By ELI SEGALL
\nLAS VEGAS REVIEW-JOURNAL<\/p>\n
Las Vegas\u2019 never-boring real estate market didn\u2019t disappoint in 2016.<\/p>\n
Here\u2019s my list of the top 10 deals of the year, in no particular order:
\nADVERTISING
\ninRead invented by Teads<\/p>\n
1. Pig farm<\/p>\n
Bob Combs launched a business feeding casino food scraps to pigs in the 1960s, but as the Las Vegas Valley grew, his once-isolated R.C. Farms property became surrounded by housing tracts. And with pungent fumes in the air, plenty of people couldn\u2019t wait for him to send the swine away.<\/p>\n
He\u2019s granting their wish, and cashing in.<\/p>\n
Combs sold the farm site and adjacent land \u2014 154 acres total \u2014 to developer Guy Inzalaco for $23 million. The sale closed Nov. 1.<\/p>\n
Combs\u2019 listing broker, Mike Montandon, has said the new owners are planning a project with housing tracts and retail. The property is 10 miles north of the Strip at North Fifth Street and Ann Road.<\/p>\n
2. Loft 5 condos<\/p>\n
Marvell Technology Group founders Weili Dai and Sehat Sutardja were ousted this year from running their Silicon Valley semiconductor company.<\/p>\n
Months later, the couple bought the bulk of a luxury Las Vegas condo complex and moved to the top floor of Donald Trump\u2019s gold-gilded tower near the Strip.<\/p>\n
Dai and Sutardja bought 241 units in Loft 5, a 272-unit residential complex about 5 miles south of the Strip, for $51.5 million. The sale closed Nov. 29.<\/p>\n
Marvell boasts 5,000-plus employees. In April, the board fired Sutardja as CEO and Dai as president.<\/p>\n
3, 4 and 5. Malls on the Strip<\/p>\n
There have been plenty of reports on the demise of American malls, but on tourist-packed Las Vegas Boulevard, investors paid billions for them in 2016.<\/p>\n
In April, Indianapolis-based Simon Property Group and Atlanta\u2019s Invesco acquired The Shops at Crystals for $1.1 billion. In July, New York investment firm TIAA acquired a 50 percent stake in Fashion Show mall for $1.25 billion. And in October, owners of the Miracle Mile Shops announced they sold to Illinois-based Miller Capital Advisory and California public pension fund CalPERS.<\/p>\n
That price was not disclosed but was said to be around $1.1 billion.<\/p>\n
6. IGT office flip<\/p>\n
Las Vegas\u2019 office market, still grappling with high vacancy rates, has been recovering slowly from the recession. But as one sale showed, landlords will spend big for a newer property that\u2019s fully leased by a big-name tenant.<\/p>\n
Griffin Capital Corp. of Southern California bought slot-machine maker International Game Technology\u2019s three-story office building in southwest Las Vegas for $66.5 million. The sale closed Sept. 27.<\/p>\n
The seller, Panattoni Development Co., bought IGT\u2019s 38-acre property in December 2015 for $75 million. It flipped a 13-acre portion to Griffin.<\/p>\n
7. Vegas 888 site<\/p>\n
Want to compare Las Vegas\u2019 bloated, bubble-era land values to today\u2019s prices? Just look at the vacant parcel next to the Palms.<\/p>\n
Florida developer Christopher DelGuidice bought the 8.6-acre parcel at Flamingo Road and Valley View Boulevard in 2004 for $50 million. He laid out plans for Vegas 888, a 50-story luxury condo tower, but never built it and lost the land to foreclosure.<\/p>\n
This year, Las Vegas investor Christopher Beavor bought the site for $13.5 million. The sale closed Sept. 30.<\/p>\n
Beavor has said his plans include a 15- to 20-story nongaming hotel, an apartment complex and retail space.<\/p>\n
8. Camden apartment portfolio<\/p>\n
Las Vegas\u2019 apartment sector has heated up with rising rents, increased construction and bigger sales prices. Amid questions of whether investors are overbuilding, a big landlord sold all of its apartments here for a massive payday.<\/p>\n
Houston-based Camden Property Trust sold 15 apartment complexes, a commercial center and about 20 acres of land for $630 million to The Bascom Group and Oaktree Capital Management, both of Southern California.<\/p>\n
The sale, announced in April, was said to be the most lucrative Las Vegas apartment deal in memory.<\/p>\n
9. Apex land<\/p>\n
Apex Industrial Park, the sprawling North Las Vegas business park, has plodded along for years with little development.<\/p>\n
But land broker and investor Scott Gragson laid his first bet on the park amid hopes for a growth spurt. He bought at least 153 acres in July and August for almost $6.8 million combined, property records show, though Gragson estimated his holdings at about 180 acres.<\/p>\n
Many people have high hopes for Apex, largely because of Faraday Future\u2019s planned 3.4 million-square-foot auto-manufacturing plant. The electric-car startup, backed by $335 million in state incentives, began site work this year, but construction stopped last month.<\/p>\n
Builders stopped working after Faraday reportedly missed multiple payment deadlines.<\/p>\n
Faraday\u2019s investors include Chinese billionaire Jia Yueting, but the company doesn\u2019t identify a CEO and has declined to discuss its ownership structure.<\/p>\n
10. The Slammer<\/p>\n
Las Vegas homebuilder Larry Canarelli this year acquired a property that, he says, is the most bizarre he\u2019s ever bought: magician Penn Jillette\u2019s multicolored mansion known as The Slammer.<\/p>\n
The southwest Las Vegas home gained notoriety for its unusual look and such features as secret rooms, an outdoor catwalk and a driveway entry with two sets of automatic chain-link fences.<\/p>\n
Jillette sold his 8.6-acre spread to Canarelli\u2019s American West Homes for $1.88 million. The sale closed Nov. 4.<\/p>\n
Jillette started to demolish The Slammer a few months ago by having someone drive a tank through it, as part of a scene for a movie he was making. But the tank got stuck and didn\u2019t destroy much.<\/p>\n
Canarelli said he plans to build houses on the property.<\/p>\n
Contact Review-Journal writer Eli Segall at 702-383-0342 or esegall@reviewjournal.com. On Twitter at @eli_segall<\/p>\n
Source: http:\/\/www.reviewjournal.com\/business\/columns\/real-estate-insider\/pig-farm-loft-5-among-top-las-vegas-real-estate-deals-2016<\/p>\n","protected":false},"excerpt":{"rendered":"
By ELI SEGALL
\nLAS VEGAS REVIEW-JOURNAL
\nLas Vegas\u2019 never-boring real estate market didn\u2019t disappoint in 2016.
\nHere\u2019s my list of the top 10 deals of the year, in no particular order:
\nADVERTISING
\ninRead invented by Teads
\n1. Pig farm
\nBob Combs launched a business feeding casino food scraps to pigs in the 1960s, but as the Las Vegas Valley …Read More ><\/a><\/p>\n","protected":false},"author":1,"featured_media":701,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press"],"_links":{"self":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/posts\/699","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/comments?post=699"}],"version-history":[{"count":1,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/posts\/699\/revisions"}],"predecessor-version":[{"id":1555,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/posts\/699\/revisions\/1555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/media\/701"}],"wp:attachment":[{"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/media?parent=699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/categories?post=699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/royalinkprojects.com\/cai\/wp-json\/wp\/v2\/tags?post=699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}