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Mixed-Use Las Vegas Development to Change Hands for US $216 Million

3D Investments LLC has agreed to acquire Tivoli Village, a premier 669,406-square-foot Class A open-air mixed-use project in Las Vegas, Nevada for US $216 million.
 
The purchaser, a joint venture between Property and Building Corp. (PBC) and IDB Group USA, owns, operates, and develops real estate properties in California, Nevada and throughout the United States. The company is headquartered in Beverly Hills (Los Angeles), California.

Built between 2009 and 2016, Tivoli Village is located at 400 S Rampart Blvd, at the northeast corner of Rampart Blvd and Alta Drive, and comprises Class A office, and luxurious retail and restaurant space across ±28.4 acres. The property includes an ±8.29 Acre development parcel entitled for more than 300 residential units.

The prestigious Mediterranean-themed project is situated nearby Summerlin, an exclusive residential neighborhood in western Las Vegas. The property is surrounded by upscale golf course communities and prominent entertainment venues including hotels and casinos.

The parties to the negotiations were DIC’s CEO Doron Cohen, US Property and Building Corp. CEO Eli Elefant and Vice President Ethan Kingsley on the ownership side. Dave Alleman, of Marquis Aurbach Coffing, served as counsel to the sellers.

Marlene Fujita Winkel, executive director of Cushman & Wakefield’s Capital Markets team, who was also involved in the sale, says: “Tivoli Village is the market’s most highly revered mixed-use project in western Las Vegas.

“Through an extensive marketing campaign and competitive bidding process that attracted strong buyer interest from around the globe, we are thrilled to have successfully secured an agreement to sell this generational asset that also offers outstanding future development opportunity through its one-of-a-kind development parcel.

“According to Cushman & Wakefield research, excluding casino property, this will be the highest-valued, mixed-use commercial real estate asset sale in Las Vegas since 2017.”

Cushman & Wakefield Managing Principal for Nevada, Christina Roush, adds: “The current ownership has done such a terrific job in repositioning this exciting destination mixed-use property.

“Cushman & Wakefield is proud to have participated in this endeavor on both the property leasing and ultimate sale. Las Vegas is a global attraction market and Tivoli Village has extremely high appeal within the local and international communities alike.”

CAMFIL HVAC Filtration Solutions

Staff Reporter

FMIndustry.com covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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