Nevada

Howard Hughes Corp. to Develop New Baseball Stadium for Las Vegas 51s

by Jeff Shaw October 11, 2017

LAS VEGAS — The Howard Hughes Corp. has unveiled plans to develop and construct the Las Vegas Ballpark in Downtown Summerlin, the urban core within the 22,500-acre master-planned community of Summerlin in Las Vegas. The new ballpark will be the future home of the Las Vegas 51s, the city’s professional baseball team. The name refers to Area 51, which is located roughly 80 miles north of the city. The team’s logo depicts one of the gray aliens thought by UFO believers to inhabit the site, according to Wikipedia. Earlier this year, The Howard Hughes Corp. acquired full ownership of the team, a member of the Pacific Coast League and a Triple-A affiliate of the New York Mets. In addition to serving as the home of the Las Vegas 51s, the 10,000-seat ballpark will host civic, community, nonprofit and sporting events. HOK is leading design efforts for the project, which will include 22 suites, club seats, berm seating, party zones and decks, picnic tables, kids’ zones, bars, and a pool beyond the outfield wall. Parking will be available on adjacent sites. Construction on the new ballpark will break ground early next year, and deliver in time for the 2019 season, according to …

October 11, 2017

Brookhollow Group, PCCP Purchase 383,000 SF Office Park in Las Vegas

by Nellie Day October 2, 2017

LAS VEGAS — A joint venture between the Brookhollow Group and PCCP has purchased Centra Point, a 383,000-square-foot office park in Las Vegas, for an undisclosed sum. The park is located at 8363 W. Sunset Road on the southern beltway curve. The asset will undergo renovations, which will include upgraded lobbies and restrooms, landscape renovation, exterior building painting, exterior common area upgrades, spec suites and a new on-site leasing and management office.

October 2, 2017

Nevada Restaurant Retail Western

Planet Hollywood Resort & Casino to Open New Restaurant

by Nellie Day September 25, 2017

LAS VEGAS — Planet Hollywood Resort & Casino will debut a new restaurant concept called Café Hollywood. The redesigned space, in the former Planet Dailies location, will open as the hotel marks its 10-year anniversary this fall Created by the same team that created Planet Dailies, the 5,500-square-foot restaurant will offer a multimedia celebration of iconic Planet Hollywood moments. Open 24 hours, the Café Hollywood wine bar and lounge will offer over 40 different wine varietals. Café Hollywood also features a private dining room featuring bi-fold doors for complete privacy and the ability to accommodate up to 65 people. Planet Hollywood Resort & Casino, which is located on the Las Vegas Strip, offering 2,500 guest rooms and suites, shopping, dining, entertainment and nightlife.

September 25, 2017

Hospitality Nevada Top Stories Western

Witkoff, New Valley Buy Former Fountainbleau Resort in Las Vegas for $600M

by Nellie Day August 30, 2017

LAS VEGAS — A partnership between Witkoff and New Valley LLC has purchased the former Fountainbleau resort on the Las Vegas Strip for $600 million. The property is located at 2755 Las Vegas Blvd. S. The 63-story resort never fully saw the light of day after construction ceased on the $2.9 billion, 3,900-room property in 2009 in the midst of the Great Recession. It was purchased by Carl Icahn’s firm, Icahn NV Gaming Acquisition LLC, in 2010 for $150 million when the asset was in bankruptcy. The property is situated across from Circus Circus, near Encore and SLS Las Vegas. It sits in front of the Westgate Las Vegas, as well as the Las Vegas Convention Center, which is in the midst of a $1.4 billion expansion and renovation. The asset was acquired at a substantial discount to replacement cost, according to Witkoff. The company spent four months conducting due diligence on the resort and Las Vegas market prior to the acquisition. “Las Vegas is one of the strongest lodging markets in the country given its highly favorable dynamics,” says Steve Witkoff, Chairman and CEO of Witkoff. “2755 Las Vegas Boulevard South is one of the best physical assets in …

August 30, 2017

Multifamily Nevada Western

Tanglewood Village Apartments in Carson City Changes Hands

by Nellie Day August 29, 2017

CARSON CITY, NEV. — A limited liability company has acquired the 130-unit Tanglewood Village Apartments in Carson City for an undisclosed sum. The community is located at 919 S. Roop St. It is situated near Interstate 580 and U.S. Route 50. Amenities include a swimming pool, sundeck, tennis courts and a fitness center. It was built in 1978 to condominium specifications. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented both the buyer and seller, another LLC, in this transaction.

August 29, 2017

Nevada Office Western

GLVAR Sells Las Vegas Headquarters for $2.7M

by Nellie Day August 28, 2017

LAS VEGAS — The Greater Las Vegas Association of Realtors (GLVAR) has sold its local headquarters for $2.7 million. The office is located at 1750 E. Sahara Ave. GLVAR has leased the space back from the new owner, Laborers’ International Union North America (LIUNA), until its new facility is built on Rainbow Boulevard, just north of Sunset Road. David R. Scherer of Newmark Grubb Knight Frank represented GLVAR, while Peter Guzman represented LIUNA.

August 28, 2017

Healthcare Nevada Western

SR Construction Completes Two Neighborhood Hospitals in Las Vegas for Dignity Health

by Nellie Day August 23, 2017

LAS VEGAS — SR Construction has completed construction of two of the Las Vegas Valley’s first neighborhood hospitals, North Las Vegas Campus and Blue Diamond Campus. The projects are a joint venture between Dignity Health and Emerus. The North Las Vegas Campus Neighborhood Hospital is located at 1550 W. Craig Road in North Las Vegas and was the first to be built in the state. The three-story building houses a licensed hospital on the first floor with 16 patient rooms. The hospital also has a diagnostic imaging suite, lab, inpatient waiting room, and space for primary care and specialty physicians, in addition to a wellness center. The Blue Diamond Campus Neighborhood Hospital is located at 4855 Blue Diamond Road. It was the second of four facilities to open. The 27,000-square-foot, two-story building mirrors a similar layout housing a licensed hospital on the first floor. It also has a diagnostic imaging suite, lab, inpatient waiting room and space for primary care and specialty physicians, in addition to a wellness center located on the second floor.

August 23, 2017

Industrial Nevada Western

Panattoni Development Completes $24M Airport Industrial Center in Henderson

by Nellie Day August 17, 2017

HENDERSON, NEV. — Panattoni Development has completed a 482,300-square-foot industrial building at South 15 Airport Center in the Las Vegas submarket of Henderson. The building is situated on a 28-acre parcel on Executive Airport Drive. The $24 million project has a clear height of 36 feet. The project is the only large industrial development located in the south end of the valley, according to Panattoni. PDC USIF South 15 LLC, a joint venture between Panattoni Development and Hillwood, owns the property. Alston Construction built the asset, which Tectonics Design Group designed.

August 17, 2017

Nevada Retail Western

JLL Income Property Trust Acquires Montecito Marketplace in Las Vegas for $63M

by Nellie Day August 15, 2017

LAS VEGAS — JLL Income Property Trust has acquired Montecito Marketplace, a 190,000-square-foot shopping center located in Las Vegas, for $63 million. Smith’s Grocery and TJ Maxx anchor the fully leased property, which is home to national and regional retailers, restaurants, banks and personal service tenants. The seller in the transaction was undisclosed. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and operates a portfolio of high quality office, retail, industrial and apartment properties across the U.S.

August 15, 2017

Industrial Nevada Western

Blueprint Studios Trends Leases Former IGT Headquarters in Las Vegas

by Nellie Day August 9, 2017

LAS VEGAS — Blueprint Studios Trends has leased an 81,000-square-foot space within the Southwest Corporate Campus in Las Vegas that formerly served as the headquarters of International Gaming Technology (IGT). The campus is located at 7900 W. Sunset Road. The studio plans to use the space to produce designs for large-scale events, including tradeshows, general sessions, exhibit booths, summits and sales kick-off meetings. Southwest Corporate Campus was completed in 2007. Notable neighboring tenants include IGT, IKEA, Pepsi, UFC, Freeman Company, Scientific Games, Ainsworth and Switch. The Naseef Team of Colliers International represented Blueprint. Susan Borst, Dan Doherty, Chris Lane and Jerry Doty of Colliers International represented the landlord, Panattoni Development.

August 9, 2017

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