Las Vegas
Griffis Residential Rebrands Pair of M-F Assets
Griffis Residential recently unveiled the new names of the two Las Vegas area communities it owns. The Denver-based multifamily investment and management firm has baptized the two premium residential assets by introducing the Griffis brand into the new monikers for the properties. As a result, The Wellington Apartments has now become Griffis Summerlin South, while Quest Apartments has been renamed as Griffis Cornerstone Park.
Officials Delay Vote on Parcel Eyed for Global Business District; Triple Five Markets Site Near Riveria
With the ever-referenced economic comeback of Las Vegas still underway, the city is starting to cover the scars left by the downturn. Recently, massive strands of land caught the investors’ attention as it was revealed that the Las Vegas Convention and Visitors Authority is seeking to acquire an important land parcel near the Las Vegas Convention Center. Meanwhile, one of the largest proposed Strip projects of the past decade is officially history as the owner has rolled out a large amount of land at $16 million an acre.
Tropicana Follows Up $200M Renovation With Meeting-Space Makeover
Tropicana Las Vegas – a DoubleTree by Hilton is currently undergoing major changes at its Tropicana Pavilion, with the facility being expanded for additional space. The entity recently announced that the development process is set for a March 1, 2015 completion. A number of improvements and new features are also planned for the process that aims to bolster the hotel’s convention business appeal in the coming years.
Thorofare Capital-Arranged Loan Leads to Sale of Final Condo Units at The Martin
Thorofare Capital, an alternative investment platform, recently announced that it had provided a $4 million short-term loan to finance the acquisition of a condo unit portfolio at The Martin. The sponsor will use the financing to acquire the final units under the ownership of the tower’s developer, and then focus on selling the condos to foreign investors. KCD Martin is buying the units from New York-based iStar Financial.
Venues Group Breaks Ground on Event Facility in Fremont East
The Venues Group recently held a groundbreaking ceremony for the company’s latest project, a Las Vegas entertainment facility. The developer, a premier special event and entertainment facility group, was represented at the facility by executives including Owner and Founder Victor Perillo and Vice President David Twigger, while the city was represented by Mayor Carolyn G. Goodman. The celebration included a brief press conference regarding the new development, as well as a VIP event that showcased the design flourishes of the development project that is set to take shape in downtown Las Vegas.
Bascom Group, Oaktree JV Buys New M-F Asset in Henderson
A Henderson multifamily asset recently traded hands when a Bascom Group venture and funds managed by Oaktree Capital Management LP moved on the local market for a new acquisition. The $250 million venture is now the new owner of The Edge at Traverse Point residential community after the deal was officially closed at the end of last month.
Las Vegas in the Mix for Pro Soccer’s Next Expansion
Las Vegas is a city aching to get a major sports franchise for a while now, but it seems that the NFL, NBA, MLB and NHL are currently satisfied with the number of teams that they currently allow. The success of the Las Vegas Summer League has galvanized discussion regarding an expansion franchise to the city, but the league is cycling through a number of potential cities in case of an expansion. One sport that has been gaining notoriety with the American public in recent weeks, mainly due to the monster success of the 2014 FIFA World Cup in Brazil, is soccer.
IKEA Eyes Spring Valley for First Las Vegas-Area Store
IKEA has announced that it is developing a brand new Las Vegas-area store, part of its current initiative to significantly expand its operations in the western United States. The Swedish retailer has reportedly filed paperwork with Clark County, Nevada for the construction of a new facility that would be completed by 2016, just 13 miles away from downtown Las Vegas.
Partners Capital Acquires Sunset Shopping Center in Henderson
The city’s retail market is currently seeing some relief, with a rebound well underway in terms of development and acquisitions. With rents finally headed towards a positive year-on-year change, investors are once again looking toward the Las Vegas market for opportunities. A joint venture created by Partners Capital and its affiliates has now moved to acquire the Sunset Shopping Center in the Las Vegas submarket of Henderson for an undisclosed amount.
Dornin Buys Seven Hills MOBs in Henderson
The Seven Hills Medical Center in Henderson was recently purchased by Dornin Investment Group in an all-cash deal. The buyer acquired the medical office buildings located in the planned Seven Hills community as part of a 1031 exchange arranged on behalf of both the buyer and seller by Jason Lesley of Colliers International.