Siegel Group Buys Four Las Vegas Retail Properties for $11M – The Real Deal

1 minute, 30 seconds Read
image

The Siegel Group has picked up nearly a half block of bar and restaurant buildings in Downtown Las Vegas for $11 million.

The Paradise-based investor bought four retail buildings at 517, 523 and 525 Fremont Street and 100 South Sixth Street, the Las Vegas Review-Journal reported. The seller was T-Bro II, a unit of London-based Tamares Group, owner of Plaza Hotel & Casino.

The buildings contain more than 19,000 square feet on nearly half a block between Las Vegas Boulevard and Sixth, and include such tenants as We All Scream nightclub/bar, restaurant Le Thai and the Commonwealth bar.

The deal works out to about $580 per square foot. Stephen Siegel, CEO of The Spiegel Group, said it was a deal he could not pass up. 

“We have nothing planned, we just thought it was an unbelievable location and something that is very hard to purchase,” Siegel told the Review-Journal of the all-cash, off-market deal. “And we decided to buy it, and we plan on holding it for a very long period of time.”

Last fall, the estate of Tony Hsieh sold a key slice of Downtown Las Vegas at the corner of Fremont and Las Vegas Boulevard, trading a commercial property on a half-acre for $14.6 million, according to the newspaper. 

Tenants include such restaurants and bars as Inspire Nightclub, Flippin Good and the Downtown Cocktail Room. Last year, the estate gave the green light to Logic Commercial Real Estate and Avison Young to sell 15 properties.

The Siegel Group, founded by Stephen Siegel in 2001 in L.A.’s San Fernando Valley, owns commercial and residential properties, including apartments, hotels, offices and shopping centers, across the U.S., according to its website.

In 2022, Siegel bought 10 acres on and near the north Strip for $75 million, its first purchase along the casino corridor, according to the Review-Journal. 

— Dana Bartholomew

Read more

This post was originally published on 3rd party website mentioned in the title of this site

Similar Posts