Las Vegas Commercial Real Estate Wrap-Up – August 2020
- Sep 02, 2020
As the average number of new COVID-19 cases trended downward in the second half of August, Las Vegas’ commercial real estate saw a steady stream of activity. Facing ongoing uncertainty, a commercial rental assistance program for small businesses began taking applications on August 24. Industrial space continued to be in high demand as logistics companies sought to expand operations. After many hotel and casino operators reported major losses during the second quarter, some investors began looking into a key growth area for the sector: online gaming. Check out our August selection of Las Vegas must-knows:
1. M&A – InterActiveCorp pays $1 billion for minority stake in MGM Resorts.
The company acquired a 12 percent interest in the hotel & casino giant. The firm expects to tap into MGM’s potential for expansion in online gaming. In January, MGM and Blackstone entered into a $4.6 billion sale-leaseback agreement for Mandalay Bay and the MGM Grand. Blackstone also acquired a 95 percent interest in the Bellagio in October 2019.
2. LEASING – NAI Vegas brokers 66,700-square-foot industrial lease.
The brokerage’s Larkin Industrial Group negotiated on behalf of Plus Studios, an event organization and project management company, in the transaction valued at approximately $2.9 million. The tenant will occupy 50 percent of Link Industrial Properties’ building at 140 Cassia Way in Henderson. The single-story, 133,378-square-foot warehouse sits on a 12-acre parcel and was completed in 1997.
3. DEVELOPMENT – North Las Vegas outpatient facility opens doors.
Steinberg Diagnostic Medical Imaging debuted a new, 19,962-square-foot medical office building at 1650 W. Craig Road. The company paid Eastern Real Estate $1.3 million for the 3-acre development site in 2017, public records show. The project broke ground less than 12 months ago, with SR Construction serving as the general contractor and Intuit Architecture designing the facility. The firm’s ninth location will provide radiology services.
4. LEASING – Weisser Distribution expands operations with new lease.
The company signed a contract for 105,820 square feet in the 392,040-square-foot property at 4900 Engineers Way. NAI Vegas facilitated the transaction, which is valued at $3.6 million. International Union of Operating Engineers owns the asset, according to Yardi Matrix. Located on 19 acres, the single-story warehouse was built in 1999. The property is 2 miles from Interstate 15 and 8 miles northeast of the city center.