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Museum Project Plans Hang in the Balance

29 Jun 2015, 5:16 am

By Alex Girda, Associate Editor

Since the closing of the arts museum on West Sahara, the Las Vegas arts community has lacked a new institution to fill the gap.

Luminous Park is a local non-profit that has been pushing for a contemporary art museum in the city for several years. The incentives seem to be in place, with the city willing to put up $2 million in grants toward the cost of construction, which some estimates place at $50 million.

However, the Las Vegas City Council recently put talks regarding a preliminary development deal on hold, due to one member’s concerns. Although talks are set to resume on July 1, the hiccup may prompt the Luminous Park board to modify the proposal.

Originally proposed for a site in the city’s Arts District near Charleston Boulevard and Main Street, the museum may well take shape only three quarters of a mile north in Symphony Park. Considering that the park is home to the Smith Center for the Performing Arts, the location would seem to be a natural choice.

The Las Vegas Review-Journal recently noted that the organization’s board members may be swayed into moving the museum project to the area left vacant by the failed soccer stadium project. That site is also the proposed home of another non-taxable project, a tax-funded parking garage.

A Tourism Improvement District put in place by local authorities would fund development of the parking garage, and tax-exempt projects currently abound in the area. The possibility of stacking the two projects on the same parcel arose but was not formally considered, LVRJ points out.



Sunbelt Enterprises Advances Portfolio Makeover

19 Jun 2015, 5:35 pm

By Alex Girda, Associate Editor

With Sunbelt Enterprises now halfway through its campaign to trim its portfolio, the effects are rippling through the Las Vegas real estate landscape. Since last year, NGKF Capital Markets Executive Managing Directors Rick Sheckter and Robert Griffith have been working to dispose of a 2.1 million-square-foot portfolio.

Over the past six months, half of that portfolio has been sold to a number of investors. The most recent completed transaction, involving a seven-building office and retail property in Yorba Linda, Calif., increased the  space sold by Sunbelt past 1.1 million square feet.

As for the company’s Las Vegas assets, Sunbelt has completed the sale of an office building located at 2100 E. Flamingo. Sold to Barak Investment Group, the 92,600-square-foot office asset was 45 percent vacant at the time of the transaction.

The company is also selling a multi-tenant industrial property at 4339, 4345, 4351 and 4357 Corporate Center Drive on the block. The 95,300-square-foot asset is roughly 60 percent occupied.



CityCenter Condos Veer Toward Sellout

17 Jun 2015, 5:10 pm

By Alex Girda, Associate Editor

For a while, the CityCenter project in Las Vegas was overshadowed by the failure of the Harmon tower. The district’s fortunes have since turned, and amid the resurgence of the city’s economy, the multi-family market is performing nicely. Veer Towers, the luxury condominium project in the core of CityCenter, continues to move units.

Two hundred fifty condos have now been sold at the two towers, almost two thirds of the total. Pordes Residential Sales and Marketing sold 17 units in May alone, according to Mark Pordes, the company’s CEO. Veer Towers features studio, one-, two- and three-bedroom units that range in price between $250,000 and $2.3 million. According to Yardi Matrix, home prices are on the rise in the Las Vegas metro, a sign that more buyers are again seeking out high-end properties.

The chance to own a residence in Veer Towers Las Vegasa luxury building that will count The Park and the MGM Resorts arena project as neighbors is driving interest. The towers are also located near The Shops at Crystals, the Gallery Row Shops, ARIA Resort & Casino, Vdara Hotel & Spa, as well as Mandarin Oriental, Las Vegas.

Additionally, Pordes recently released the listing of a high-end condo unit on the 21st floor of the west tower. The 2,256-square-foot residence offers 270-degree views of the nearby area, including the Bellagio Fountains and the Paris Las Vegas Eiffel Tower. Priced at $2.3 million, the property is known as 2101W.



New Griffin REIT Grabs MGM Campus

17 Jun 2015, 4:34 pm

By Alex Girda, Associate Editor

As Las Vegas’ residential market continues its climb from the recession, the city’s office market is also continuing to improve. Griffin Capital Essential Asset REIT II, launched last year by Griffin Capital Corp., recently completed the $30.3 million purchase of a fully leased office property in the Las Vegas market, the non-traded REIT’s seventh addition to its portfolio and its first in the state of Nevada.

The MGM Corporate Center

Known as MGM Corporate Park, the three-building, 168,250-square-foot campus is fully occupied by MGM Resorts International under a long-term lease. According to Griffin Capital, MGM is committed to the property for the next nine years.

The property was previously owned by a venture between CIP Real Estate and funds managed by Oaktree Capital Management. It is located in the vicinity of the Hughes Airport Center and McCarran International Airport. The three buildings accommodate a number of corporate functions, including human resources and training, while the company maintains its executive offices at the Bellagio resort on the Las Vegas Strip.



TruAmerica’s Western Campaign Hits Las Vegas

16 Jun 2015, 9:37 pm

By Alex Girda, Associate Editor

As part of its campaign to expand in improving western markets, TruAmerica Multifamily just completed its inaugural purchase in Las Vegas. The company also recently debuted in the Portland and Salt Lake City markets.

In partnership with Investcorp, TruAmerica acquired the Solis at FlamingoSolis at Flamingo residential community in a $50.5 million off-market deal. The 27-year-old asset is located in Paradise Valley East, an area near McCarran International Airport and the Las Vegas Strip. The submarket posted the third-best rental rate growth in the Las Vegas metro, according to data provided by Yardi Matrix. During the 12 months ending in February, average rents in Paradise Valley East rose 9.6 percent, trailing only Summerlin and Henderson West.

Solis at Flamingo is part of TruAmerica’s broader strategy to identify assets that can be improved and then directed towards the growing workforce in major western markets. Las Vegas has grown in recent years in terms of population and employment, although it has yet to reach pre-recession peaks for some economic indicators, such as wages.

However, the increasing number of construction and leisure and hospitality jobs is driving growth in the lower tiers of the city’s multi-family market. To that point, TruAmerica is planning to invest $5.5 million in capital improvements at the 524-unit community. The asset’s amenity package currently features three pools and spas, a clubhouse, fitness center, business center and sports areas.







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