104°F
weather icon Clear

LA developer buys Mission Linen building in downtown Las Vegas

A Los Angeles developer continues his purchase of downtown Las Vegas buildings.

Jonathan Kermani, through his Los Angeles-based World Investment Network, bought the mural-covered, 31,000-square-foot Mission Linen building at the corner of First Street and Coolidge Avenue, according to a statement Tuesday.

An affiliate of Downtown Project, the downtown redeveloper funded by Zappos CEO Tony Hsieh, sold the property, built in 1950.

Kermani plans to convert the building into an office and entertainment space for tenants over the next 12 months. Redevelopment should finish during the first quarter of 2018.

Kermani also owns Art Square and Arts Factory. The parking lot shared by Art Square and the Mission Linen building is the site for the monthly First Friday event. Started in 2002, the event draws tens of thousands, according to the statement.

The company Kermani used to buy the property, Las Vegas Arts District Development LLC, previously bought Art Square in March 2015 for $3.2 million, according to county records.

That same year, another Kermani affiliate, 1060 Broadway, bought the Adult Superstore building at Bonneville Avenue and Main Street for $7.78 million and Arts Factory at Charleston Boulevard and Main Street for $3.22 million.

Contact Wade Tyler Millward at wmillward@reviewjournal.com or 702-383-4602. Follow @wademillward on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Long-term mortgage rates fall to historic lows

The low borrowing rates have been a boon for homebuyers, even as global financial markets are roiled by concerns over the global economy.