The Siegel Group Acquires Office Building; Relocates Corporate Headquarters
January 1, 2011
LAS VEGAS — The Siegel Group Nevada, Inc., a Commercial Real Estate & Business Development Company, today announced that it has acquired 3790 Paradise Road; an office building that will serve as its new corporate headquarters for $3.3 Million with long-term financing secured from a local lender.
The 2-story, 36,000 square foot building is situated on approximately .84 acres and located on Paradise Road across from the Wynn Golf Club and the Hughes Center. Included with the sale was a billboard and cellular phone tower which are currently leased to third-party operators. Under the prior ownership, the property suffered from management issues and substantial deferred maintenance that hindered leasing activity. Although the building has a current vacancy rate of approximately 80%, The Siegel Group, which intends to occupy 40% of the leasable space beginning the first quarter of 2011 for its growing corporate operations, is confident that it will be able to quickly stabilize the property as it intends to make improvements to the facade and common areas that are necessary to attract and secure a stable, long-term tenant base.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: “I am extremely excited to have acquired a property that will not only serve as our new corporate headquarters but is situated in such an incredible location that is central to our operations in the Las Vegas market. This is a Class B property in a Class A location which we plan to completely modernize and make into a state-of-the-art office complex to serve our needs as well as the quality tenants we are actively looking to attract.”
The Siegel Group is actively looking to acquire value-added properties throughout the Las Vegas market and is working closely with lenders and private parties to take over distressed assets.
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, 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 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, office, restaurant, bars, nightclubs and automotive. 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 (702) 947-8322.
