REBusinessOnline

Shopoff Realty, Contour Secure Entitlement Approvals for 19-Story Dream Las Vegas Resort

LAS VEGAS — A joint venture between Shopoff Realty Investments and Contour has secured entitlements for the full development of Dream Las Vegas, a previously announced resort and casino on the Las Vegas Strip.Situated on 5.2 acres at 5051 S. Las Vegas Blvd., the 19-story development will feature 526 guest rooms and suites, gaming, dining and nightlife venues, a pool deck, retail experiences, meeting rooms, and a fitness center. Completion is slated for third-quarter 2024.The property …

Coldwell Banker Brokers $35M Acquisition of Silver Creek Apartments in Las Vegas

LAS VEGAS — Coldwell Banker Commercial has arranged the purchase of Silver Creek Apartments, a multifamily property located at 6170 Boulder Highway in Las Vegas. A Southern California-based investment firm acquired the asset from an undisclosed seller in an off-market transaction for $35 million.Built in 2002, Silver Creek Apartments features 224 units in a mix of one-, two- and three-bedroom layouts.Garry Cuff and Tom Naseef of Coldwell Banker Commercial Premier represented the buyer …

CBRE Negotiates $13.9M Sale of Phase I of PSi Commerce Center in Las Vegas

LAS VEGAS — CBRE has arranged the sale of Phase I of PSi Commerce Center, a two-building flex industrial property in Las Vegas. Credi Gramercy acquired the asset from Parting Seas Investments for $13.9 million. Tyler Eckland of CBRE represented the seller in the transaction.The buyer plans to use the 73,247-square-foot property as a bakery and food preparation facility. The first phase of PSi Commerce Center comprises a 48,568-square-foot warehouse at 7175 Belcastro St. and a …

DCG Arranges $5.4M Sale of Industrial Portfolio in Sparks, Nevada

SPARKS, NEV. — DCG has arranged the sale of an industrial portfolio located at 1610 and 1630 Kleppe Lane in Sparks. An undisclosed buyer acquired the portfolio for $5.4 million.Situated in the Sparks industrial submarket, the two-building asset also included an adjacent three-acre yard for a total of six acres of occupied space. At the time of sale, the property was fully occupied by Herc Rentals, Vertical Iron Works and Drake Anthony Co.Joel Fountain, Baker Krukow, Nick Knecht and …

CapRock Partners Seizes Industrial Opportunities in Western Region

Newport Beach, Calif.-based CapRock Partners was busy before the pandemic, but shows no signs of slowing down even as brick-and-mortar retail reopens. The industrial investor, developer and asset manager’s newest venture is also its biggest: a 183-acre infill project in Phoenix where it plans to build an eight-building industrial complex that totals more than 3.4 million square feet.“Several years prior to the pandemic, we recognized the ecommerce trends along with the demand for larger …

DraftKings to Anchor $400M UnCommons Mixed-Use Project in Las Vegas

LAS VEGAS — DraftKings Inc., a fantasy and digital sports betting company based in Boston, plans to open its second largest office hub within UnCommons, a $400 million mixed-use development underway in southwest Las Vegas. DraftKings will occupy 90,000 square feet and ultimately house more than 1,000 employees at the new offices.Matter Real Estate Group, a San Diego-based developer, broke ground on the 40-acre project last summer and plans to deliver the first phase of the campus in …

Blackstone Agrees to Sell Cosmopolitan Hotel, Casino in Las Vegas to MGM for $5.6B

LAS VEGAS — Blackstone (NYSE: BX) has entered into an agreement to sell The Cosmopolitan hotel and casino in Las Vegas to locally based hospitality and entertainment owner-operator MGM Resorts International (NYSE: MGM) for $5.6 billion.Blackstone originally acquired The Cosmopolitan in 2014 for approximately $1.6 billion, according to The Wall Street Journal. The firm subsequently invested more than $500 million in capital improvements to renovate the property’s 3,000 existing hotel …

Brass Cap Development Divests of 25,000 SF Brass Diablo Industrial Complex in Las Vegas for $5M

LAS VEGAS — Brass Cap Development has completed the disposition of Brass Diablo, an industrial property located at 5401 W. Diablo Ave. in Las Vegas. An undisclosed buyer acquired the recently completed asset for $5 million.Featuring more than 25,000 square feet, Brass Diablo offers three dock-high doors, one grade-level dock door, a 60-foot concrete dock apron and easy access to valley freeways and the Stadium District.LM Construction designed and built the

Prologis Acquires 441,569 SF Safari Business Park in Las Vegas

LAS VEGAS — San Francisco-based Prologis has purchased Safari Business Park, a Class A industrial campus in Las Vegas. An entity doing business as Black Bongo LP sold the asset to Prologis for an undisclosed price.Located at 7650-7850 Dean Martin Drive, the five-building property features 441,569 square feet of multi-tenant industrial space. At the time of sale, the park was 82 percent leased, with available suites ranging from 10,280 square feet to 15,303 square feet. Each suite features …

Bascom Group Sells Fifty101 Apartments in Las Vegas to Apartment Ventures for $21.6M

LAS VEGAS — The Bascom Group has completed the disposition of Fifty101, a multifamily community located at 5101 O’Bannon Drive in Las Vegas. Apartment Ventures acquired the asset for $21.6 million.The 90-unit community consists of 16 one-bedroom apartments, 50 two-bedroom units and 24 three-bedroom/two-bath layouts in a variety of floor plans. The Bascom Group had completed property-wide renovations, including capital improvements in dual-pane windows and public update upgrades and …

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