Nevada

DaVita HealthCare Partners Leases Medical Office Facility in Nevada

by Nellie Day May 20, 2016

PAHRUMP, NEV. — DaVita HealthCare Partners has leased a new ground-up, built-to-suit medical office facility in Pahrump. The 57,000-square-foot facility is situated on a 7.2-acre site about 60 miles west of Las Vegas. The group will occupy the space once it opens next year. Details of the long-term lease were not disclosed, though the lease is valued “in the tens of millions of dollars,” according to MDL Group/CORFAC International. The firm’s Hayim Mizrachi, Jarrad Katz and Galit Kimerling executed the lease transaction between DaVita, the land owner, Thousandaire Inc., and the developer, Dakem & Associates. Aimee Burford and Bill Oakley of Bank of Nevada, a division of Western Alliance Bank, funded the development.

May 20, 2016

vantage-luxury-apartments-henderson-nevada

Multifamily Nevada Top Stories Western

Camden Property Trust Divests Entire Las Vegas Multifamily Portfolio for $630M

by Haisten Willis April 27, 2016

LAS VEGAS — Camden Property Trust (NYSE: CPT) has sold its Las Vegas portfolio, largely consisting of apartment communities, for $630 million. The portfolio includes 15 garden-style apartment communities totaling 4,918 units, a retail center and 19.6 acres of undeveloped land. With the sale, Camden is exiting the Las Vegas market, according to the Houston Business Chronicle. Company executives will discuss the sale during a first-quarter earnings call slated for April 29. The buyer was not named. However, Las Vegas business journal Vegas Inc. reports the purchaser is a joint venture between Irvine, Calif.-based Bascom Group and Los Angeles-based Oaktree Capital Management. The joint venture also owns Vantage Lofts, a luxury apartment project in the Las Vegas suburb of Henderson. Camden Property Trust is a publicly traded real estate firm that owns, manages, develops, redevelops, acquires and builds multifamily communities. The Houston-based company owns and operates 158 properties totaling 55,254 units across the United States. The company’s stock price closed at $82.64 per share on Tuesday, April 26, up from $76.28 one year ago. — Haisten Willis

April 27, 2016

Nevada Retail Western

BIG Shopping Centers Sells Sahara Pavilion South in Las Vegas for $20.5M

by Nellie Day April 26, 2016

LAS VEGAS — Beverly Hills-based BIG Shopping Centers USA has sold Sahara Pavilion South, a 158,394-square-foot shopping center located in Las Vegas, to 3D Investments for $20.5 million. The center, located approximately 1.5 miles west of Las Vegas Boulevard, is home to tenants including Chipotle Mexican Grill, JP Morgan Chase, Einstein Bros. Bagels, Metro PCS, AT&T and Starbucks Coffee.

April 26, 2016

Nevada Retail Western

Simon Property Group, Invesco Complete $1.1B Purchase of The Shops at Crystals in Las Vegas

by Nellie Day April 18, 2016

LAS VEGAS — Simon Property Group and Invesco Real Estate have completed the acquisition of The Shops at Crystals in Las Vegas for $1.1 billion. The two companies are 50-50 joint venture partners in this acquisition. The Shops at Crystals is a 324,000-square-foot retail complex anchored by 10 luxury flagship stores, including Louis Vuitton, Gucci, Dolce & Gabbana, Tom Ford, Prada, Fendi and Tiffany & Co. It also contains 30 unique-to-market luxury retailers like Céline, Saint Laurent and Richard Mille. The asset features a dedicated tram station that connects to the Bellagio Resort & Casino, Aria Resort & Casino and Monte Carlo Resort & Casino. The Shops at Crystals is situated within City Center, a mixed-use development that includes Aria Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and Veer Towers, which contain 669 luxury condominium residences.

April 18, 2016

Nevada Retail Western

Crate & Barrel To Open First Nevada Location

by Nellie Day April 12, 2016

LAS VEGAS — Crate & Barrel has signed a lease to open a store at Downtown Summerlin, a 106-acre fashion, dining and entertainment development located in the Summerlin master-planned community. This will mark the first Nevada location for the retailer. Since opening in October 2014, Downtown Summerlin estimates that 17 million people have visited the development. It has opened 115 retailers in the first phase, which includes 1.4 million square feet of mixed-use development on 106 of the property’s 300 developable acres.

April 12, 2016

Industrial Nevada Western

Harsch Buys Patrick Airport Center in Las Vegas

by Nellie Day April 6, 2016

LAS VEGAS — Harsch Investment Properties has purchased Patrick Airport Center, a 57,838-square-foot industrial property in Las Vegas, for an undisclosed sum. The business park is located at 2900 E. Patrick Lane, on the edge of McCarron International Airport. Joe Leavitt and Chris Lexis of Avison Young represented the undisclosed seller.

April 6, 2016

Nevada Retail Western

In-N-Out Burger to Open First Location on the Las Vegas Strip

by Nellie Day April 5, 2016

LAS VEGAS — In-N-Out Burger will open a new location in The LINQ Promenade, Caesars Entertainment’s open-air shopping, dining and entertainment district located at the center of the Las Vegas Strip. It will be the fast-food company’s first location on the strip. The LINQ Promenade was the first open-air space in Las Vegas that offered a shopping, dining and entertainment district to guests with many first-to-the-market outlets, according to the developer.

April 5, 2016

Multifamily Nevada Student Housing Western

The Midby Cos., University of Nevada Las Vegas Begin $76M Student Housing Redevelopment

by Nellie Day April 4, 2016

LAS VEGAS — The University of Nevada Las Vegas (UNLV) and The Midby Cos. have begun construction on a three-phased redevelopment of the University Park Apartments, a garden style apartment community located at the north end of campus. UNLV purchased the property, which will be converted into on-campus student housing, in 2015 and The Midby Cos. have entered into a 40-year ground lease to redevelop and operate the property. The Midby Cos. will invest $76 million into creating the community, called U District. Phase I of development, which is currently underway, includes the demolition of existing structures and the construction of The Degree, a 758-bed housing community expected for completion in fall 2017. The Degree will offer fully furnished two-bedroom double occupancy, two-bedroom single occupancy and four-bedroom single occupancy units with private bathrooms. Each unit features a washer and dryer, kitchen, balconies and air conditioning. Community amenities include fitness centers, study and team rooms, media and social lounges and a 2,000-square-foot resort-style pool with lounge areas, cabanas and grill stations. Within the next 10 years, the remainder of U District will be redeveloped in two more phases. The remaining units for Phase II and III are currently being renovated and …

April 4, 2016

Nevada Retail Western

Solar Array Now Complete Atop Future IKEA Store in Las Vegas

by Nellie Day March 24, 2016

LAS VEGAS — IKEA, a home furnishings retailer, has completed the solar installation atop its Las Vegas store, which will open on May 18, 2016. The project is the largest single-use retail rooftop solar array in Nevada, according to the company. The store’s 240,504-square-foot solar array comprises a 1.14 megawatt system, built with 3,620 panels, and will produce approximately 1.8 million kilowatt hours of electricity annually for the store — the equivalent of reducing 1,207 tons of carbon dioxide, the company claims. For the development, design and installation of IKEA Las Vegas’ solar power system, IKEA selected Helix Electric, an electrical contractor specializing in design-build electrical projects in the U.S. R&O Construction is managing the site work and building of the actual store.

March 24, 2016

Nevada Retail Western

CityCenter Holdings, Invesco, Simon Property Group Agree to Buy The Shops at Crystals in Las Vegas for $1.1B

by Jeff Shaw March 18, 2016

LAS VEGAS — A joint venture between CityCenter Holdings LLC, Invesco Real Estate (NYSE: IVZ) and Simon Property Group (NYSE: SPG) has agreed to acquire The Shops at Crystals in Las Vegas from an undisclosed seller for approximately $1.1 billion. CityCenter Holdings LLC is itself a joint venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp. The Shop at Crystals is located at the entryway of City Center in the heart of the Las Vegas Strip. City Center is a mixed-use development that includes ARIA Resort & Casino, a 4,004-room casino resort; Mandarin Oriental Las Vegas, a 392-room boutique hotel with 225 luxury condominium residences; Crystals, a retail and entertainment district consisting of approximately 355,000 square feet of leasable retail space; Vdara Hotel and Spa, a 1,495-room luxury hotel-condominium; and the Veer Towers, which contain 669 luxury condominium residences. The transaction to acquire the 324,000-square-foot shopping center is expected to close in the second quarter of this year. “This transaction demonstrates the strength in Las Vegas as a premier destination for visitors around the world,” says Jim Murren, chairman and CEO of MGM Resorts International. “We believe that Invesco Real Estate and Simon Property Group are the …

March 18, 2016

Newer Posts

Older Posts