Las Vegas

By Alex Girda, Associate Editor John’s Incredible Pizza Co. has signed on for 60,000 square feet at Boulevard Mall. The dining and entertainment chain will create about 200 jobs and accommodate up to 1000 guests when it opens its new location later this year. John’s Incredible Pizza combines food with entertainment, offering a family-style buffet, […]

Veer Towers recently hit a major sales milestone as the company currently in charge of selling units at the property announced it has sold condos worth more than $100 million. Pordes Residential Sales and Marketing has now completed deals for 225 residential units in the Veer Towers complex since it took over sales operations, in 2013.

With the Las Vegas Arena project hitting major development milestones recently, discussions of a major sports franchise appearing in Las Vegas are intensifying. After talk of a new MLS franchise coming to the city essentially hit a speedbump, the NHL is the new major sports league targeted by local entrepreneurs.

127 acres of land recently traded hands within the Lake Las Vegas community as developer RY Properties is the new owner of a large number of partially improved residential lots in the recovering communities. The $12.5 million deal was closed by The Hoffman Company, an entity that has been very active with land deals in 2014, a sign that investors are once again interested in the prospects offered up by the Las Vegas area.

The new Las Vegas Arena project headed by a partnership between AEG and MGM Resorts International has its first “Founding Partner”. The development team on the project that aims to bolster the amount of high-profile events that take place in Las Vegas has a new name joining. Schneider Electric is a global specialist in energy management, and has entered a formal, multi-year agreement with the Las Vegas Arena Company. The contract calls for the company to design, install and operate numerous tech systems throughout the arena.

With the commercial market finding new life in Las Vegas, the Dornin Investment Group has moved to acquire an office asset in the city’s downtown. The investor acquired City Centre Place, with funds for the purchase being provided by real estate finance and investment management firm PCCP, LLC. The buyer was provided with an $18 million senior loan for the acquisition and lease-up of the property. This is the third transaction completed between PCCP and Dornin Investment, according to PCCP Associate Vice President, Mike Johnson.

A Las Vegas commercial property was recently acquired by a Los Angeles-based real estate investment company that plans on repositioning it and adding value. BH Properties acquired the Addison Complex facility for a fee of $2.8 million, from seller VanMeetren Family Limited Partnership. BH Properties worked with David Frear, Senior Vice President of Colliers International during the transaction, while the VanMeetren Family Limited Partnership was represented by Charlie Mack, a president and broker with Mack Realty.

Marcus & Millichap recently announced that it has begun marketing for a Walgreens drugstore located on the famous Las Vegas Strip. The commercial real estate investment services firm has the exclusive right to offer the net-leased property up for sale. Although the price is currently set as open bid, the asset is set to fetch a purchase fee around the $40 million mark, industry specialists estimated. The selling entity is a joint venture that includes Harbor Group International

City officials in Henderson passed up on the opportunity to sell federal land to a developer willing to develop a hospitality project in the Las Vegas Valley. Reports indicate that a development team consisting of Kapelfre LLC and CKB Management Affiliates LLC, the latter being an entity controlled by known developer Raymond Shapiro, asked that a 9-acre piece of land be put up for auction during the fall of 2015. Local authorities have denied the sale of the property, with future selling prospects for the land currently being unclear.

The second half of the year meant a substantial increase in the amount of attention the Las Vegas commercial real estate market has seen, with investors dialing in on opportunities throughout the market. Kite Realty Group Trust recently completed the acquisition of Rampart Commons in the city’s Summerlin submarket, an area of the Las Vegas Valley that is seeing development and interest reach an all-time high. The Indianapolis-based company paid a total of $32.3 million for the asset, including $12.3 million of assumed debt.