{"id":1004487106,"date":"2020-10-26T05:54:11","date_gmt":"2020-10-26T13:54:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004487106"},"modified":"2020-10-26T05:56:10","modified_gmt":"2020-10-26T13:56:10","slug":"downtown-las-vegas-zappos-hq-trades-for-65m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-las-vegas-zappos-hq-trades-for-65m\/","title":{"rendered":"Downtown Las Vegas Zappos HQ Trades for $65M"},"content":{"rendered":"<div id=\"attachment_1004487139\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/400-Stewart-Ave..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004487139\" data-attachment-id=\"1004487139\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/downtown-las-vegas-zappos-hq-trades-for-65m\/400-stewart-ave\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/400-Stewart-Ave..jpg\" data-orig-size=\"1000,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"400 Stewart Ave.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;400 Stewart Ave.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/400-Stewart-Ave..jpg?w=1000\" class=\"wp-image-1004487139 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/400-Stewart-Ave..jpg\" alt=\"\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/400-Stewart-Ave..jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/400-Stewart-Ave..jpg?resize=300,240 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/10\/400-Stewart-Ave..jpg?resize=768,614 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004487139\" class=\"wp-caption-text\">400 Stewart Ave.<\/p><\/div>\n<p>Zappos, in a joint venture with Resort Gaming Group, has completed the $65 million disposition of its 300,000-square-foot headquarters in downtown Las Vegas. DTP Cos. acquired the property, according to Yardi Matrix data.<\/p>\n<p>The asset last traded in 2012, when the City of Las Vegas sold it for $18 million. Amazon&#8217;s Zappos had financed the purchase with a $15 million seller carryback loan and a $5.3 million note from City National Bank.&nbsp;<\/p>\n<p>Located on 6 acres at 400 Stewart Ave., the property was developed in two phases: The 11-story building delivered in 1973, and the three-story structure surrounding it opened in 2003. In 2013, the seller implemented a $48 million capital improvement plan on the property prior to Zappos&#8217; relocation,&nbsp;<em>Las Vegas Review Journal<\/em> reported. The company tapped KMD Architects to redesign the building, which received LEED Gold certification in 2014.<\/p>\n<p>The deal was a sale-leaseback transaction, according to the same publication. The buyer&#8217;s entity is led by Tony Hsieh, Zappos\u2019 former chief executive officer. Hsieh retired from the company in August after more than 20 years in the role.<\/p>\n<p>The property is a short distance from CIM Group\u2019s Downtown Grand Hotel &amp; Casino, which recently <a href=\"https:\/\/www.commercialsearch.com\/news\/cim-group-debuts-gallery-tower-in-las-vegas\/\">expanded with a 495-key addition<\/a> named Gallery Tower. The new construction is the first ground-up hotel built in downtown Las Vegas in more than a decade.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2013, the Amazon-owned shoe retailer executed $48 million in improvements on the former city hall.<\/p>\n","protected":false},"author":867,"featured_media":1004487139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1593,21742,21747,15],"tags":[37482,36351,33195,32779,36315],"class_list":["post-1004487106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-las-vegas","category-latest","category-office","category-west","tag-amazon","tag-capital-improvement","tag-city-national-bank","tag-leed","tag-sale-leaseback"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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