Category Archive : Investing

LAS VEGAS, NV – The 299-room SpringHill Suites by Marriott Las Vegas Convention Center has been sold for approximately $75 million to real estate investment trust (REIT) Apple Hospitality, as per a joint announcement issued by the two parties.

Located next to the Las Vegas Convention Center at 2989 Paradise Road, Springhill Suites Las Vegas originally opened in October 2009 and boasts over 10,000 square-feet of flexible indoor and outdoor meeting space, in addition to a pool located on the rooftop, a full fitness center, an onsite market and restaurant that is open 24 hours a day, seven days a week, and a massive carpark that comes in at a full seven stories.

The $75 million paid by Apple Hospitality translates to approximately $251,000 per each of the hotel’s 299 rooms.

Apple Hospitality’s President of Real Estate and Investments, Nelson Knight, said that the acquisition of Springhill Suites was part of his firm’s ongoing plan to further entrench themselves in the ever-evolving and growing tourism trade in Las Vegas, citing recent hot new editions to the city’s entertainment and sporting scenes.

Las Vegas, well known as a premier gaming and entertainment destination, has dynamically expanded in recent years with the arrival of major league sports teams, the Sphere and Formula 1 racing, to capture an even larger segment of leisure travel demand,” he said. “In addition to robust leisure demand, the hotel benefits from its proximity to the newly expanded Las Vegas Convention Center, one of the largest and busiest convention centers in the world, and its own indoor/outdoor function space.”

Knight also noted that the $75 million that Apple Hospitality paid to acquire SpringHill Suites was a bargain considering the significant return on their investment that is expected.

The attractive purchase price is just under a 10.7x multiple on trailing twelve-month hotel EBITDA,” he said. “With a strong recovery in overall demand, positive supply dynamics, the recent development and expansion of large-scale entertainment and convention venues, and the upcoming Super Bowl LVIII, we expect performance for Las Vegas and for this hotel to continue to strengthen.”

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – As 2023 draws to a close on one of the more unusual and noteworthy years in Las Vegas real estate, let’s take a look back over the past 365 days and highlight the top residential sales that have taken place in Southern Nevada. Despite the market experiencing a slowdown overall, some very high-priced homes changed hands in Clark County in 2023, and below you’ll see the top five in reverse order, with the exception of multiparcel sales.

Number five is Skyspace, located at 7 Painted Feather Way in Summerlin’s The Ridges neighborhood, which sold in September for $15.9 million. The 12,162 square-foot residence boasts five bedrooms, six bathrooms, and numerous high-end touches, including a full Italian Scavolini kitchen.

Coming in at number four is a mansion at 8 Rockmount Court in Henderson’s affluent Ascaya community.  This 12,101 square foot home is located on a 2.27-acre plot of land and sold in June for $20.5 million. It has six bedrooms, seven bathrooms, a six-car garage, a pool, and even a putting green.

Number three is a residence located at 11765 Discovery Canyon Drive in Summerlin’s pricey The Summit Club, which traded hands in August for $21.2 million. The home – which was reportedly purchased by an individual on behalf of Hollywood actor Mark Wahlberg – comes in at 8,419 square feet and has six bedrooms, 7 bathrooms, and a pool.

A massive mega-mansion compound located on a 16-acre plot of land at 99 Spanish Gate Drive in Las Vegas’ wealthy Spanish Trail community sold in December for $25 million. The compound – previously linked to Jefri Bolkiah, the prince of Brunei – boasts a super-impressive 25 bedrooms and 46 bathrooms, spread amongst 10 interconnected buildings.

And finally, the number one residential sale in Las Vegas for 2023 comes courtesy of pop megastar Celine Dion, who sold her mansion – located at 10850 Summit Club Drive in The Summit Club – in April for $30 million, setting a new all-time Clark County record in the process. Dion originally purchased the home – which comes in at over 30,985 square feet and has 9.5 bathrooms – in 2017 for 9.2 million, but reportedly never actually moved into it.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The long-gestating high-speed railway system between Las Vegas and Southern Los Angeles just got a significant boost this week when U.S. Senator Jacky Rosen announced that $3 billion in federal funding has been secured to begin construction of the project.

The Bipartisan Infrastructure Law is providing the new funding for the Brightline West high-speed rail system, which according to Senator Rosen, will “help bolster Southern Nevada’s tourism economy and reduce congestion on the Interstate 15 corridor.”

This historic high-speed rail project will be a game changer for Nevada’s tourism economy and transportation. It’ll bring more visitors to our state, reduce traffic on the I-15, create thousands of good paying jobs, and decrease carbon emissions, all while relying on local union labor,” Senator Rosen said. “For decades, Nevadans have heard about the benefits of high-speed rail, and I’m proud to have led the charge for months to push the U.S. Department of Transportation to secure critical funding to make this a reality. I’ll always fight to support Nevada’s tourism economy and create good-paying, union jobs.”

Brightline Founder and Chairman, Wes Edens, thanked the Biden Administration for the financial assistance that will finally bring the frequently-stalled high-speed railway system to life.

We’re honored and humbled in the confidence President Biden, Secretary Buttigieg, Senator Rosen and so many others have placed in Brightline’s vision to bring true high-speed rail to America,” he said. “This is a historic moment that will serve as a foundation for a new industry, and a remarkable project that will serve as the blueprint for how we can repeat this model throughout the country. We’re ready to get to work to bring our vision of American made, American built, world class, state-of-the-art high speed train travel to America.”

With the groundbreaking originally announced to take place back in 2020, the Brightline project, once completed, will take the form of a 34-mile stretch of track in Nevada running along Interstate 15 and ending at a station located on the south end of the Las Vegas Strip.

This line would be fed by several lines from various locations in California, resulting in a total of approximately 185 miles of track overall. Travelers from Las Vegas would be able to continue from the system to Los Angeles via the Metrolink, which would effectively link Las Vegas with L.A. via a 75-minute trip.

Brightline is boasting that the railway could be responsible for removing “millions” of cars from the I-15, which would go a long way towards reducing pollution.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Howard Hughes Holdings is set to open a huge new office project in the southwest Las Vegas Valley in 2024, and while no tenants have been announced yet, experts expect that the property will fill up quickly once construction is complete due to high demand in the area. 

The Meridian campus – slated to open this upcoming January and located near the 215 Beltway on Town Center Drive – will encompass 147,000 square feet, spread out amongst two three-story office buildings that will be linked by a centralized lobby. 

Cushman & Wakefield will be handling leasing duties for Meridian, and according to the company’s senior director, Charles Van Geel, a flood of tenants are expected to vie for space at the facility because it is situated in a very desirable location. 

You can’t help but notice the attractive mountain views in one direction, the cityscape in the other direction yet you’re still in the renowned Summerlin community that has green spaces, great schools seamlessly connected with the valley’s transit infrastructure,” Van Geel said. 

Following the transition to remote work during COVID-19, many employers are attempting to woo workers back to the office now that the pandemic is in the rearview mirror; Amy Lance, a director for Cushman & Wakefield, said that Meridian will make a very enticing carrot on a stick for employers to dangle due to its proximity to the 215 Beltway, ensuring an easy commute 

We’re really hearing from companies who want their employees back,” she said. “I mean they may give them the option to work from home one to two days a week, but I think that’s going to change in the future.” 

Demand for office space in the southwest valley is among the highest in Southern Nevada, with the average rent per square foot coming in at $31.09; in contrast, average rent per square foot in the city of Las Vegas itself is $26.96.  

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A project previously approved by Clark County that would have seen an NBA-ready arena erected in Las Vegas to entice an existing basketball franchise – or a newly created expansion team – to move to Nevada has been quietly cancelled. 

While experts have noted that a new arena was not required to lure an NBA team to Southern Nevada – T-Mobile arena could potentially be shared with the NHL’s Golden Knights – having a facility dedicated to professional basketball competition would make Las Vegas a very attractive candidate for such a thing. 

Clark County commissioners had approved plans for a basketball arena – dubbed All Net Arena – to be erected on a plot of land located on the North Las Vegas Strip, situated between the Fontainebleau and the Sahara resorts. However, after the groundbreaking ceremony was held 10 years ago, the project has sat in limbo with no construction being carried out at the site, due in-part to the lack of the $5 billion in funding previously promised by the developer. 

In the ensuing years, officials have extended the permits for the project several times, but to no avail. Finally, after a decade of delays, Clark County Commissioner Tick Segerblom announced this week that the project’s construction permits have been pulled by unanimous vote of 7-0, quietly killing it off for good. 

Time and time again, we’ve asked, ‘Just one more year, or two years, let’s get this done, we’ll get it done,’” he said. “We’ve followed the money everywhere around the world. And truthfully, it just hasn’t happened. So, I’m just prepared to make a motion to deny it at this point. It breaks my heart to do it.” 

All Net Arena Had been slated to be a 22,000-seat arena with a retractable roof, convention center, movie theater, and grocery store. 

While the league currently has no plans to create an expansion team, NBA Commissioner Adam Silver has heavily hinted that Las Vegas would very much be in the running if those plans were to change. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The sale of Decatur 215, a 126,678-square-foot shopping center in Las Vegas, was announced by owner Brixton Capital on October 30, who sold the property in a 1031 exchange to a private investor for $36.3 million, with the deal reportedly brokered by Lucescu Realty on behalf of the buyer. 

Brixton Capital had previously purchased Decatur 215 from Kimco Realty five years ago for $28.6 million; after acquiring the property, Brixton overhauled and renovated the parking lot, repaving it and restriping the parking spots. 

Construction on Decatur 215 was originally finished in 2013, at which time the retail shopping center opened its doors for tenants. It is situated on a 16.2-acre plot of land and is comprised of eight buildings, all of which were fully leased at the time of its sale.

Decatur 215 – located in The Springs neighborhood at the southeast corner of North Decatur Boulevard and West Tropical Parkway – features a wide variety of retail tenants, including such well-known brands as Target, Petco, ULTA Beauty, Hobby Lobby, Blaze Pizza, and many others. The shopping center’s proximity to Route 95 also provides easy and fast access to and from downtown Las Vegas.  

The sale of Decatur 215 isn’t Brixton Capital’s only high-profile real estate deal in 2023; earlier this year, the New York-based real estate investment firm also purchased a 143,217-square-foot retail center located in Stockton, California in an off-market transaction that was arranged by Hanley Investment Group. 

Despite numerous issues brought about by the nation’s ongoing struggles with inflation and the continued fallout from the COVID-19 pandemic, the retail sector in Las Vegas has not only shown signs of resiliency, but of continued growth as well. As per a new report by Marcus and Millichap, the city experienced a 3 percent population growth between 2021 and the first quarter of 2023, resulting in the creation of approximately 50,000 new households. Job growth in retail has also been steady, with the number of employees in the metro area increasing by 3,500 during the first five months of this year. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – After an extended series of delays, the $3.7 billion Fontainebleau Las Vegas is finally set to open at the north end of the Las Vegas Strip on December 13, bringing to close a development saga that has spanned 23 years amid ongoing doubts at times that the resort would ever open to begin with.

Jeffrey Soffer, Fontainebleau Development’s chairman and CEO, first purchased the land for the resort back in 2000. Development later begun on the Fontainebleau in 2007 – with its grand opening scheduled to take place in 2009 – but work was indefinitely halted two years later by the recession, forcing the project into bankruptcy.

In 2010, Icahn NV Gaming Acquisition LLC purchased the Fontainebleau for $150 million, and then sold it off to developer Steve Witkoff for $600 million in 2017. Witkoff originally envisioned a 2022 completion date; however, that was derailed by the COVID-19 pandemic.

From there, the Fontainebleau sat unfinished for years until Soffer and Fontainebleau Development re-acquired the project and resumed construction in 2021, following Soffer’s securement of $2.2 billion in new funding.

When the resort finally opens its doors for business on December 13, it will be operated by the company’s subsidiary, Bowtie Hospitality LLC.

The Fontainebleau will mostly adhere to the original vision that was laid out for it back when the project was first announced and will consist of a 67-story tower containing 3,780 hotel rooms and suites, 550,000 square feet of convention and meeting space, a casino, restaurants, retail, health and wellness spaces, and many other high-end amenities.

In addition, the resort is expected to provide approximately 6,000 full-time jobs, which will greatly add to Las Vegas’ already booming economy.

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – Realtors in Las Vegas are beginning to show serious concern over a growing trend that eerily reflects market conditions prior to the mid-2000s recession; back then, it was Wall Street packaging risky subprime mortgages into mortgage-backed securities.  

Fast-forward to today, and Las Vegas Realtor Noah Herrera says that Wall Street is back at it again in a slightly different fashion, purchasing as many homes in the valley as they can, renting them out in what some allege is a “predatory” fashion, and packaging them as rental-backed securities. 

Wall Street is destroying Main Street…again,” Herrera said. “And it’s kind of hard to stomach because at the end of the day, this is capitalism.” 

Herrera Isn’t the only one expressing these concerns; reports indicate that many real estate agents based in the Las Vegas Valley are chiming in on multi billion dollar Wall Street hedge funds and investors snapping up homes left and right, pushing everyday homebuyers out of the market with what many are referring to as “aggressive buying and rental tactics.” 

In Clark County alone, 80,000 single-family homes are owned by investors and hedge funds, which represents approximately 14 percent of the 563,000 homes within its borders. In addition, almost 10 percent of all home purchases within Clark County since 1988 had been made by Wall Street, reports say, and about 13 percent of all single-family home sales in the county since 2012 were made by investors. 

Wall Street home purchases in the Las Vegas Valley hit their highest level in 2021, making up approximately 18 percent of all sales; home purchases by investors swelled even higher in other parts of Southern Nevada, reaching as high as 20 percent in some regions. 

According to Shawn McCoy, director of UNLV’s Lied Center for Real Estate, many of these homes being snapped up over the decades by Wall Street never again hit the market. 

Since 1988, 77 percent of homes that were purchased by investors were never sold again, suggesting that roughly three quarters of homes that are purchased by investors are held as long-term rentals,” McCoy said. 

Las Vegas Realtor Steve Hawks said this situation has the effect of pricing out local buyers and results in a large portion of local Las Vegas housing inventory being owned not by residents, but by out-of-state investors. 

Wall Street hedge funds have completely destroyed the traditional real estate cycle and industry as we know it,” he said. “For example, entry-level buyers no longer have access to affordable entry-level homes. People wanting to downsize no longer see it worthwhile to downsize due to the lack of entry-level homes under $500,000.” 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – California-based Realty Income Corp. announced on Friday that it has signed an agreement to invest approximately $950 million into acquiring equity interests from New York-based Blackstone Real Estate Income Trust, Inc. in a new joint venture that now owns a 95 percent interest in the real estate assets of The Bellagio Las Vegas. 

Subject to customary conditions, the transaction is expected to close in the fourth quarter of 2023; at that time, Realty income will acquire a 21.9 percent indirect interest in the property by way of an initial investment of $300 million of common equity into the joint venture. Blackstone will retain a 73.1 percent indirect interest, with the remaining 5.0 percent interest being held by MGM Resorts International. 

In addition, $650 million will be invested by Realty Income into the joint venture to acquire a yield-bearing preferred equity interest. 

Sumit Roy, Realty Income’s President and Chief Executive Officer, announced his firm’s sizable investment into Las Vegas, saying that it is expected to yield huge benefits for their investors. 

We are pleased to initiate our Credit Investment platform through a preferred equity investment in the Bellagio joint venture,” he said. “Credit Investments are a natural adjacency to our traditional business, allowing us to provide additional value to our clients while leveraging our core competencies in transaction sourcing and structuring, and real estate and credit underwriting and monitoring.” 

Located on the famed Las Vegas Strip, The Bellagio is a luxury hotel and casino that was purchased from MGM Resorts by Blackstone back in 2019 for $4.25 billion; MGM retained a small stake and continues to operate and maintain the resort on a day-to-day basis. 

Realty Income Corporation is a real estate investment trust that owns and operates a portfolio of over 12,237 commercial properties. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – The Athletics’ ownership has hired the pair of industry-leading construction firms responsible for building Allegiant Stadium to build the Major League Baseball (MLB) team’s proposed new $1.5 billion ballpark on the Las Vegas Strip. 

 The A’s announced this week that the Mortenson | McCarthy Joint Venture will be responsible for handling all construction-related duties on the upcoming stadium, including estimates prior to the start of construction, scheduling and logistics planning, bidding, coordinating and managing labor, as well as engaging with the community. 

According to a statement released by A’s President Dave Kaval, the decision to go with this joint development team –  who are considered standouts in their field – was an easy one based on their previous efforts, particularly with the work they did on bringing Allegiant Stadium to life for the Las Vegas Raiders. 

Mortenson | McCarthy brings an exceptional level of expertise and experience to our project,” he said. “Their focus on innovation, safety and efficiency makes them the best in their field.” 

Despite the announcement, hiring of Mortenson | McCarthy still must be approved by the Las Vegas Stadium Authority before the deal can go down, although that is considered merely a formality. 

The new home of the Athletics – who are joining the Raiders in moving from their former hometown of Oakland, California – will be on a nine-acre plot of land situated on the 35-acre site of the Tropicana, located at Las Vegas Boulevard and Tropicana Avenue. Currently, the plan is to demolish the Tropicana to make way for the A’s stadium and to build a new 1,500-room hotel and casino on the remaining acreage. 

The A’s home stadium – a project expected to cost a total of $1.5 billion – is slated to take the form of a 35,000-seat retractable roof stadium. $380 million in public funds have been earmarked for the A’s new stadium, and the project in its current form could potentially also receive up to $180 million in transferable tax credits as well. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – UnCommons – a 40-acre mixed-used facility currently under development in southwestern Las Vegas – recently announced an expansion of the experimental project with the addition of The Assembly, a 5,000-square-foot conference and event pavilion scheduled to open in September. 

Upon completion, UnCommons – located at Durango Drive and the 215 Beltway in the southwest valley – will essentially be a mini-city within a city, consisting of 500,000 square feet of offices, as well as restaurants, health and fitness studios, relaxation options, and over 830 residential units, in addition to the aforementioned event pavilion. 

The Assembly is being touted as a one-of-a-kind addition to the mixed-use development that can host a variety of event types, including talks, community events, and weddings; the space can even be utilized as a hub for the facility’s office tenants when needed. 

The concept behind the $800 million project is that it will be a space where the various employees working for businesses located there will have numerous solutions to all of their needs – living space, entertainment, exercise, and more – right there at their fingertips. 

The 830 apartment units are spread out amongst 3 towers, and already have 40 residents who have moved in; in addition, six office tenants have also set up operations in their respective spaces, including companies such as Draft Kings and CBRE Group Inc; companies such as Deloitte and Newmark will also be coming in soon. 

On the storefront side, six food and beverage locations have already opened – such as Urth Caffe, Teaspoon, and Amari – and two retail businesses have opened their doors, one being a luxury candle maker and the other a hair salon. 

Las Vegas ‘s intense desert heat has been taken into consideration as far as the UnCommons’ design goes, with all buildings on the grounds built around the concept of providing maximum shade to the maximum amount of outdoor square footage possible, ensuring that tenants and visitors are rarely required to be exposed to direct sunlight for any great period of time. 

The final phase of the UnCommons project – which originally broke ground in 2021 – is slated to begin in early 2024. 

For more information on availability and more, visit https://uncommons.com

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.

LAS VEGAS, NV – A new mixed-use development comprised of retail shopping and a residential housing complex has been proposed at a 73-acre location in North Las Vegas that had previously the homes to two well-known casinos that have since been shuttered. 

Agora Realty and Management has entered a proposal with the North Las Vegas Planning Commission to re-zone the former sites of the Texas Station and Fiesta Rancho casinos – located at Lake Mead Boulevard and Rancho Drive – from resort-commercial to a residential mixed-use classification, in order to build “a mix of experiential commercial, recreation, hotel, retail, restaurant, and multifamily uses.” 

If the Commission approves the rezoning proposal, Agora plans on constructing what it has dubbed “North Las Vegas Sports Village,” which is slated to include what they refer to as an open-air “Champions Plaza” consisting of 450,000 square-feet of retail shops and restaurants, as well as a “vibrant mix of residential housing options for the community” offering 665 housing units, all of which they say will be constructed in phases. 

Some of the more unusual amenities that Agora is planning on building on the site include an ice skating rink, which is slated to be 100,000 square-feet in size, in addition to a sports field, “outdoor entertainment,” a convenience store, a car wash, a child care center, and a vocational school.  

100,000 square-feet of professional office space is also being planned by the developer as well. 

Agora also intends to replace the former casinos that had previously inhabited the property in some manner by asking the North Las Vegas Planning Commission for permission to acquire a gaming license and to construct a 150-room hotel; at least three beer and wine licenses and three liquor licenses have also been applied for. 

The North Las Vegas Planning Commission will consider Agora’s re-zoning request at its Wednesday, July 12 meeting. If the proposals are approved and construction moves forward, Agora anticipates employing at least 925 people to make the extensive and varied development a reality. 

Shelter Realty is a Real Estate and Property Management Company specializing in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.