THE SIEGEL GROUP ADDS MIXED-USE CENTER TO GROWING PORTFOLIO
June 21, 2019
LAS VEGAS — The Siegel Group Nevada, Inc. (https://siegelcompanies.com), a real estate investment and management company, announced today that it had purchased a mixed-use commercial property in Las Vegas for $8.35 million. Built in 1963 and 2008, the mixed-use property is situated on 3.15 acres and consists of two buildings. One building contains over 62,000 square feet of leasable retail and office space. A separate freestanding building is currently vacant and contains additional retail space with a potential drive-thru. This space will ultimately be leased to one or two fast food concepts. The property also comes with two billboards and a cell phone tower that generates additional income.
As is characteristic of the Siegel Group’s acquisition criteria, the property, which suffers from some minor deferred maintenance issues, is a diamond in the rough with significant untapped potential. Plans for a renovation of the property are already in the works and the Siegel Group’s experienced property management division will be focusing on attracting high-quality regional and national tenants that will drive traffic to the center as well as maximize value. Among the motivating factors in the decision to acquire the asset was its trophy location. Located within the Las Vegas Strip Resort Corridor, the highly visible project is situated on Sammy Davis Jr. Drive which is just a block from Las Vegas Boulevard and is located directly across from the $5 billion development site for Resorts World Las Vegas. The property’s proximity to this and other billion-dollar projects makes the site a prime candidate for redevelopment as Las Vegas continues to grow. Additionally, Sammy Davis Jr. Drive, which is one of the most heavily traveled routes that casino workers utilize in traveling to their jobs on the Las Vegas Strip, suffers from a lack of food options. The Siegel Group’s plan to bring fast food and fast casual dining concepts to the center will address this much needed untapped amenity.
Stephen Siegel, President of The Siegel Group stated: “I am excited to have further increased our presence in the Las Vegas market with the acquisition of this incredible property. Our commitment to this great city and state remains steadfast and we plan to continue our focus on acquiring properties and businesses that will in turn create more local jobs. We look forward to continuing to work and engaging with the local community and providing resources and support through Siegel Cares; our philanthropic division.”
The Siegel Group is actively looking to acquire value-added properties in all asset classes throughout the United States and is able to move quickly and close transactions without any financing contingencies. If you have a property you would like to submit for consideration, please email properties@siegelcompanies.com.
About The Siegel Group Nevada, Inc.
The Siegel Group, a real estate investment and management company founded by Stephen Siegel with offices located in Las Vegas, Nevada and Studio City, California, specializes in the acquisition, disposition and development of under-performing, value-added real estate and businesses with significant turn-around potential. The company’s extensive expertise in the areas of operations, management, finance, marketing, branding, leasing, renovation, design, entitlements, construction, and redevelopment enable The Siegel Group to elicit an operational turnaround on the assets it acquires. These assets include a variety of businesses and a commercial real estate portfolio comprised of multi-residential, flexible-stay apartment complexes, extended-stay hotels, boutique resorts, hotel-casinos, retail, office, restaurant, bars, and nightclubs. For more information on The Siegel Group and its affiliates, visit the Company’s website at https://siegelcompanies.com.
Contacts
The Siegel Group Nevada, Inc.
Senior Vice President
Michael Crandall, 702-947-8322
