion](https://vacdevelopment.com/media/press/foothills-acquisition-rebusiness): REBusinessOnline covers WG Group's industrial conversion play at Foothills Corporate Centre I.
- [WG Group and Krausz Buy Tropicana Beltway Center and Westbay Office Park for Nearly $80M](https://vacdevelopment.com/media/press/tropicana-westbay-rj): WG Group and Krausz close two Las Vegas deals in November 2018: Tropicana Beltway at $59M and Westbay at $20.5M.
- [WGH Partners and Krausz Sell The Gramercy Residences to Lyon Living for $45.75M](https://vacdevelopment.com/media/press/gramercy-residences-sale-rj): WGH Partners and Krausz sell The Gramercy Residences (160 units plus 12.6 acres) to Lyon Living for $45.75M.
- [WGH Partners and Krausz Sell The Gramercy Office and Retail for $61.75M](https://vacdevelopment.com/media/press/gramercy-office-retail-sale-rj): WGH Partners and Krausz sell The Gramercy office and retail buildings for $61.75M at $330-plus per SF.

## Watch & Listen

- [Andrew Dunn on Masters In Real Estate: Full-Cycle Deal Stories](https://vacdevelopment.com/media/watch/andrew-dunn-masters-in-real-estate): Andrew Dunn joins the Masters In Real Estate podcast to discuss full-cycle deals and creative strategies.
- [State of the Market: Blackstone, Rising Rates, and Housing-Crash Talk](https://vacdevelopment.com/media/watch/state-of-the-market-blackstone-rates): A late-2022 market read: rising interest rates, the Blackstone headlines, and housing-crash speculation, and what they meant for commercial real estate.
- [Understanding the Different Types of Commercial Real Estate](https://vacdevelopment.com/media/watch/types-of-commercial-real-estate): A plain-English primer on the major commercial real estate asset classes and how their tenants, leases, and risk profiles differ.
- [How Investing in Commercial Real Estate Can Change Your Life](https://vacdevelopment.com/media/watch/how-investing-in-cre-can-change-your-life): The case for commercial real estate as a wealth-building vehicle: cash flow, appreciation, leverage, and tax treatment.
- [FTX, Rising Rates, and iBuyers in Trouble: Are We Headed for a Crash?](https://vacdevelopment.com/media/watch/ftx-collapse-and-the-2022-market): A quick November 2022 market read as FTX imploded, rates kept rising, and iBuyers pulled back, and what it signaled for real estate.
- [Bri Brenkus on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-bri-brenkus): Top Las Vegas agent Bri Brenkus, a listing specialist with Brenkus Realty and Keller Williams Marketplace, on competing for listings month after month.
- [David Teskey on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-david-teskey): David Teskey on investment sales at a top-tier Pacific Northwest financial services firm: closing deals, the daily grind, and where the growth is.
- [Arda Bulak on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-arda-bulak): Furniture-company VP Arda Bulak on keeping a traditional retail business relevant in an online-first world.
- [Nicci Julian on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-nicci-julian): Nicci Julian on turning a passion for baking into a Southern California dessert business built around big events.
- [Donnie Aldridge on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-donnie-aldridge): Donnie Aldridge, founder of The Copper Can, on the high-school venture that sparked his entrepreneurial streak and led to a canned Moscow Mule.
- [Andrew Dunn on REI Marketing Nerds: Mastering Networking for Real Estate](https://vacdevelopment.com/media/watch/rei-marketing-nerds-networking): Andrew Dunn joins Dan Barrett's REI Marketing Nerds to talk networking for real estate: building real relationships with sellers, investors, and lenders, and why it beats cold marketing.
- [Brian Walker on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-brian-walker): Recruiter Brian Walker on the path from high-stakes agency recruiting to corporate roles spanning technical sourcing and full-cycle generalist work.
- [Mike Zuniga on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-mike-zuniga): Videographer Mike Zuniga, founder of Mike Zuniga Films, on going from a college film hobbyist to running his own production company.
- [Tre Carpenter on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-tre-carpenter): Las Vegas Realtor Tre Carpenter on building a business the old-school way: farming one neighborhood and running open houses six days a week until it stuck.
- [Brian Scott on The Value Add Podcast](https://vacdevelopment.com/media/watch/value-add-podcast-brian-scott): A conversation with Brian Scott, a mergers-and-acquisitions professional building a personal brand, Adulting, to help the younger generation find their footing.

## About This Firm

VAC is a private real estate investment and development firm. We are not asset-class specific. Most commonly we take a co-GP role; LP, JV, and structured equity are also available where the deal warrants it.

## Contact

- Email: invest@vacdevelopment.com
- Phone: (949) 500-0533
- Headquarters: 6623 Las Vegas Blvd S, F-340, Las Vegas, NV 89119
- LinkedIn: https://linkedin.com/company/vacdevelopment