VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
Issue link: http://www.ifoldsflip.com/i/101717
Pick 'Em Get smart Power tweets Overheard Done Deal real estate though a slow year, 2012 was not without its big deals Power Lunch click this The Numbers .com For a closer look at the top dealshigh2012, VEGASINCmag of Sell low Buy go to vegasinc.com/news/magazine. Sin City Media Chatter We hear By Eli Segall staff writer As almost anyone call YOUR you, Las Vegas' tell AD HERE real estate industry is sluggish. Office vacancy rates are hovering near 25 Executive Read this! The Pitch class is back percent. Shopping center landlords are offering months of free rent to lure tenants. The housing market is picking up, largely because investors are buying cheap homes in bulk to rent out. Still, 2012 wasn't a total wash for real estate owners, as there were several big deals involving residential complexes and commercial buildings. Properties that traded hands include a portfolio of office buildings in Summerlin, Walgreens pharmacies on the Strip and a hotel and casino at Lake Las Vegas. Here's a look at some of the most lucrative deals of the year: NOW SERVING LAS VEGAS 95 4. Walgreens 1. Summerlin office portfolio Vegas then VEGASinc2021 Gate keeper American Moonlighting dream 3339 Las Vegas Blvd. South, Las Vegas Price: $119.5 million Price: $71 million Buyer: Hines Interests (Houston) and Oaktree ? ? ? Buyer: BLDG Management Co. (New York) Capital Management (Los Angeles) Seller: Peterson Properties (Albuquerque) Seller: General Growth Properties (Chicago) ? ? ! Walgreens pharmacies are often in drab suburban In September, General Growth Properties sold The innovator FortuneCookie Grilled The Survivor strip malls, but not this one: It's between the Venetian its local office portfolio — 32 buildings in Sumand the Palazzo in the heart of the Strip. merlin totaling 1.1 million square feet. The sale boosted the valley's commercial real estate sector, partly because it was the largest local deal in years and partly because it marked Hines' entry into the market. The real estate giant owns high-quality commercial buildings around the world and has offices in 18 countries. $ BLDG Management, a prominent New York City landlord, acquired at least a 70.5 percent stake in the property through the $71 million deal in early October, Clark County records show. BLDG founder Lloyd Goldman is helping finance a planned $230 million, 625-foot waterfront Ferris wheel in Staten Island. He also is part of the group that's redeveloping the World Trade Center site. 2. Veer Towers Price: $119 million Buyer: Ladder Capital (New York) Seller: CityCenter Residential (Las Vegas) For more information, see Page 8 3. Renaissance Villas 5419 W. Tropicana Ave., Las Vegas Price: $74.75 million Buyer: WTI Inc. (Cupertino, Calif.) Seller: ConAm (San Diego) WTI Inc. bought this 840-unit apartment complex in late October. The property was built in 1989 and remodeled in 2006. About a month after buying it, WTI spent $18 million for 163 units at the 382-unit Esplanade residential complex off South Durango Drive near the 215 Beltway. The deals came after WTI's sister company, software firm Wyse Technology of San Jose, Calif., was bought by Texas computer maker Dell. WTI's owners held stakes in Wyse and are using proceeds from its sale and other sources to buy real estate, a person familiar with the matter has said. 6 20130107_VI06_F.indd 6 vegas inc 5. Ravella at Lake Las Vegas and Casino MonteLago 1610 Lake Las Vegas Parkway and 8 Strada Di Villaggio, Henderson Price: $46.9 million Buyer: Kam Sang Co. (Arcadia, Calif.) Seller: Deutsche Bank (New York) Kam Sang Co. bought the 13.8-acre hotel site and adjacent 1-acre casino in November. The hotel initially was a Ritz-Carlton. Deutsche Bank foreclosed in February 2009, and the Ritz shut its doors in May 2010. Dolce Hotels & Resorts took over the lease in January 2011 for the 349-room property and gave it the Ravella brand. Meanwhile, Casino MonteLago closed in March 2010 because of the Ritz's closure. The casino reopened last year after the Ravella opened. | 7 JANUARY 2013 | 1/3/13 2:18:31 PM