Las Vegas
RECon Special Report: Thousands Chase Deals in Las Vegas
Surging demand, new retail concepts and stirrings of new development were the talk of the Las Vegas Convention Center on Monday during the first day of RECon, the International Council of Shopping Centers’ annual spring convention.
RECon Preview: What’s in Store for Real Estate’s Biggest Show?
Renewed development, technology, taxes on internet sales and other retail trends will be in the air when 32,000-plus professionals gather at the Las Vegas Convention Center next week for RECon, commercial real estate’s largest event.
Stoltz Real Estate Partners Pays $51m for N. Las Vegas Community Center
Deer Springs Town Center is a 512,325-square foot retail center located at the intersection of the Interstate 215 Beltway and 5th Street. Developed in 2009, it stands on a 62-acre lot and is home to a number of big retail names such as Home Depot, Toys ‘R’ Us, Babies ‘R’ Us Ross Dress for Less, Target, PetSmart, Michaels and Staples. Not included in the deal were the 143,160 square feet occupied by retailer Target, the entity being the owner of the space. Other names featured on the complex’ tenant roster include AT&T, In-N-Out, Nevada Federal Credit Union and Verizon Wireless. At the time of the sale, Deer Springs Town Center’s occupancy rate stood at 86 percent.
Linq Unveils LED Frontage as High-Rolling Project Nears Home Stretch
The Linq development is slated to become one of the big crowd attractions on a constantly reinventing Strip. The $550 million development will have created around 3,000 construction jobs for the area, while the developer estimated that around 1,500 full-time positions would be created once the entertainment district begins to operate at full potential. An opening date for the Linq is set for Q4 this year.
MGM Details Arena-Centered Entertainment District in Vegas
There’s going to be a lot of action on the stretch between MGM Resorts International’s New York-New York and Monte Carlo casino-resort properties along the Las Vegas Strip.
Downtown Project Buys Gold Spike; Redevelopment Plans Coming Up
The Gold Spike has been a staple of the downtown area since its opening in 1976. The boutique hotel originally opened as the Rendezvous, offering guests 112 rooms over seven floors, as well as a total gaming space of around 5,800 square feet. The property first traded hands in 1983 when casino mogul Jackie Gaughan bought the property that had been closed down for a number of months. The real estate investor then sold the property to Barrick Gaming in 2002, as part of a three-property deal. After a string of deals, the property became part of The Siegel Group Nevada’s portfolio in 2008, following a deal worth $21 million.
$260M M-U Runway Project Underway in L.A.’s Playa Vista
Construction has gotten off the ground on Runway, the $260 million mixed-use center that will sit on the former runway of billionaire Howard Hughes’ aerospace complex in the L.A. community of Playa Vista.
Forest City Launches $7M Makeover of Galleria at Sunset
One of the area’s largest retail properties is set for a makeover as the Galleria at Sunset in Henderson looks to start its first renovation process. Operations at the property are set to commence this month and last until later this year, with an estimated budget of approximately $7 million being prepped for the makeover. One of only three enclosed non-outlet malls in the Las Vegas Valley not located on the Strip, the Galleria is part of Forest City Enterprises’ portfolio, the company also being responsible for operating the shopping mall.
Hsieh’s Downtown Project Adds Vintage Western Hotel to Portfolio for $14M
Spearheaded by Zappos CEO Tony Hsieh, Las Vegas’ Downtown Project organization has taken an important step forward in its ongoing initiative to reclaim some of the appeal of the city’s central area. The online retailing mogul has voiced his love for Sin City’s downtown area on more than one occasion, and has offered his support and funds to a number of causes meant to restore the glow of the area surrounding Fremont Street. His belief in old Vegas architecture and the charm of the era leading up to the megaresorts of the Strip has produced yet another important real estate deal.
Caesars Unveils $185M Makeover for Bill’s Gamblin’ Hall
The city of Las Vegas might look back one day and realize that this post-recession timeframe could represent a defining moment in its history. Reinvention, a new focus on business, art and sport and a new take on the megaresorts of the Strip, as they are now, will determine the city’s success for years to come.That is why there is no surprise that another old Vegas venue has closed its gates, and will only reopen them featuring a new name, ambiance and target audience. Caesars Entertainment-owned Bill’s Gamblin’ Hall & Saloon has been closed for over a month now and it is set to reopen only in 2014, after a $185 million renovation process, as the Gansevoort Las Vegas.