The Siegel Group Nevada said Tuesday that it bought a 260-unit Legacy Suites property in Phoenix for $10.55 million. It’s Siegel’s 35th property, and its second Legacy Suites buy in the last nine months.
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Commercial Real Estate
Three creditors have filed to force John Ritter, chairman and CEO of Focus Property Group, into personal involuntary bankruptcy.
TruAmerica Multifamily has spent $51.1 million to buy Montego Bay, a 420-unit, Class B rental community at 1050 Whitney Ranch.
An Illinois investment firm has returned to the Southern Nevada market with its purchase of a power retail center in Henderson.
A high-profile office building on the western side of Las Vegas has changed hands.
When it opened a decade ago, all eyes were on The District at Green Valley Ranch, a first-of-its-kind commercial development at the 215 Beltway and Green Valley Parkway in Henderson.
So what does a company do with a 2.5-acre hole-in-the-ground on the Strip after years of an expensive and contentious construction defect lawsuit?
The Stirling Club, a 78,000-square-foot club on 3.2 acres at Turnberry Place on Paradise Road, has been listed for sale by local commercial real estate brokerage CBRE Las Vegas.
A trade group that represents commercial real estate developers is bringing back a big program it cut during the recession.
Bill Foley, the businessman who’s spearheading the effort to bring a National Hockey League team to Las Vegas, has purchased one of the city’s most upscale office buildings.
CBRE Las Vegas said Tuesday that it will more than double the number of brokers in its industrial sales and leasing practice.
Local developers either started or completed construction in the last day on nearly 1 million square feet of speculative warehouse and distribution space, banking on the idea that reversing the Las Vegas Valley’s shortage of large, vacant industrial space will lure big tenants from outside the market.
Once a Hollywood darling, the off-Strip Las Ramblas megaresort was a recession flop. Its vacant 60-acre site goes on sale Monday at a fraction of its past value.
The Siegel Group Nevada Inc., a real estate investment and management company, on Thursday announced that it had acquired two extended-stay properties totaling 305 units in Las Vegas previously operated under the Crestwood Suites brand for $12 million.
International Market Centers, a Bain Capital/Oaktree Capital-backed owner of showroom space and exhibition pavilions, launched a roughly $160 million IPO that will allow it to repay debt.
A California investment firm has purchased a neighborhood shopping center in North Las Vegas.
Commercial real estate may not grab the headlines the housing sector claims, but the industry’s fortunes are just as tied to overall economic health.
A Reno industrial developer said Tuesday that it has started construction of a large, local distribution center in North Las Vegas. Dermody Properties is building its 381,804-square-foot LogistiCenter Cheyenne on 20 acres at 4025 E. Cheyenne Ave.
A venue called The Venue Las Vegas is under construction across the street from Container Park on East Fremont Street, with the 38,430-square-foot facility scheduled to open in the spring.
The Peppermill Fireside Lounge’s future has gone from safe to really safe, its owner said Friday. One of the Strip restaurant’s longtime owners, the Doumani family, will take over 100 percent ownership of the building and its 1.1-acre parcel at 2985 Las Vegas Blvd. South, north of Convention Center Drive.
A developer of big industrial spaces is going small in a sign of broader economic recovery. Panattoni Development Co. said Wednesday that it has bought a 103,000-square-foot industrial building at 1841 E. Craig Road for $5.25 million from Tower Distribution Center LLC, a small, local group of investors.
When Sweden-based furniture seller IKEA closed in late December on its purchase of 26 acres of land in southwest Las Vegas, it set a post-recession high for land deals of its type, local observers say.
New numbers from Trepp, a New York-based commercial real estate and banking research firm, show a substantial recent drop in late commercial loans. The Las Vegas Valley in December had 53 properties with real estate loan payments that were more than 90 days late, for a 10.7 percent delinquency rate. That was down from 14.9 percent in December 2013.
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