Top 5 Las Vegas Real Estate Deals

Earlier we brought you The priciest Las Vegas Luxury Homes Sold in 2012.. This time here is a list of The top real estate deals here in Las Vegas..

Properties that traded hands this year include a portfolio of office buildings in Summerlin, Walgreens pharmacies on the Strip, and a hotel and casino at Lake Las Vegas.

Here’s A Look At The Top 5 Most Lucrative Las Vegas Real Estate Deals Of 2012

1. Summerlin office portfolio

Price: $119.5 million

Buyer: Hines Interests (Houston) and Oaktree Capital Management (Los Angeles)

Seller: General Growth Properties (Chicago)

In September, General Growth Properties sold its local office portfolio — 32 buildings in Summerlin totaling 1.1 million square feet.

The sale boosted the valley’s commercial real estate sector, partly because it was the largest local deal in years and partly because it marked Hines’ entry into the market. The real estate giant owns high-quality commercial buildings around the world and has offices in 18 countries.

The deal also lets once-bankrupt General Growth focus more closely on its main business: shopping malls. The Chicago-based company owns or partially owns 149 regional malls, with four in the valley, including Fashion Show mall and the Grand Canal Shoppes at the Venetian.

The buildings in Summerlin reportedly were half-vacant at the time of sale. The portfolio also included two development parcels totaling 19 acres.

2. Veer Towers
Price: $119 million
Buyer: Ladder Capital (New York)
Seller: CityCenter Residential (Las Vegas)

Ladder, a real estate investment firm, paid $119 million cash for more than 60 percent of the condos at CityCenter’s Veer Towers. The deal closed in December.
The bulk sale of 427 units means almost all the available inventory is now taken. The 37-story luxury high-rises on the Strip are 98 percent sold. The 11 remaining units are penthouses.
Ladder paid around $300 per square foot, but asking prices for individual buyers have started in the $500 range. About 320 of the units sold to Ladder already are being rented.
Veer Towers, which by design lean at a 5-degree angle, have 335 units each. The homes range from about 500 to 3,300 square feet. Amenities include valet parking, exercise facilities, steam rooms and saunas.
The 67-acre CityCenter complex is a joint venture between MGM Resorts International and a subsidiary of Dubai World, a Dubai-owned holding company.

3. Renaissance Villas
Price: $74.75 million
Buyer: WTI Inc. (Cupertino, Calif.)
Seller: ConAm (San Diego)

WTI Inc. bought this 840-unit apartment complex on West Tropicana Avenue near South Decatur Boulevard in late October.
The property was built in 1989 and remodeled in 2006.
About a month after buying it, WTI spent an additional $18 million for 163 units at the 382-unit Esplanade residential complex off South Durango Drive near the 215 Beltway.
The real estate deals came after WTI’s sister company, software firm Wyse Technology of San Jose, Calif., was bought by Texas computer maker Dell.
WTI’s owners held stakes in Wyse and are using proceeds from its sale and other sources to buy real estate, a person familiar with the matter has said.

4. Walgreens
Price: $71 million
Buyer: BLDG Management Co. (New York)
Seller: Peterson Properties (Albuquerque, N.M.)

Walgreens pharmacies are often in drab suburban strip malls, but not this one: It’s between the Venetian and the Palazzo in the heart of the Strip.
BLDG Management, a prominent New York City landlord, acquired at least a 70.5 percent stake in the property through the $71 million deal in early October, Clark County records show.
BLDG founder Lloyd Goldman is helping finance a planned $230 million, 625-foot waterfront Ferris wheel in the New York borough of Staten Island. He also is part of the group that’s redeveloping the World Trade Center site, the Associated Press has reported.

5. Ravella at Lake Las Vegas and Casino MonteLago
Price: $46.9 million
Buyer: Kam Sang Co. (Arcadia, Calif.)
Seller: Deutsche Bank (New York)

Kam Sang Co. bought the 13.8-acre hotel site and adjacent 1-acre casino in November.
The hotel initially was a Ritz-Carlton. Deutsche Bank foreclosed in February 2009, and the Ritz shut its doors in May 2010.
Dolce Hotels & Resorts took over the lease in January 2011 for the 349-room property and gave it the Ravella brand.
Meanwhile, Casino MonteLago closed in March 2010 because of the Ritz’s closure. The casino reopened last year after the Ravella opened.

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Our real estate agents have a wealth of local knowledge and experience in all the facets of residential real estate whether looking for a large custom home or a condo on the famed Las Vegas Strip - Our agents know our area the best. If you want more information, Contact The Snyder Group for a free consultation and we'll be happy to listen.

This  was drafted from  an article written by  Eli Segall  and is originally published in www.VegasInc.com to see the original article Click Herehttp://www.vegasinc.com/news/2012/dec/29/top-las-vegas-real-estate-deals-2012/