LAS VEGAS — Calmwater Capital has provided a $15.2 million loan for the development of a new shopping center in Las Vegas, located adjacent to the Palms Casino Resort. Calmwater arranged the two-year, senior loan on behalf of the borrower, an entity controlled by CAI Investments. The developer plans to construct five pad sites for the center, totaling 27,000 square feet. Signed tenants at the center include Walgreens, Wahoo’s Fish Tacos, Denny’s, Del Taco and Dunkin’ Donuts. The project is estimated for completion over the next 12 to 18 months.
LAS VEGAS — LivCor has purchased a two-property multifamily portfolio in Las Vegas for $115 million. The portfolio includes the 350-unit Broadstone Talavera and the 324-unit Broadstone Flamingo West. Broadstone Talavera features a fitness center, two pools and a spa. It is situated near restaurants and retail outlets, and is less than eight miles from the Las Vegas Strip. Broadstone Flamingo West features a fitness center, two pools and a dog park area. It is situated near some of the largest employers in the area, and less than seven miles from the Strip. JLL’s Capital Markets team executed the transaction on behalf of the seller, a partnership between AEW Capital Management and Alliance Residential Co. AEW worked on behalf of one of its separate account clients.
LAS VEGAS — The Wolff Company has announced has broken ground on Revel Las Vegas, a 132-unit independent living community in Las Vegas. The three-story property will offer a mix of studio, one-bedroom and two-bedroom layouts. It is scheduled to open in 2018. Revel Las Vegas will be the sixth seniors housing community that Wolff has developed since 2016. The Arizona-based developer plans to invest between $300 million and $400 million annually in independent living developments in the United States.
RENO, NEV. — AEW Capital Management has purchased a 1 million-square-foot industrial portfolio in Reno for $93.2 million. The six-building portfolio is located at 875 and 895 E. Patriot Blvd., 450 Maestro Drive, 7525 Colbert Drive, 3450 Airway Drive and 5555 Quail Manor Court. The buildings were constructed in four phases between 1997 and 2001. The portfolio is fully occupied. AEW represented itself in this transaction, while NKF represented the seller, Barings Real Estate Advisers.
LAS VEGAS — SR Construction has completed construction on Henderson Medical Office Building, an 84,450-square-foot medical office building in the Las Vegas submarket of Henderson. The four-story building is situated just 200 feet from Henderson Hospital. The project includes a finished lobby, restrooms, two elevators and complete mechanical and electrical systems with future tap-ins.
LAS VEGAS — An affiliate of Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the real estate assets of Harrah’s Las Vegas Hotel and Casino on the Las Vegas Strip for $1.14 billion. The buyer is VICI Properties Inc. (OTC: VICI), a Las Vegas-based REIT spun off last month from Caesars Entertainment Operating Co. Inc., a subsidiary of Caesars Entertainment. As part of the transaction, VICI will lease back the land and real estate to Caesars under a 15-year, triple-net lease agreement with four five-year renewal options. Harrah’s Las Vegas spans 4.1 million square feet and contains 90,600 square feet of casino space and 2,530 hotel rooms. The property features a Mardi Gras and carnival theme, with 16 restaurants and bars, retail shopping, spa services, a parking garage and 24,000 square feet of meeting space. VICI Properties also entered into a definitive agreement with Caesars to sell approximately 18.4 acres of undeveloped land located behind the LINQ Hotel & Casino and Harrah’s Las Vegas for $73.6 million. It is expected that Caesars will use the land with certain other parcels to construct a convention center adjacent to Harrah’s Las Vegas. “These transactions illustrate the growth potential provided by our …
LAS VEGAS — The 158-room Homewood Suites by Hilton Las Vegas City Center has opened in Las Vegas. The hotel is located at 4625 Dean Martin Drive, half a mile from the Las Vegas Strip. Heritage Inn and Suites of Las Vegas owns the property, which Tharaldson Hospitality Management Co. manages. It offers studio to two-bedroom units that feature fully equipped kitchens, as well as separate living and sleeping areas.
RENO, NEV. — LBA Realty has acquired a Class A manufacturing and distribution center in Reno for $29.5 million. The facility is located at 9460 N. Virginia St. The seller was CP Logistics NVCC Building A2 LLC, a joint venture between CalSTRS, California State Teachers’ Retirement System and Panattoni Development Co. The asset serves as the headquarters for Mary’s Gone Crackers. The property is part of the North Valleys Commerce Center’s 1.48 million-square-foot Phase I. The land was originally sold to CP Logistics, which leased the facility to tenants like Microflex, Trademark Global and Exxel Outdoors. Mike Nevis, Dave Simonsen and Michael Hoeck of Kidder Mathews, in conjunction with JLL Capital Markets, represented the seller in this transaction.
RENO, NEV. — The Wolff Company has started construction on Revel Rancharrah, a 146-unit independent living community within Reno’s Rancharrah master-planned community. The development is scheduled for completion in 2018. The four-story property will be Wolff’s fifth seniors housing community. Wolff plans to invest $300 million to $400 million annually in new independent living development, in addition to seeking acquisition opportunities.
LAS VEGAS — Pollo Campero has opened its newest restaurant in Las Vegas, marking the second Las Vegas location and 75th location nationwide. The new restaurant is the second Pollo Campero for GSK 3 Investments, which is owned by franchisees Maria Enamorado and her sons, Gurpaul and Gurdev Kular. In April, GSK 3 Investments opened Nevada’s first Pollo Campero restaurant in North Las Vegas. The latest restaurant opening is part of Pollo Campero’s strategic development plan focused on strengthening its footprint in existing markets and opening new restaurants in key cities in the United States through corporately owned and franchised units. As part of its franchising agreement, GSK 3 Investments will open a third Las Vegas Pollo Campero restaurant in the near future. Pollo Campero is a chicken restaurant brand founded in 1971 in Guatemala.