LAS VEGAS — Loft 5 LLC has acquired the 241-unit Loft 5 apartments in Las Vegas for $51.5 million. The community is situated just off Interstate 15, nearby to the Las Vegas Strip. Loft 5 contains a mix of for-sale and for-rent units. Community amenities include four resort-style pools and hot tubs, outdoor fireplaces and grills, a fitness center, steam room and club lounge. JLL’s John Cunningham and Charles Steele represented the seller, DK Loft 5 LLC, in this transaction.
LAS VEGAS — Strategic Storage Trust has purchased two self storage facilities in Las Vegas for $28.1 million. The 771-unit Storage Direct-Silverado is located at 9890 Pollock Drive. The 871-unit Storage Direct- Bermuda is located at 590 E. Silverado Blvd. CBRE’s Nick Walker represented both the buyer and the seller, Silverado Mini Storage LLC, in this transaction.
LAS VEGAS — Majestic Realty Co. has broken ground on a 295,500-square-foot speculative warehouse distribution center at its Beltway Business Park in Las Vegas. The warehouse will be situated just south of the Southern Beltway at the intersection of Jones Boulevard and Badura Avenue. Notable tenants at the park include Switch Communications, GES, NV Energy, Brady Industries and MGM. Thomas & Mack Development Group served as development partner on this project.
RENO, NEV. — Westcore Properties has purchased a 12-property industrial portfolio in Reno for $54.5 million. The portfolio contains a total of 1.17 million square feet. The acquisition marks Westcore’s entry into the Reno marketplace. The properties included in the transaction range in size from 11,200 square feet to 210,215 square feet. The portfolio is 92 percent leased by 53 tenants, which primarily use the properties for distribution space. HFF’s Anthony Brent, Ryan Martin and Scott Pertell represented the seller, GLP US, in this transaction.
LAS VEGAS — Starlight Investments Ltd. has purchased the 320-unit South Blvd apartment community in Las Vegas for $53.6 million. The community is located at 10200 Giles St. South Blvd is situated 15 minutes from the Las Vegas Strip. Its units feature granite countertops, full-size washer and dryer sets, dark wood cabinetry, stainless steel kitchen appliances and private entries. Community amenities include two resort-style pools, a sun bathing pool, spa, e-lounge, executive business center, movie theater with stadium seating, 24-hour fitness center, designated pet area and complimentary coffee café. JLL’s John Cunningham and Charles Steele represented the seller, the Praedium Group, in this transaction.
LAS VEGAS — TriStar Capital and RFR Holding have sold Miracle Mile Shops, a 501,522-square-foot retail mall located at the Planet Hollywood Resort & Casino in Las Vegas. An affiliate of Institutional Mall Investors LLC, a venture co-owned by Miller Capital Advisory Inc. and CalPERS, acquired the asset for an undisclosed amount. Axis Theatre — home to residency performers Britney Spears and Jennifer Lopez — anchors the center, which is also home to more than a mile of 200 shops, 13 restaurants and three additional live entertainment theaters. The mall also features direct access to Planet Hollywood’s 100,000-square-foot casino. HFF advised the sellers in the transaction.
LAS VEGAS — Devarim 18 LLC has acquired Edmond Town Center, a 21-acre shopping center in Las Vegas, for $5.5 million. The center is located at 921-1081 W. Owens Ave. Scot Prince and Neal Anzalotti of Logic Commercial Real Estate represented the buyer. CBRE’s Charles Moore and Marlene Fujita represented the seller.
LAS VEGAS — Burke Construction Group has completed construction on an expanded warehouse facility for the Frito Lay Las Vegas Distribution Center. The center is located at 1209 Trade Drive. The 30,000-square-foot addition will allow Frito Lay to expand its existing warehouse facility. The space was built directly adjacent to the active warehouse, creating one common warehouse space. William E. Franz designed the property. Burke built the space on behalf of Con-Real LP.
NORTH LAS VEGAS — The Bascom Group has purchased the 312-unit Trellis Park Crossroads Apartments in North Las Vegas for $35.3 million. The community is located at 3825 Craig Crossing Drive. Trellis Park was built in 2009. It is situated near the 95 and 215 freeways, less than 10 miles from the Las Vegas Strip. CBRE’s Brian Eisendrath and Annie Rice arranged a $31.5 million loan with Resource Real Estate Funding for the transaction. The firm’s Spence Ballif executed the sale.
NORTH LAS VEGAS, NEV. — Boyd Gaming Corp. (NYSE: BYD) has completed the acquisition of ALST Casino Holdco LLC, the holding company of Aliante Casino Hotel and Spa. Boyd bought the property for $380 million, according to the Las Vegas Sun. Aliante is Boyd Gaming’s first casino property in North Las Vegas, and its 10th property in the Las Vegas Valley. The company now owns and operates 22 casino properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi. “As the premier gaming asset in North Las Vegas, Aliante provides a tremendous opportunity to participate in the long-term growth of the northern part of the Las Vegas Valley,” says Keith Smith, president and CEO of Boyd Gaming. Aliante opened in November 2008 at a cost of more than $660 million under the name Aliante Station, and was originally a joint venture between Station Casinos and the Greenspun family. A group of banks and private equity companies became the new owners in 2011 as a result of the property’s bankruptcy restructuring. Boyd’s plan to purchase the property was first announced in April 2016. Aliante Casino Hotel and Spa includes an 82,000-square-foot casino floor, 170-seat race and sports book, 202-room hotel, 16-screen …
