REBusinessOnline

Mark IV Capital Buys 4,300-Acre Crossroads Commerce Center Development Site Near Reno, Nevada

FERNLEY, NEV. — Mark IV Capital, in partnership with Heath Rushing of New Nevada Resources, has acquired Crossroads Commerce Center, a 4,300-acre industrial and commercial property located in Fernley, for an undisclosed price. The asset has been rebranded to Victory Logistics District. Situated 30 miles east of Reno, Nev., Victory Logistics Center will be completed in phases with the first phase including approximately 7.5 million square feet of industrial space. Build-out is expected to …

Newmark Knight Frank Negotiates $6.4M Sale of Cornet Plaza Retail Center in Las Vegas

LAS VEGAS — Newmark Knight Frank has arranged the sale of Cornet Plaza in Las Vegas. Cornet Plaza LLC sold the asset to C&C Elliot Street LP for $6.4 million. Located at 771 E. Horizon Drive, the shopping center features 26,888 square feet of space. Tenants include Capriotti's, Papa John's and Hammers Grill & Bar. Michael Zobrist and Nelson Tressler of Newmark Knight Frank represented the seller in the

CRA, The Roxborough Group Sell Las Vegas Multifamily Portfolio for $137.5 Million

LAS VEGAS — Continental Realty Advisors (CRA) and The Roxborough Group have sold a three-community multifamily portfolio spanning 1,194 units in Las Vegas. The price was $137.5 million. The buyer was not disclosed. The Las Vegas portfolio includes: the 440-unit Stonegate Apartments, which was constructed in 1991; the 402-unit Loma Vista Apartments, constructed in 1998; and the 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990. In recent years, the sellers invested over …

Waterton Acquires 720-Unit Multifamily Portfolio in Las Vegas for $140M

LAS VEGAS — Waterton, a national owner-operator that specializes in multifamily and hospitality assets, has acquired a two-property, 720-unit multifamily portfolio in Las Vegas. According to the Las Vegas Review-Journal, the sales price was $140 million. The seller was not disclosed. Mirasol is a 400-unit community that was built in 1996 and features amenities such as a resident clubhouse, fitness center, pool and dog park. Fairways on Green Valley spans 320 units, was built in 1989 and …

Google Breaks Ground on $600M Data Center in Nevada

HENDERSON, NEV. — Google has broken ground on a $600 million data center in the metro Las Vegas city of Henderson. The 750,000-square-foot facility sits on a 64-acre site and is expected to open in 2020. It is part of a $13 billion data center and office expansion effort by Google, which also includes facilities in Michigan, Oklahoma and Texas.

Gindi Capital Acquires Las Vegas Strip Property for $172M

LAS VEGAS — Gindi Capital, a privately held investment company, has acquired a 9.5-acre property on the Las Vegas strip for $172 million from FX Luxury Las Vegas, an affiliate of Spectrum Group Management. The property is located at 3743-3759 Las Vegas Blvd., adjacent to Gindi’s other holdings on the strip, and contains 700 feet of street frontage. Gindi Capital is working with its development and design teams to plan a new flagship retail, entertainment and dining experience inside the …

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate …

Preiss, BCEG International Acquire Two Student Housing Communities Totaling 1,104 Beds in San Antonio, Las Vegas

SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed. Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of …

TruAmerica Multifamily Acquires 896-Unit Allanza at the Lakes in Las Vegas for $152M

LAS VEGAS — Los Angeles-based TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Allanza at the Lakes, a multifamily property located at 8600 Starboard Drive in Las Vegas, for $152 million. Allanza is the fourth largest apartment community in Nevada and the largest acquisition by unit size in the six-year history of TruAmerica. Built in 1986, Allanza features 896 units in a mix of one-, two- and three-bedroom layouts spread across 56 two-story buildings …

Panattoni Development Begins Work on North 15 Logistics Center in North Las Vegas

NORTH LAS VEGAS, NEV. — Panattoni Development, serving as developer, has commenced work on North 15 Logistics Center, building on a 29.9-acre land parcel located at the intersection of Interstate 15 and Speedway Boulevard in North Las Vegas. Slated for completion in first-quarter 2020, the $47 million project will feature two buildings offering a total of 550,024 square feet of industrial space. The facilities will feature up to 36-foot clear heights, ESFR sprinkler systems, R-30 roof batt …

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