Ownership of Tivoli Village, an approximately 670,000-square-foot, mixed-use asset in Las Vegas, will soon change hands. With the assistance of Cushman & Wakefield, Property and Building Corp. and IDB Group USA have entered into an agreement to sell the open-air office and retail property to 3D Investments in a transaction valued at $216 million.
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Tivoli Village occupies nearly 30 acres at 400 S. Rampart Blvd., near the exclusive Summerlin residential neighborhood in West Las Vegas. The project got off to a rocky start in 2009 in the midst of the Great Recession, but IDB ultimately opened the first phase of the lifestyle destination in 2011 with 370,000 square feet, and expanded the project to its current size with a $100 million addition in 2016.
Today, the Mediterranean-themed property features multiple low-rise structures encompassing roughly 334,000 square feet of premier one- and two-story restaurant and retail offerings, and 337,000 square feet of Class A office space. Additionally, the Tivoli Village property site includes an approximately 8-acre development parcel that can accommodate more than 300 residential units.
Citing Cushman & Wakefield’s research, Marlene Fujita Winkel, an executive director with the firm, said in a prepared statement that aside from casino assets—upon closing—the Tivoli Village transaction will mark the highest-valued, mixed-use commercial real estate asset sale in Las Vegas since 2017.
Sales of mixed-use assets in Las Vegas are few and far between and don’t usually carry heft price tags. However, the development of work-play and 24/7 property types is more prevalent in the area and much more of a big-ticket endeavor. Matter Real Estate Group is in the process of building the $400 million UnCommons, which will be the first project built to WELL certification standards in the state of Nevada. Additionally, Bleutech Park Properties is in the early stages of planning the futuristic Bleutech Park Las Vegas, a $7.5 billion mini-city in Las Vegas Valley.