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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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.
Industry experts participating in NAIOP Southern Nevada’s 2015 Outlook event Thursday at The Orleans said the Las Vegas market should continue its recovery, though some sectors and submarkets will fare better than others.
The Siegel Group Nevada Inc. recently acquired an apartment complex after the Las Vegas Convention and Visitors Authority elected not to close on the purchase.
The local commercial real estate market woke up in 2014. In 2015, the market will drink its coffee and find some pep. So say experts in the Las Vegas office of commercial brokerage CBRE, which held a forecasting event Tuesday at its Hughes Center office.
Workers from Frazier Masonry Corporation tilted up the first wall on Thursday, Dec. 18, 2014, on the biggest industrial space development since the recession at 3700 Bay Lake Trail in North Las Vegas near Pecos and Gowan roads.
A New York-based company, in a sign of a growing demand for space and strengthening of the economy, has signed a lease for the largest speculative industrial building constructed in Southern Nevada since the Great Recession.