Donald W. Reynolds Foundation headquarters for sale

There’s Class A, and then there’s Class AAA.

For an example of the latter, look at 1701 Village Center Circle in Summerlin, where perhaps one of the highest-end office buildings in the Southwest has come on the market.

The Donald W. Reynolds Foundation, which owns the building, has given away nearly all of its money and is set to wind down in the next three years. Because it will no longer need its two-story, 22,291-square-foot headquarters, the foundation has listed the building for $11.5 million through Sam Gladstein, president of the Gladstein Group of Realty Executives.

Gladstein, who got the listing because of contacts he made with the Reynolds Foundation while overseeing development of downtown’s Symphony Park as vice president of Newland Development, called the Prairie-style building a “trophy” property.

Why is it special? For starters, there aren’t many standalone, single-user buildings in Las Vegas, especially with underground parking and high-end decorations such as luxury stone and woodwork.

“The building’s finishes are just top-notch. The quality of construction is as good as anything you’ll find anywhere in the country. It’s timeless,” Gladstein said.

The slate roof “lends a beauty that’s a little different from the usual West Coast, European-tile look,” he added. “It’s more in line with the architecture of the building.”

There are also two kitchens, an executive dining room and a workout room with showers and lockers. C-level executive offices each have en-suite bathrooms, and a private courtyard has a fountain. Finishes include stone floors, custom woodwork, trellis-covered walkways with wisteria and exterior cladding of sandstone, granite, steel and glass. It has a prime suburban location across the street from the TPC Summerlin golf course and the upscale Eagle Hills and Tournament Hills neighborhoods. An adjacent acre could accommodate another office building of up to 20,000 square feet.

The property, designed by Marc Lemoine Architecture of Las Vegas, won a 1999 Pacific Coast Builders Conference Merit Award.

The building’s singular nature means Gladstein is looking for a singular buyer. He’s had interest from investors, but “in reality, this is not a straight investor play. We’re looking for what we feel would be the top of the market for this product.”

That will likely be another single user — perhaps a corporate headquarters, another foundation or a law firm.

“The architecture is so handsome that it screams out for an individual company to really find its indentity and call it a home,” Gladstein said. “It has a certain stature to it, and a certain type of company that needs to be in it.”

The listing also needs an unusually aggressive marketing plan.

Gladstein has placed the building on national listing services including Property Line, LoopNet and CoStar, and he’s direct-marketing as well. He’s been working with the Las Vegas Global Economic Alliance to reach out to executives considering corporate moves, as well as to attorneys and financial firms. He’s putting together a package to show to California companies considering a move to Southern Nevada.

“I’m getting a little army of people to help me identify the right users,” he said.

At least one prospective buyer from Mississippi was set to hop on a plane to come check out the property last week, Gladstein said.

The Reynolds Foundation’s charter sunsets in late 2017, but if the right buyer made an offer tomorrow and wanted to move in within 60 days, the foundation is willing to move, Gladstein said.

Reynolds Foundation executives “never expressed to me that they want a particular type of user. They just want someone who wants the building,” he said.

■ CBRE Las Vegas has rebooted its Global Gaming Group.

Managing Director Michael Newman announced the return to the brokerage of John Knott, executive vice president and global head of gaming; Michael Parks, first vice president; and Brent Pirosch, director of gaming consulting. Also, Matt Bear joined CBRE as a vice president and member of the Global Gaming Group focusing on retail needs of gaming and resort clients.

The group’s services include acquisition and disposition of gaming properties, project consulting, feasibility studies, market assessments, debt and equity financing, and retail development within resort environments.

■ Teams with the Nevada branch of W.J. Bradley Mortgage Capital won plaudits from the National Association of Hispanic Real Estate Professionals.

The association named the firm the top privately owned mortgage lender in the Silver State based on the number of its closed transactions in 2013. The honor recognized total closed volume of the private company’s Henderson and Las Vegas branches. Sales and branch managers in Henderson are David Ross, Stefanie Ross, Rey Gallegos and Matthew Graham. Leaders of the Las Vegas office are Patrick Moore, Bill Wilson and Timothy Bonham.

Gov. Brian Sandoval presented the award to Ross and Gallegos during an association ceremony in March.

■ NAI Vegas brokers arranged two building sales in late April.

Patrick Sauter, Arthur Carll and Devin Lee of the brokerage’s Sauter Multifamily Group represented Hoffman Family Living Trust in its sale of Merlayne Villas, a 32-unit apartment complex at 409 and 417 E. Merlayne Drive. The buyer was Vegas Venture Holdings LLC. The deal closed for $1.4 million, or $43,750 per unit.

Paul and Wil Chaffee helped Finance Holding Co. LLC in its sale of a 3,758-square-foot office building at 522 E. Twain Ave. to B.M. Home for $325,000.

“We are continuing to see positive momentum in both commercial and multifamily properties,” Sauter said. “These two recent closings are demonstrations of a trend that I believe is likely to continue.”

■ Brokers with Colliers International handled two big lease deals.

Ryan Martin, SIOR, CCIM, and Patti Dillon represented National University in its lease renewal of 16,180 square feet at 2850 Horizon Ridge Parkway, inside the Sienna Office Park. The deal was valued at more than $1.3 million.

Martin, Dillon and Dan Arends represented tenant Securitas Security Services USA in its lease of 8,658 square feet at 901 N. Green Valley Parkway, inside the Green Valley Corporate Center. James Wilmot of JW Commercial Real Estate Services represented landlord Brentwood Green Valley LLC.

Contact reporter Jennifer Robison at jrobison@reviewjournal.com or 702-380-4512. Follow @J_Robison1 on Twitter.

ad-high_impact_4
Business
Happie Home Startup Establishing Headquarters In Las Vegas
Digital companion startup company Happie Home is establishing its headquarters in Las Vegas after receiving tax abatements from the Governor's Office of Economic Development on Nov. 15. (Bailey Schulz/Las Vegas Review-Journal)
A Facebook-branded space inside of Macy’s at the Fashion Show shopping center
A Facebook-branded space inside of Macy’s at the Fashion Show shopping center will showcase 13 small businesses in November and December and seven in January. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
T-Mobile uses ticketing data to plan for event
T-Mobile Executive Director of Arena Operations explains how ticket sales data and demographics help plan staffing, vendors, parking and operations for an event.
Costco opens its doors in southwest Henderson
Costco has opened its fifth Las Vegas-area location near the intersection of St. Rose Parkway and Amigo Street. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas strip mall and office park
The Krausz Cos. and WG Group bought a strip mall and an office park in Las Vegas for nearly $80 million total. They acquired a portion of Tropicana Beltway Center in the southwest valley for $59 million. They also acquired the Westbay office complex in the Las Vegas Medical District. The buyers are former owners of The Gramercy, a once-mothballed mixed-use project in the Las Vegas suburbs. They sold The Gramercy in phases for more than $100 million.
Mario Barth talks about the growth of the tattoo industry
Celebrity tattoo artist and business owner Mario Barth talks about the growth of the tattoo industry at The World of Tattoo industry trade show at Planet Hollywood in Las Vegas
$7.5M Las Vegas pot dispensary opens near Las Vegas Strip
Planet 13, which bills itself as one of the largest dispensaries in the world, opened to the public Thursday. It has entertainment including an interactive floor and floating orbs. (K.M. Cannon/Las Vegas Review-Journal)
Caesars CEO to step down next year
Caesars Entertainment Corp. CEO Mark Frissora will leave the casino company in February. Frissora has been CEO since July 2015. He was named CEO right after Caesars' operating company filed for Chapter 11 bankruptcy protection Caesars Entertainment emerged from bankruptcy protection in October 2017 Before Caesars, Frissora spent seven years as chairman and CEO of Naples, Fla.,-based Hertz He led the consolidation of the rental-car industry through Hertz‘s acquisition of the Dollar Thrifty Automotive Group.
Planet 13 in Las Vegas adds twist to marijuana dispensary look
Planet 13, which bills itself as one of the largest dispensaries in the world, opened to the public Thursday. The dispensary is located near the intersection of Desert Inn Road and Sammy Davis Jr. Drive, near Trump International, in Las Vegas. Planet 13 has plans in the future for a coffee shop, a tasting room for marijuana-infused beer and wine, a lounge for consuming marijuana on site if that is legalized and space for food.
Caesars Entertainment opening 2 resorts in Dubai
Cove Beach will open on Meraas’ Bluewaters Island in Dubai in November and Caesars Palace Bluewaters Dubai and The Residences at Caesars Palace Bluewaters Dubai will open in December. (Caesars Entertainment)
Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like