Sales Transactions
1. The 143-unit apartment complex at 7531 Tule Springs Road, Portola Centennial Hills, was recently purchased by SB Real Estate Partners. The Las Vegas multifamily community was sold for $42M and has one-, two- and three-bedroom units. Berkadia Las Vegas’ John Cunningham, Charles Steele and Jared Glover represented both the buyer and the undisclosed seller.
2. On March 19, Lennar purchased Cashman Center from the City of Las Vegas. Two bidders sought the property, but Lennar’s bid of $36M was ultimately chosen. Cashman Center is 50 acres and currently houses the Lights soccer team, which has a lease agreement for the space that lasts until the end of next year’s season.
3. Clark County recently purchased 9.4 acres near Martin Luther King Blvd and US Highway 95 for $26.2M. The acreage contained two cell-tower leases, three billboards and two buildings, including an Ashley Furniture location. The County plans to lease back the space to Ashley Furniture for a short time before creating a space for County departments, such as the Southern Nevada Children’s Advocacy Center. The County also allocated $5M for future tenant improvements.
4. The U.S. Bureau of Land Management recently auctioned off eight parcels of land totaling 41.9 acres. Notable sales within those eight include:
- A sale of 12.5 acres located east of US 95, along Sun Village Park Drive and Kyle Canyon Road, made to Elite Excavating for $3.7M;
- A sale of 6.9 acres located along Blue Diamond Road between South Grand Canyon Drive and Hualapai Way, made to Hamid (Henry) Moradi for $2.5M;
- A sale of five acres located near South Racetrack Road between Burkholder Blvd and Venice Avenue, made to Beazer Homes for $2M, and
- A sale of 2.5 acres located near the Northern 215 Beltway at the corner of West Azure and North Hualapai Way, made to Haikal Exemption Trust for $2.1M.
Two parcels of land failed to sell at the auction.
5. A potential buyer, who was not disclosed, has entered into a purchase and sale agreement for the Downtown Las Vegas Western Hotel & Bingo Parlor from the Tony Hsieh estate. The two-story property at 899 Fremont St. was put up for sale in March 2024. Hsieh’s Downtown Project initially bought the property in 2013 after it closed in 2012. The estate brought in commercial brokerage Logic Commercial Real Estate to sell it this March. The potential buyer, according to representatives, plans renovations but has specified that demolition will not be part of the project.
