Parkview Financial Provides $100M Loan for Conversion of Harrah’s Hotel Casino to Mixed-Use Project in Downtown Reno

RENO, NEV. — Parkview Financial has provided a $100 million loan to Reno City Center, an affiliate of Las Vegas-based CAI Investments. The funds will be used for the renovation and redevelopment of Harrah’s Reno Hotel and Casino into Reno City Center, a mixed-use project. Gryphon Private Wealth Management’s opportunity zone fund provided the equity.Located at 219 N. Center St. in downtown Reno, the development will include 538 apartments and more than 250,000 square feet of office and …

Sands Corp. to Sell Off All Las Vegas Assets for $6.2B

LAS VEGAS — Las Vegas Sands Corp. (NYSE: LVS) has agreed to sell its Las Vegas properties and operations, including The Venetian Resort Las Vegas and the Sands Expo and Convention Center, for an aggregate purchase price of approximately $6.2 billion.Under the terms of the agreement, VICI Properties Inc. (NYSE: VICI) will acquire all of the land and real estate assets associated with the Venetian for $4 billion in cash, representing a capitalization rate of 6.2 percent. Affiliates of …

Panattoni Development Breaks Ground on 138,240 SF Building to Complete North Valleys Commerce Center in Reno

RENO, NEV. — Panattoni Development has commenced construction of Building J, the 10th and the final building of the North Valleys Commerce Center in Reno. Located at 9575 N. Virginia Road, Building J will add 138,240 square feet of space to the park, which totals nearly 3 million square feet.Current tenants at North Valleys Commerce Center include S&S Activewear, Mary’s Gone Crackers, Mary Kay Corp. and Compass Health. The buildings at the park feature 36-foot clear heights, ESFR …

KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas

LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures.Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates.Silver Hills, originally built in 1998 …

Northcap Commercial Brokers Sale of 111-Unit MCR Apartments in Las Vegas

LAS VEGAS — Northcap Commercial has arranged the sale of MCR Apartments, a multifamily property located in Las Vegas. Michelas LLC sold the asset to an undisclosed buyer for $6.8 million, or $61,261 per unit.Located at 226 W. St. Louis Ave., the property features 111 apartments. The community was built in 1955.Devin Lee, Jason Dittenber, Jerad Roberts and Robin Willett of Northcap Commercial represented the seller in the

Online Shopping Keeps Vegas’ Industrial Market Humming

By Amy Ogden, Logic Commercial Real EstateThis was an unprecedented year in a multitude of ways. Though the pandemic brought economic hardships — along with the world’s worst health crisis — it also opened our eyes to how quickly life can change overnight. Businesses reacted to the crisis as best and swiftly as they could to comply with state stay at home orders, capacity reductions, and the fear and panic that ensued. Little did we know that we would be desperately seeking toilet …

Next Wave Investors Purchases Spanish Oaks Multifamily Community in Las Vegas for $28.1M

LAS VEGAS — Next Wave Investors has acquired Spanish Oaks, a 216-unit apartment property located at 2301 S. Valley View Blvd. in Las Vegas. The company purchased the asset from an undisclosed seller for $28.1 million in an off-market transaction.Built in 1976, Spanish Oaks features a mix of one- and two-bedroom units offering large closets and private balconies or patios. Community amenities include a fitness center, pool, clubhouse, laundry facilities and a leasing center.Next Wave …

WG Holdings Divests of 24,530 SF Industrial Property in Las Vegas for $5M

LAS VEGAS — WG Holdings LLC has completed the disposition of a Class A industrial building located at 6561 W. Post Road in Las Vegas. Prologis acquired the single-story asset for $5 million.Built in 2016 on 1.6 acres, the 24,530-square-foot property features dock- and grade-level doors, 30-foot clear heights, an ESFR sprinkler system and 3,567 square feet of office space. Additionally, the asset includes 70 free surface parking spaces and approximately 7,500 square feet of yard space that …

SunCap Property, Diamond Realty Investments to Develop SunPoint West Industrial Campus in North Las Vegas

NORTH LAS VEGAS — SunCap Property Group, along with Diamond Realty Investments, has closed on a 39-acre land parcel in North Las Vegas for the development of SunPoint West, a speculative industrial project.Bounded by West Cheyenne and Brooks avenues and Coleman and Clayton streets, the six-building property will offer buildings ranging in size from 55,473 square feet to 238,057 square feet for single or multi-tenant users. Site work is slated to begin in April, with the first building …

Nadel Architecture Completes 155,000 SF Expansion at Showcase Mall in Las Vegas

LAS VEGAS — Nadel Architecture + Planning, as architect and designer, has completed the 155,000-square-foot Phase IV expansion of Showcase Mall, a 481,400-square-foot retail and entertainment destination owned by Gindi Capital.Located at 3767 S. Las Vegas Blvd., the 155,000-square-foot phase includes the addition of a 50,000-square-foot Burlington and a 20,000-square-foot Target. Gindi Capital plans to add a rooftop bar and restaurant 75 feet above street level, offering views of the Las …

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