Half-interest in Tivoli Village for sale

Tivoli Village’s ownership may soon change.

Owned by Tel Aviv, Israel-based IDB Development, the Las Vegas center is part of a subsidiary corporation called PBC. On Wednesday morning, IDB retained U.S. real estate investment bank The Carlton Group to sell its 50 percent interest in its Las Vegas real estate portfolio that includes Tivoli Village and the remaining 12 condominium units from One Queensridge Place, along with 18 acres of entitled land suitable to build more than 450 residential condominiums.

IDB is in the midst of a debt settlement in Tel Aviv and is focusing on cash needs.

Tivoli Village is co-owned by Las Vegas-based EHB Cos., a group of development and contracting entities founded by principals Yohan Lowie, and Paul and Vickie DeHart. Calls to EHB went unanswered Wednesday.

Construction is underway for Tivoli’s second phase, which was scheduled to be completed by spring 2015.It will comprise 200,000 square-feet of retail and restaurant space and 70,000 square-feet for offices. It’s being built next to the children’s park.

Tivoli Village, literally across the street from Summerlin at 440 S. Rampart Blvd., was slated to encompass more than 650,000 square feet upon second-phase completion. About $700 million will have been put into the project when all is said and done.

In October, Tivoli Village President Patrick Done said the center’s traffic counts were up 30 percent over 2012, and occupancy stood at 88 percent in late August.

Real estate broker Matt Bear from Capital Markets said that with the right capital structure, Tivoli Village could thrive.

“I think that Summerlin, minus the Strip, is the most vibrant market in the valley with the most potential,” he said.

The soon-to-come Shops at Summerlin isn’t a factor in this sale, Bear said, because the two developments ultimately will attract different tenants and both should be profitable.

“There’s plenty of demand in Summerlin,” Bear said.

The surprising thing about the Tivoli sale, he said, is only that it’s taken so long for the owners to put it on the market. The center was built just ahead of the recession. Bear also said he doesn’t think there will be any lack of investment groups trying to buy it.

“There aren’t that many great new retail projects in this part of the country and anyone interested in Las Vegas with any kind of capital would be well-served by taking a run at it,” he said.

Contact reporter Laura Carroll at lcarroll@reviewjournal.com or 702-380-4588. Follow @lscvegas on Twitter.