The Siegel Group Completes Acquisition of Las Vegas Retail Shopping Center
March 26, 2007
LOS ANGELES — The Siegel Group, Inc., a Commercial Real Estate & Business Development Company, today announced that it had finalized its acquisition of Garardelli Square; a retail shopping center located in Las Vegas, Nevada. The property is situated on Swenson Street which is the major artery that carries traffic from McCarran International Airport to the Las Vegas Strip and Downtown Las Vegas and sits directly adjacent to the Thomas & Mack Center and the University of Nevada, Las Vegas (UNLV) campus.
The purchase price was financed by First Republic Bank. SASCO Properties, an affiliate of The Siegel Group, has been retained to manage the property which will be renamed Siegel Plaza. Extensive capital improvements have been initiated that will include new facade, signage, lighting and landscaping.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: “This is a great addition to our portfolio of national shopping center developments and we are excited to have acquired an asset in such a desirable location of Las Vegas that is so close to the famous Hard Rock Hotel & Casino and other major destination hubs where so much commercial development is occurring. This center has been mismanaged for years and with our expertise we will be able to quickly reposition the property, attract national tenants and maximize the property’s value.”
About The Siegel Group Nevada, Inc.
The Siegel Group, a Commercial Real Estate Investment & Business Development 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, valued 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 which include a variety of businesses and a commercial real estate portfolio comprised of multi-residential apartment complexes, extended-stay, boutique resorts, hotel-casinos, retail and office. The Siegel Group is actively seeking new investments and joint-venture opportunities with upside potential. For more information on The Siegel Group and its affiliates, visit the Company´s website at https://siegelcompanies.com.
Contact
To obtain further information regarding this release, please contact Michael Crandall via email at mcrandall@siegelcompanies.com or by phone at (310) 597-9221.
