Paradise, Nev.-based actual property improvement firm The Siegel Group not too long ago introduced the acquisition of a historic downtown Las Vegas retail property. The developer reportedly bought the asset in an all-cash, off-market transaction for $11 million.
Situated at 517, 523, and 525 Fremont St., in addition to 100 S. Sixth St., the property stretches half a metropolis block between Las Vegas Boulevard and Sixth Avenue and contains 4 contiguous retail properties which can be absolutely leased to a various mixture of high-performing tenants.
Constructed within the early 1900s, the buildings are residence to just about 20,000 sq. ft of Las Vegas retail area. Fashionable amongst each locals and guests, the situation is simply steps from the world-famous Fremont Avenue Expertise, options a variety of nightlife actions, and attracts greater than 24 million guests yearly.
“We’re excited that we have been in a position to purchase this trophy generational asset in such a historic space,” mentioned Stephen Siegel, president of The Siegel Group. “This is without doubt one of the most original areas in all of Las Vegas, and alternatives to accumulate properties on this one-of-a-kind location are extraordinarily uncommon. We’re proud to maintain these Las Vegas landmarks underneath native possession and stay up for additional increasing our presence within the downtown space.”
Actively investing within the downtown Las Vegas submarket since 2004, The Siegel Group owns and operates a number of Siegel Suites® condominium communities, retail, and different industrial properties alongside Fremont Avenue and the encircling space. Notable revitalization initiatives right here embrace the Gold Spike Resort & On line casino and adjoining shuttered Journey Inn Motel, which The Siegel Group acquired in 2008 and subsequently mixed, renovated, and rebranded as the primary boutique hotel-casino in downtown Las Vegas.
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Final modified: March 6, 2024
In regards to the Writer / Ioana Ginsac
Ioana Gînsac is a inventive author overlaying all-things-CRE for a number of Yardi product publications. Subjects embrace trade information, U.S. workplace and industrial market stories, in addition to options on improvement, structure, urbanism, proptech, design, and extra. Her work has appeared in AmericanInno, Bisnow, BusinessInsider, Industrial Property Govt, Curbed, Quick Firm, Forbes, GlobeSt, Inc, Patch, The Actual Deal.
