Las Vegas Portfolio
A multi-million-dollar real estate portfolio comprised of nearly 400 acres of retail, industrial, and underutilized land located throughout the Las Vegas, Nevada MSA was analyzed, master planned, and repositioned to provide significantly increased value and liquidity for our partner while creating amenities, jobs and tax revenue for the communities.
A multi-generational family trust chose Eastern Real Estate as a partner to provide the expertise and capital required to master plan, develop and recapitalize a complex underutilized 400-acre portfolio located in the Las Vegas, Nevada MSA. Eastern struck a long-term lease on an industrial asset adjacent to McCarren Airport and re-tenanted a retail asset, The Bonanza, located on the north end of the Las Vegas strip. Eastern’s efforts culminated in the sale of these assets which yielded nearly $60 million in value. Several large parcels of land in North Las Vegas were master planned to address the priorities identified by the community. Project uses include health care, medical office space, skilled nursing facilities, neighborhood restaurants, retail and services, and public recreational facilities. Eastern was able to structure a transaction with one of the nation’s first micro-hospitals in order to provide care for community residents in a “service gap” area between full scale hospitals. Additionally, Eastern’s partnership has spurred the development of numerous parcels as intended and many of the health care and neighborhood amenity sites are currently under construction. Future plans include a charter school, low-rise multi-family units, and 20-acre athletic facility.
Through Eastern Real Estate’s creative efforts, the total value of the portfolio has grown significantly and will yield in excess of $125,000,000 in value.