George Wolin, the principal of Crescent Bay Holdings, from Scottsdale, Arizona, drove around the master planned North Las Vegas development by the recently bankrupt Olympia Group.

He realized that the $21 million price for 1.340 acres was a fantastic deal - 2 expensive Beltway interchanges required for the development have already been paid for and built.

Comparable infrastructure in Tuscon would have cost the developer around $30 million on top of land costs.

As far as investing in Las Vegas real estate, opportunities are plentiful if it's a long-term hold, Wolin said at a Las Vegas meeting of the National Association of Industrial and Office Properties.

"It's a demographic tsunami and I don't subscribe to the idea that anything has fundamentally changed in Las Vegas. It's not like people are picking up and moving to St.Louis or Iowa. Places like Phoenix and Las Vegas are very attractive in a down market."

"We do feel that Las Vegas is going to be a strong market in the long term."

Even in a challenging economy, investors are identifying opportunities to acquire distressed assets, said Garrett Toft, industrial broker for Voit Commercial of Las Vegas.

Toft represented ProLogis in buying the 171,000 square foot distribution center for $7 million.

"There is more money chasing deals and was surprised that the October auction for the District at Green Valley Ranch was fairly competitive and felt lucky to get it for $79 million."

"We felt that the worst of retail was coming to a close. We look for projects that could be the dominant center in that trade area. We are looking for a high-teens return on the District."