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Bank of America Plaza Gets $50M in Financing

26 Mar 2015, 3:46 pm

By Alex Girda, Associate Editor

CBRE Capital Markets has secured $50 million in financing for Bank of America Plaza in downtown Las Vegas. The bridge loan was arranged on behalf of Angelo, Gordon & Co. and City Center Realty Partners and sourced by Prime Finance.
Located at 300 South 4th St., the Class A building offers 270,234 square feet of office space.

Bank of America Plaza features a seven-story attached parking structure with customer, reserved and open parking. The property is accessible via U.S. 95 and I-15 and is situated near the Regional Justice Center in an area that includes a number of government buildings.

“The transitional bridge loan will be used to refinance existing debt and provide for future leasing costs to bring the asset back to stabilization,” explained Shawn Rosenthal, an executive vice president in CBRE’s Midtown Manhattan office who worked on the transaction.

Rosenthal added that the property’s prospects are good, thanks to recent improvements to the lobby and ground floor retail, as well as to the improving Las Vegas office market.

Image courtesy of voitco.com

Penthouse at One Queensridge Tower Sells for $7.7M

22 Mar 2015, 7:08 pm

By Alex Girda, Associate Editor

Soon after Veer Towers hit the $100 million mark in sales, the Las Vegas condominium market has reached another milestone.

An unidentified Canadian buyer acquired the Crown penthouse at One Queensridge Place for $7.7 million, the top price paid so far this year for a residence in 2015. Char Luxury Real Estate, a new Las Vegas brokerage, arranged the sale.

The 15,000-square-foot penthouse is one of four at the One Queensridge Place residential complex. Completed in 2008, One Queensridge consists of two 18-story residential buildings comprising 219 residences. The resident amenity package features a spa, wine cellar and 24-hour gated security.

Randy Char

Each penthouse offers 24-hour concierge service, a 15-vehicle private garage, direct elevator service, and seven terraces totaling 3,000 square feet. One penthouse remains on the market; its list price is $9.9 million.

“The Crown purchase isn’t a speculative investment,” said Randy Char, the broker in charge of the transaction, in a statement. He also noted that the price reflects the penthouse’s unfinished state; full customization will probably push the price of the remaining penthouse above $10 million.

John’s Incredible Pizza to Open at Boulevard Mall

12 Mar 2015, 3:18 pm

By Alex Girda, Associate Editor

John’s Incredible Pizza Co. has signed on for 60,000 square feet at Boulevard Mall. The dining and entertainment chain will create about 200 jobs and accommodate up to 1000 guests when it opens its new location later this year.

John’s Incredible Pizza combines food with entertainment, offering a family-style buffet, freshly made pizzas, pasta and salad bar, fried chicken and desserts. The restaurant’s dining rooms feature themes such as “Toon Time Theatre,” “Cabin Fever” and “Hall of Fame.” Game rooms in the new facility will feature around 100 activities including adult-sized Bumper Cars, Twister, Glow Golf, a Mini Bowling Alley and Air IncrediBear.

Boulevard Mall is located at 3528 Maryland Parkway and offers 140 shops, kiosks and eateries near the Las Vegas Strip. Noteworthy retailers at the 1 million-square-foot facility include JC Penney, Macy’s, Shoe Queen, Vans, Lids, Shoe Palace and Fanzz.


Veer Towers Hits $100M Milestone

9 Mar 2015, 4:02 pm

By Alex Girda, Associate Editor

Veer Towers recently hit a major milestone when the company marketing the condominiums at the CityCenter complex surpassed the $100 million mark in sales. Since assuming marketing chores for the property in 2013, Pordes Residential Sales and Marketing has completed deals for 225 residential units.

According to Pordes Residential CEO Mark Pordes, the milestone is a sign of the re-emergence of the city’s condo market. “Veer Towers is a trophy property that is being offered at an incredible price point,” Pordes said in a statement.

Veer Towers is located in an area that offers high-end shopping and entertainment at The Shops at Crystals, the Gallery Row Shops, ARIA Resort & Casino, Vdara Hotel & Spa, and Mandarin Oriental Las Vegas. The two 37-story residential towers offer views of the nearby structures and the Las Vegas Strip. Residents living have access to rooftop entertainment areas that include infinity edge swimming pools, hot tubs, sun decks and summer kitchens.

Units at Veer Towers include studio, one-, two- and three-bedroom floor plans and are priced between $250,000 and $2.3 million. Buyers can choose from 18 designer units, including several recently added models.

Image courtesy of veertowers.com

Campaign to Land NHL Team Heats Up

5 Mar 2015, 4:54 pm

By Alex Girda, Associate Editor

With the Las Vegas Arena project recently hitting major milestones, talk of bringing the region its first major league sports franchise is heating up. After efforts to land a soccer team hit a speed bump, local entrepreneurs are turning their attention to the National Hockey League.

Bill Foley, the prospective owner of an NHL expansion team, recently launched an initiative to secure at least 10,000 season ticket deposits as a sign of the area’s commitment. Should the campaign fail to attract a team, all deposits will be refunded.

With 7,000 season ticket commitments already in, Foley and his partners, the Maloof brothers, are just 3,000 short of their goal. According to The Las Vegas Review-Journal, due to the positive response, Foley is eyeing a June meeting with the NHL Board of Governors.

The Maloofs, who owned the Sacramento Kings between 1998 and 2013, have a track record in major-league sports. Foley’s quest has also received support from Gov. Brian Sandoval.

The team would be housed in the arena project being developed by MGM Resorts International and Anschutz Entertainment Group. Scheduled to open in the spring of 2016, the venue could accommodate 17,500 for hockey. AEG owns the Stanley Cup champion Los Angeles Kings, and Dan Beckerman, the firm’s CEO, has expressed confidence that the Las Vegas market could support an NHL franchise.

Rendering courtesy of arenalasvegas.com

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