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Siegel Group Buys 119-Unit M-F Property Near Strip, Expanding Flexible-Stay Portfolio

10 Mar 2014, 1:57 am

By Alex Girda, Associate Editor

The Siegel Group Nevada Inc. recently expanded its local apartment portfolio with a purchase near the Las Vegas Strip. The commercial real estate and business development company has completed a $4.2 million deal for Solana Square, a 119-unit property located off Paradise Road. The Siegel Group plans to rename the property Siegel Suites Twain III, one of 23 flexible-stay communities Siegel Group operates throughout Nevada.

Completed in 1987, Solana Square is located near the Hughes Center, as well as the Wynn Golf Course, which is located just across the street from the community. Occupancy averages 90 percent.

Siegel Group also owns another nearby property, the 186-unit Siegel Suites Twain. Operating the two properties together is expected to reduce operating costs.

Stephen Siegel, the company’s CEO, indicated in a statement that the firm is looking to “continue expanding the brand throughout Southern and Northern Nevada with new markets such as California and Arizona to follow soon..

Image courtesy of lasvegas.com

Brookdale Gains 3 Las Vegas Properties in $2.8 Billion Emeritus Deal

3 Mar 2014, 10:29 pm

By Alex Girda, Associate Editor

Brookdale Senior Living’s blockbuster $2.8 billion acquisition of Emeritus Corp. involves three properties in Vegas. The two companies are touting the merged companies as the first national senior living solutions provider, one that can offer facilities within 10 miles of 6.5 million seniors age 80 and over.

The three local Emeritus communities are Emeritus at The Plaza, Emeritus at Spring Valley and Emeritus at Las Vegas. Located at 6031 West Cheyenne Ave., Emeritus at The Plaza offers retirement and assisted living facilities, with individual retirement cottages featuring two bedrooms, two baths and full kitchens. Other options include studios, one-bedroom apartments and large one-bedroom suites that offer full bathrooms and kitchenettes. All units offer individual climate control and free maintenance.

Emeritus at Spring Valley is located  at 8800 West Tropicana Ave. and offers services that include Alzheimer’s and memory care. Emeritus at Las Vegas is located at 3025 East Russell Road and provides assisted living, memory care, short stay/respite care services and on-site rehabilitation.

The $2.8 billion price tag includes $1.4 billion in mortgage debt. According to
The Las Vegas Review-Journal, the merger will increase Brookdale’s portfolio to 1,161 senior housing communities comprising 112,700 units. Emeritus shareholders will own about 27 percent of Brookdale.

Image courtesy of emeritus.com

Infinity Obtains $5M SBA Construction Loan for Hospice Facility

21 Feb 2014, 8:38 pm

By Alex Girda, Associate Editor

TMC Financing provided Infinity Hospice Care of Las Vegas, L.L.C. with a $5 million SBA 504 loan for construction of a 9,616-square-foot hospice, TMC said Feb. 15 in a statement. Cindy Santilena served as business development officer for TMC on the transaction.

The 12-bed hospice facility, which opened last August at 6330 S. Jones Blvd., also includes a 9,015 square-foot office support building. Infinity Executive Vice President Brian Bertram commented in a statement that the facility “will help address the demand in the Las Vegas Valley for more comprehensive in-patient, supportive care.”

Demand for healthcare-related facilities in Las Vegas is expanding. Last November, the Las Vegas City Council approved CITRA Real Estate Capital’s plans to develop a $71 million assisted living and skilled nursing facility on a former rail yard at 394 S. City Parkway. CITRA’s project will offer 150 beds and 140 residential units, as well as a parking structure that will accommodate 464 vehicles.

MIG Buys Office/Medical Office Complex in Henderson

13 Feb 2014, 10:10 pm

By Alex Girda, Associate Editor

In the latest sign of improvement in the metropolitan Las Vegas office market, MIG Real Estate acquired Sansone Pecos II, an eight-building, Class A office/medical office portfolio in Henderson’s upscale Green Valley. Located near the I-215 and South Pecos Road interchange at 9005-9089 South Pecos Road, the one- and two-story buildings total 122,922 square feet. CBRE Group Inc. represented the seller; neither the identity of the prior owner nor the purchase price was disclosed.

“Sansone Pecos II has strong upside potential, benefiting from the improving real estate fundamentals of Las Vegas and the solid employment base of its Southeast submarket,” said Greg Merage, CEO of Newport Beach, Calif.-based MIG, in a statement. “We will continue to evaluate opportunities within Las Vegas’ growing and economically diverse submarkets.”

Sansone/Pecos II is about one mile from The District, the upscale lifestyle center, four miles from McCarran International Airport and 12 miles from the Las Vegas Strip.

Since 2009, MIG has acquired 20 properties, five of them in the Las Vegas Valley. Focusing on major western markets, the firm has acquired more than $850 million worth of office, retail, hospitality and multifamily assets, according to a company statement.


Rialto Capital, Kismat Investments Pay $10M for N. Las Vegas Strip Mall

6 Feb 2014, 7:00 pm

By Alex Girda, Associate Editor

A joint venture of Rialto Capital and Kismat Investments recently picked up Craig Promenade, an 86,395-square-foot retail center in North Las Vegas, in a $10.1 million deal. Faris Lee Investments represented the seller, an affiliate of San Mateo Calif.-based TNP Strategic Retail Trust Inc.

Located at 525-785 West Craig Road near Craig Ranch Regional Park, the property was constructed in 1985 and was 70 percent occupied when the deal closed last month. National tenants include Big Lots and Metro PCS, as well as local retailers.

“Over the last few quarters the Las Vegas retail market has continued to improve, with expectations that we will continue to see positive momentum as the national and local economies gain traction. We’re now at the front end of this recovery,” Faris Lee president & CEO Rick Chichester said in a statement. Rob Moore, Lisa Brady and Katie Brase of the firm’s Las Vegas office highlighted the Craig Promenade’s leasing and development potential in marketing the property. A long-term exit strategy includes an option to divide the property into four parcels.

Craig Promenade is the third of three retail properties that Faris Lee has sold on behalf of TNP SRT over the past 12 months. Previously, Faris Lee had represented the seller in the disposition of Waianea Town Center, a 171,065-square-foot regional center on the island of Oahu, Hawaii, and Willow Run, a 91,565-square-foot grocery-anchored center in metropolitan Denver.

John Chun and Sebastian Trujillo of HFF arranged $7.3 million financing for the Craig Promenade acquisition. RRA Capital Management provided three-year, floating-rate financing.

Griffis Residential Pays $43M for Luxury M-F Asset in Summerlin

22 Jan 2014, 11:27 pm

By Alex Girda, Associate Editor

On the heels of significant price increases in Las Vegas’ single-family home market, multi-family properties may be gaining further traction with investors. A case in point: Griffis Residential’s recent $43.2 million acquisition of The Wellington, a luxury apartment community in Summerlin’s Lakes area.

Completed in 1998, the property underwent renovation in 2012 and 2013. The Wellington is near the I-215 beltway, as well as the soon-to-be-completed Shops at Summerlin retail district.

The Wellington offers 332 garden-style units ranging in size between 759 and 1,322 square feet, with five floor plans that include one-, two-, and three-bedroom layouts.

Amenities include 24-hour emergency maintenance, a clubhouse, controlled access entry, a heated swimming pool, spa facilities, tennis and basketball courts, and reserved covered parking.

For Denver-based Griffis, the Wellington deal marks its second acquisition of a high-end multi-family property in less than a year. Last May the company bought Quest Apartments, a 310-unit apartment community in nearby Henderson.  

Image courtesy of  thewellington-apartments.com

Residential Market’s Strong Finish Points To More Gains in 2014

16 Jan 2014, 10:26 pm

By Alex Girda, Associate Editor

The Las Vegas housing market kept a year of gains going all the way to the end. According to data released by the Greater Las Vegas Association of Realtors,  the median price of a single-family home rose to $185,000 in December.

That marked a 24 percent increase compared to the fourth quarter of 2012, when the average resale price of homes in the market was $149,000. Moreover, median prices have remained above $180,000 since July. That surge promises further gains and stabilization in 2014.

Median prices of condos and townhomes also recorded significant growth in 2014 .On the strength of a 26.3 increase during the year, prices reached $96,000 by the end of last month.   

Encouraging as those gains are, they are not universal in the state’s housing market. The Las Vegas Review-Journal notes that Nevada still leads the country in underwater homes. According to the publication, approximately 38 percent of homeowners in Nevada are currently unable to pay off their mortgages, while Florida and Illinois follow with 34 percent and 32 percent respectively.

KRE, Dune Acquire 5 M-F Assets for $237M; South Blvd. Apartments Fetches $42M

11 Jan 2014, 9:06 pm

By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor

Las Vegas’ residential market ended 2013 with a flurry of high-profile multi-family transactions. In a $237 million deal, KRE Capital and Dune Real Estate Partners teamed up to acquire five residential properties comprising 1,435 rental and condominium units, VegasINC.com reports.

The seller, ST Residential, was formed by private equity investors who bought construction loans on the properties from the Federal Deposit Insurance Corp., Bloomberg News reported. FDIC, in turn, had assumed the notes when it closed Corus Bank in 2009.

According to information on ST Residential’s website, the portfolio includes:

  • The Juhl, 353 E. Bonneville Ave., 341 units
  • Loft 5, 2715 West Pebble Rd., 272 units
  • One Las Vegas, 359 units (address not listed)
  • Spanish Palms Condominiums, 5250 S. Rainbow Boulevard, 188 units
  • The Ogden, 150 Las Vegas Blvd. N., 275 units

Of note, the Ogden is the home of Tony Hsieh, the entrepreneur and leader of the Downtown Project. ST Residential originally listed the assets in early 2013 as part of a 13-property, eight-state portfolio with a $1 billion asking price.

Also in late December, The Praedium Group acquired South Blvd. Apartments (pictured above) from Nevada West Development for $41.9 million. Located at 10200 Giles St., the 320-unit complex was completed in 2012. CBRE Group Inc. arranged financing for the deal, while Hendricks-Berkadia represented the seller.

South Blvd. Apartments comprises 29 two-story buildings, large layouts, nine-foot high ceilings, granite countertops, stainless steel appliances and washer/dryer units. Community amenities include a state-of-the-art clubhouse and health center, a resort-style pool, a common barbecue area, a movie theater with stadium seating, and gated garage parking. The complex was 93 percent occupied at closing.

Henderson’s $1.6B Union Village Wins Hospital Commitment from Valley Health

19 Dec 2013, 7:32 pm

By Alex Girda, Associate Editor

In a major step for Union Village, the $1.6 billion healthcare-centered project in Henderson, Valley Health System is nearing an agreement to build the acute-care hospital that will anchor for the 220-acre development.

Valley Health’s commitment would allow the city to approve the sale of the 30-acre site designated for the facility. Union Village L.L.C., the project’s master developer, would pay about $11.6 million for the site, according to The Las Vegas Review-Journal .

Touted as the world’s first integrated health village, the project would include retail, senior care, cultural and residential components.

Union Village’s backers say that the project will generate an economic boost in the form of tax increment revenue worth around $158 million. By the time it is completed in 2022, the development will create an estimated 17,000 new jobs.

Image courtesy of unionvillage.net

Juno Plans Fall 2014 Opening for Bazaar-Flavored Retail Project on the Strip

12 Dec 2013, 6:27 pm

By Alex Girda, Associate Editor

With office investment and leasing showing new life and the residential market enjoying its strongest year since the recession, innovative projects are likewise infusing new energy into Las Vegas’ retail scene. One of the largest of those projects, the Grand Bazaar Shops, is betting on a vibrant new concept that will be located at the entrance to Bally’s Las Vegas.

Developed by a team including Juno Property Group, Perella Weinberg Partners, Glincher Capital Group and Caesars Entertainment, the 55,000-square-foot project will accommodate about 150 shops when it opens next fall.

Most stores will range in size from 150 to 300 square feet; a few larger venues will offer spaces in the 1500- to 2000-square-foot range. The lineup of retailers will emphasize lifestyle products like apparel, footwear, eyewear, health and beauty, electronics and entertainment.  

Located on a heavily traveled two-acre site at the intersection of Flamingo Road and Las Vegas Boulevard, Grand Bazaar Shops will count Caesars Palace, Flamingo Las Vegas and Paris Las Vegas among its neighbors. According to its developer, the retail center will rely on the appeal of smaller, more interactive shops, as well as its bold and colorful design features, in order to attract as many of the 20 million visitors that cross the area every year.

International marketplaces inspired Juno Property Group Chairman Larry Siegel to create the concept, which will evoke traditional sights, sounds and smells of bazaars around the world. Signature design elements include a Swarovski Crystal Starburst and rooftop mosaic-like rooftop drawings.


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