Las Vegas Commercial Real Estate Wrap-Up – June 2020
- Jul 02, 2020
With most of its casinos reopened on June 4, Las Vegas has slowly come back to life. Although crowded gaming venues may be a risky play during a pandemic, Nevada was quick to mandate face coverings for all residents and visitors in public spaces. As the metro continues to adjust to the new normal, its commercial real estate markets have kept moderately active. At the end of June, the state announced a multi-phase plan to end its commercial eviction moratorium, in place since late March. Read our June selection of Las Vegas must-knows:
1. M&A – FTC approves $17.3 billion Eldorado-Caesars merger.
The two casino and hotel owners received the green light to form the largest gaming company in the U.S., a move Eldorado announced in June 2019. For the transaction to be finalized, state gaming regulators in Indiana, Nevada, and New Jersey need to give their approvals as well. Once complete, the companies will together own 60 properties across the country, including a number of notable Vegas casinos such as Caesars Palace, The LINQ and Harrah’s Las Vegas, with a 51-49 split of outstanding shares.
2. DEAL – Dermody Properties acquires 120,000-square-foot facility.
Truck manufacturer PACCAR finalized its $13.4 million disposition of a North Las Vegas warehouse located on 13 acres at 4141 Distribution Circle. The single-story building was completed in 1995 and features 13 truck wells, four grade-level doors and two loading docks, according to Yardi Matrix. The site is 2 miles from Interstate 15 and 11 miles north of McCarran International Airport.
3. PEOPLE – CBRE hires new managing director.
The company named Cassie Catania-Hsu as market leader for its Las Vegas office. She will oversee the firm’s advisory departments in the region, including capital markets, leasing and property management. Before joining the firm, Catania-Hsu served as president & corporate broker at Sun Commercial Real Estate. Previously, she was a leasing director with International Market Centers.
4. DEAL – Grocery-anchored property changes hands.
Net Gain Properties LLC purchased the 50,388-square-foot Smith’s store from a private investor for $6.1 million. Rock Canyon Bank provided financing for the deal, Clark County records show. The building last sold in 2001 for $6.5 million. Opened in 1995, the property is on a 5-acre parcel at 1421 N. Jones Blvd., 2 miles from the West Lake Mead Boulevard retail corridor.
5. LEASING – NAI Vegas inks expansion for medical manufacturer.
Imatrex Medical Solutions has extended its footprint at the Las Vegas Technology Center II with an 18,290-square-foot sublease from a financial services company. Associate Leslie Houston assisted the tenant in the lease, valued at nearly $1.4 million. Located at 2500 N. Buffalo Drive, the 2002-built, two-story building is 10 miles northwest of the city center.