Sephora approved for 714,000-square-foot warehouse in North Las Vegas

LAS VEGAS – A major beauty retailer is coming to the Las Vegas valley. On Thursday, Sephora received approval from the Nevada Governor’s Office of Economic Development on its requested economic development package to have its western distribution center in North Las Vegas.

With GOED’s approval, Sephora now plans to finalize its lease negotiation for a 714,000-square-foot facility on 45 acres at Tropical Distribution Center in North Las Vegas. The move will make it the latest major employer to set up operations within the masterplan industrial park.

Sephora’s western distribution center will be located on 120 acres in North Las Vegas near the Las Vegas Motor Speedway. The Tropical Distribution Center will be located adjacent to Amazon’s recently announced 2.4 million-square-foot fulfillment center. Both facilities, as well as the associated site work and adjacent public roadways, are being developed by VanTrust Real Estate.

Once completed in May 2019, Sephora’s facility will create up to 400 projected new jobs with the intention of filling nearly all positions with Nevada residents. As part of its hiring efforts, Sephora also plans to partner with the regional workforce centers to find qualified employees who may be disabled or veterans.

"The advancements we’ve implemented to make North Las Vegas the most business-friendly city are being recognized worldwide by major companies that are lining up to locate here," North Las Vegas Mayor John Lee said. "We are thrilled to welcome our newest partner Sephora to North Las Vegas — the new e-commerce capital of the west — and wish the company great success as we continue to grow together."

Sephora’s facility will consist of a distribution center for retail locations and e-commerce fulfillment center with direct shipping to consumers, totaling 694,000 square feet, as well as an attached 20,000-square-foot, single-story office. The industrial portion will require high-quality design and construction to support the building’s state-of-the-art automation and robotic systems.

The office space will reflect the company’s luxury brand with high-end finishes and will include amenities for employees such as spacious common areas and outdoor seating.

“As we continue our growth plan — especially in the Western U.S. — it was important to us that we establish a new regional distribution center that could most effectively supply product to stores in 12 Western states,” said Mike Racer, senior vice president of supply chain at Sephora. “With transportation and seamless logistics being key drivers in Sephora’s location decisions, Tropical Distribution Center and the Greater Las Vegas market were clear contenders for its proximity and ability to deliver speed and efficiency for our clients.”

With the delivery of Sephora and Amazon, construction of the Tropical Distribution Center will be complete, and Backman says, “VanTrust is actively pursuing additional opportunities to develop office and industrial parks throughout Southern Nevada.”

Source Article

Keller Williams Realty Las Vegas Renovates Aging Homeless Youth Housing Units

Keller Williams Realty Las Vegas agents and business partners painted, repaired, and did “extreme makeovers” on aging housing for homeless youth who are part of Nevada Partnership for Homeless Youth’s (NPHY) Independent Living Program (ILP) and staying at NPHY Emergency Shelters.

Partners with Nevada Partnership for Homeless Youth for Service Project, Saves Nonprofit Thousands of Dollars for Needed Work

Armed with paint, tools and new household items, Keller Williams Realty Las Vegas agents and business partners painted, repaired, and did “extreme makeovers” on aging housing for homeless youth who are part of Nevada Partnership for Homeless Youth’s (NPHY) Independent Living Program (ILP) and staying at NPHY Emergency Shelters. The work on six ILP facilities and two emergency shelters is a continuation of and upgrade to previous efforts on the more than 40-year-old properties by the Keller Williams Realty Las Vegas team for the sixth year in a row.

More than 200 local Keller Williams Realty Las Vegas agents volunteered their time to help the nonprofit NPHY for their national RED Day service project, where company associates spend the day helping organizations in need to give back to their communities. Introduced in 2009, RED Day – Renew, Energize and Donate – is the second Thursday of May. Joining the Keller Williams Realty Las Vegas group were many of their business partners and friends who donated in-kind services and their time.

Traci Human, who chairs the Culture Committee for Keller Williams Realty Las Vegas, led the charge on RED Day again this year. “We look forward to this day of community service every year. We’re very proud of what our KWLV agents, employees and partners have accomplished over the past several years,” said Traci. “What began as cleaning one unit six years ago, led by owner, Debbie Zois, has organically grown into rehabbing and maintaining seven units this year. That being said, the efforts from this one day of giving back to the community begin months ahead of time. We create teams, research needs, tour properties and locate vendors who are willing to help us by donating supplies and services. Fundraising includes carwashes, ticket sales to the 51’s baseball games, and Facebook and GoFundMe fundraisers, to name a few.”

Brandon Ewing, Keller Williams Realty Las Vegas team captain for one of the NPHY properties, shared this story. “After everyone left, at about 5:30 p.m., Edith, one of our vendors, was still working on the bathroom – she’s a trooper. An NPHY Independent Living client was introduced to her new home in a big reveal. She walked in, and her mouth dropped and then she started smiling from ear to ear. She walked through the home in a trance, saying she couldn’t believe this was her new home…that it was clean…that it felt like home…that she felt safe. With a beautiful, innocent smile on her face, she started crying and thanking everyone in the house. She looked at me and gave me a hug. She hugged everyone there who helped give her a home. This is our ‘Why.’ We might be doing a small thing, but it’s a huge moment in the lives of these youth.”

The RED DAY initiative saves NPHY thousands of dollars in renovation, replacement and repair costs. Last year, it was estimated that the renovation saved NPHY more than $35,000, and that number is expected to be higher this year.

“We are so thankful for the Keller Williams Realty Las Vegas agents and their partners for their invaluable effort and time in helping us continue to house and make a home for NPHY’s homeless youth clients,” said Arash Ghafoori, NPHY executive director. “We couldn’t maintain our transitional housing and emergency shelters for these vulnerable youth without them. And the look and appreciation by the youth when they see their rooms and the rest of the renovation work is priceless. Many have never had anything as new or nice as what the Keller Williams Realty Las Vegas RED Day effort provides.”

Each year, Keller Williams Realty Las Vegas teams work hard to not only retrofit but to make each of the NPHY residences feel more home-like. “We add a more personalized touch to bedrooms and common areas based on youths’ interests with wall art, study areas, sports memorabilia and other items, and freshen up the personal spaces with new bedding and linens, pots and pans, and kitchenware,” added Human.

Specific renovation and repair work at the housing and emergency shelter sites also involves advanced landscaping, substantial roof repairs, shower and bathroom facilities repair, substantial kitchen remodels, new furniture and bedding where needed, and new tile flooring, appliances, windows, faucets, fixtures, and more. Study areas at several of the housing units also were added to maximize space. This year individual lockers were added to each property for clients.

“A very special thank you to our vendors and partners. We wouldn’t have this level of success without their kind hearts and generosity,” said Human. “We are proud to work with businesses who share our cultural spirit. These partners have donated kitchen cabinets, granite countertops, appliances, fixtures, paint, roofing, manpower, and a whole lot more. Some even provided lunch and refreshments.”

In addition to Keller Williams Realty Las Vegas associates, participating partners were: European Bath Kitchen Tile and Stone, Bridge Home Inspections, Mr. Tile, Cabinet Medics, Castle and Cooke Mortgage, Richmond American Homes, KB Homes, Guild Mortgage, Raysco, Best Mattress, Movement Mortgage, Atlas Marble & Granite, National Home Warranty, MC Plumbing, Accent Cabinetry & Flooring, Home Service Inc, Chicago Title, Access Services Group, North American Title, Lawyers Title, Women’s Council of Realtors, and AREAA (Asian Real Estate Association of America). Many have been volunteered for past NPHY RED Day initiatives.

The NPHY Independent Living Program is a transitional housing program that provides homeless youth with housing, utilities, transportation, food and clothing, case management, education and employment counseling and assistance, tutoring, life skills classes, crisis counseling, and enrichment opportunities to help them grow into self-sufficient, healthy adults. NPHY Emergency Shelters provide youth in crisis with much-needed shelter and emergency services while helping them transition to
stable housing.

Information about the growing youth homelessness in Clark County, Nevada and the United States includes:

Youth Homelessness in Nevada
● Clark County/ Las Vegas was ranked No. 3 in the nation for the prevalence of unaccompanied homeless youth, and Nevada was ranked No. 1 in the nation for the rate of homeless youth living unsheltered on our streets, according to the U.S. Department of Housing & Urban Development 2017 Annual Homeless Assessment Report.
● Youth homelessness in our community is a serious and growing problem. In 2017, there were more than 2,000 unaccompanied homeless children and youth living on the streets or in homeless shelters on an average night in Southern Nevada.
● During the 2015-2016 school year, there were more than 14,000 homeless students enrolled in Clark County schools.
● During fiscal year 2016-2017, 122 youth spent 635 bed nights – safe and off the streets – at NPHY’s Emergency Shelters, which provide the growing homeless youth population with much-needed immediate shelter and emergency services while helping them transition to stable housing.

● During 2016-2017, 35 youth spent more than 6,939 bed nights in NPHY’s transitional housing program, which provides stable housing and wraparound services to homeless youth in Southern Nevada.

National Youth Homelessness
● The National Runaway Switchboard reports that youth, ages 12-17, are at higher risk for homelessness than adults nationwide.

About Nevada Partnership for Homeless Youth

Nevada Partnership for Homeless Youth is the most comprehensive service provider for more than 14,000 homeless youth in Southern Nevada, serving hundreds of youth through its core programs and by touching the lives of thousands more through outreach each year. Programs stabilize homeless teens’ lives, meeting their immediate needs and providing a safe, supportive environment and a path to self-sufficiency. They include: Outreach, Safe Place Mobile Crisis Intervention, Operation Go Home Family Reunification, Drop-In Center, Emergency Shelter, and Independent Living Program. For information and to support NPHY’s critical work to get homeless youth off the streets, visit www.nphy.org or follow NPHY on Facebook at https://www.facebook.com/nevadapartnershipforhomelessyouth.

# # #

Source Article

Choose Your Own Las Vegas Adventure

Mark Damon and Las Vegas News Bureau

Even after all of the Elvis weddings, bachelor parties and buffet dinners, Las Vegas can still surprise. Take the NHL’s newest team, the Vegas Golden Knights, for example. No one expected the first-year franchise to do much on the ice. But just look at them — in mid-April, the squad became the first hockey team ever to sweep a playoff series in its inaugural season. No matter how their playoff story concludes, that spark of competitive fire has been eternally lit around the city.

But the recent cheers around town cannot be reserved for T-Mobile Arena. There’s excitement everywhere. Look down the Strip and you’ll see all sorts of hotels, restaurants and fun sprouting up. The same can be said about downtown Vegas and even further afield, too. So, if you’re looking to rewrite your next Sin City story, skip the Cher show and, instead, venture along one of these three Forbes Travel Guide-approved paths to reveal a side to Vegas you wouldn’t believe exists.

Mandarin Oriental, Las Vegas

THE STRIP

Hotels

When we last counted, there were more than 65,000 rooms along the Vegas Strip. That number entails everything from Forbes Travel Guide Five-Star stays to value-minded, family-friendly entries. Over the coming months, those properties will gain two new neighbors in the former Monte Carlo Resort and Casino — Park MGM and NoMad Hotel. Beyond sumptuous accommodations, these new addresses will offer a French-inspired pool, an Eataly and a Daniel Humm-helmed restaurant.

But while we await those doors to open, we have established properties more than worthy of a visit right now. Mandarin Oriental, Las Vegas is plopped right in the heart of Las Vegas Boulevard’s action, yet somehow, the Five-Star sanctum manages to muffle the noise.

A non-gaming resort with 392 rooms and suites, the hotel is where you escape to after Lady Luck leaves you for another suitor at the poker table. All of the spacious units are decked out in Asian-inspired décor and touchpad interfaces, but it’s with the suites’ spoils — leather headboards, marble baths, 480-thread-count sheets and tremendous views of the dancing lights — where you’ll feel like the night’s winner.

Food

Mandarin Oriental, Las Vegas also shines in the culinary department, and that’s largely due to Twist by Pierre Gagnaire. This Five-Star dining experience takes the institution of fine dining to new heights in the literal (the vistas from the 23rd-floor perch are stunning) and metaphoric sense.

Gagnaire’s team has a glorious time playing with petite carrots, lemongrass and Dover sole while constructing French-tinged, multicourse tasting meals that make taste buds do things Cirque du Soleil acrobats would find impossible.

And don’t worry if you’re unable to properly pair your emulsified beef bullion with a Bordeaux; someone with the respected wine program will happily do the honors. As for finishing off the ensemble of edible art at dessert, well, you’re on your own there.

Cooking with Chef Julien Asseo

Other restaurants we adore include new spots (The Cosmopolitan’s Beauty & Essex, Park MGM’s Primrose), old standbys (Forbes Travel Guide Recommended Carnevino) and detours that fall somewhere deliciously in between (Bellagio’s Lago).

If you’re so inclined to don an apron after noshing, Caesars Palace’s Restaurant Guy Savoy has a whisk with your name on it. During the intimate cooking class, the Five-Star establishment’s executive chef, Julien Asseo, will guide you on a culinary journey where you’ll learn how to properly make salmon tartare, sear a rack of lamb and dry a plate of dill. When you finish, you’ll proudly graduate to a lunch (that you had a part in preparing) at the Krug’s chef table.

Fun

We’ve talked about the Golden Knights’ unlikely playoff run. Sports fans know that’s only the beginning of the buzz coming to the desert. But while the NFL’s Raiders won’t move from Oakland to Las Vegas until 2019 or 2020, local revelers will have plenty to cheer for when the WNBA’s No. 1 draft pick, A’ja Wilson, and the Las Vegas Aces make their debut this summer.

If you’re not much of a hoops lover, you’ll still find plenty to do over the next few months. No matter if you’re hungry for colorful stage productions (Marilyn! The New Musical, starts May 23 at Paris Las Vegas), pop star residencies (“Gwen Stefani—Just a Girl” begins on June 27 at Planet Hollywood) or lively food festivals (Vegas Uncork’d on May 10 to 13), the Strip has something filling for you.

Downtown Las Vegas

DOWNTOWN LAS VEGAS

Hotels

Though there are still nostalgic corners of downtown Las Vegas that feel like backdrops from Bugsy, there’s no question that the area is showing a renewed spirit. Restaurants are opening. Art is showing. Zip-lines are hovering above Fremont Street.

Even with the iconic Golden Nugget and Four Queens signs still illuminating the night, sleeker accommodations have started to shine. The two most polished examples of downtown’s millennial makeover are the contemporary D Las Vegas and the just-renovated Golden Gate Hotel & Casino. The former resonates with contemporary furnishings and glass-enclosed showers while the latter has doubled its casino floor and introduced 106 re-imagined rooms.

Fun

We’ve talked about the Golden Knights’ unlikely playoff run. Sports fans know that’s only the beginning of the buzz coming to the desert. But while the NFL’s Raiders won’t move from Oakland to Las Vegas until 2019 or 2020, local revelers will have plenty to cheer for when the WNBA’s No. 1 draft pick, A’ja Wilson, and the Las Vegas Aces make their debut this summer.

If you’re not much of a hoops lover, you’ll still find plenty to do over the next few months. No matter if you’re hungry for colorful stage productions (Marilyn! The New Musical, starts May 23 at Paris Las Vegas), pop star residencies (“Gwen Stefani—Just a Girl” begins on June 27 at Planet Hollywood) or lively food festivals (Vegas Uncork’d on May 10 to 13), the Strip has something filling for you.

Downtown Las Vegas

DOWNTOWN LAS VEGAS

Hotels

Though there are still nostalgic corners of downtown Las Vegas that feel like backdrops from Bugsy, there’s no question that the area is showing a renewed spirit. Restaurants are opening. Art is showing. Zip-lines are hovering above Fremont Street.

Even with the iconic Golden Nugget and Four Queens signs still illuminating the night, sleeker accommodations have started to shine. The two most polished examples of downtown’s millennial makeover are the contemporary D Las Vegas and the just-renovated Golden Gate Hotel & Casino. The former resonates with contemporary furnishings and glass-enclosed showers while the latter has doubled its casino floor and introduced 106 re-imagined rooms.

Food

Downtown has seen a culinary renaissance, and the year-old 7th and Carson exemplifies the new direction pretty well. At first glance, the open dining area and wood-fire oven paint the picture of a run-of-the-mill neighborhood hangout. And, in a sense, it is. But when you dig into the honey-drizzled wings, hearth-charred toasts and herb-roasted salmon, you quickly realize that the informal nature of the space is in no way indicative of the restaurant’s thoughts on ingredients and imagination.

Neon Museum

Fun

The number of buildings made from discarded shipping containers has grown exponentially around America over the past few years. One of the best examples of this new architectural medium can be found at Downtown Container Park. A healthy mix of boutiques (Vintage NV) and bold dining concepts (Jojo’s Jerky), the park makes for a unique date-night spot or great diversion for lunch.

Container Park’s Oak & Ivy may feel like one of those trendy speakeasies you’ve visited before — yes, your bartender will have on a bowtie and, yes, that is a TV sitting in the gold picture frame — but there’s nothing clichéd about its drinks. In fact, we’re still in awe over how the bartender put a torch to the fruit to accentuate our whiskey-doused Apple Pie Harvest cocktail.

Downtown’s creativity isn’t limited to libations, though. Every fall, artists of every medium meet in Vegas for the Life is Beautiful Music & Art Festival. The 2018 festivities (September 21 to 23) promise more memories, thanks to recently announced musical headliners like The Weeknd, Arcade Fire, Miguel and Florence and The Machine. While most details of the visual arts component weren’t available at press time, you can admire remnants of past festivals all around downtown structures via vibrant murals and stunning 3D works.

Keep your walking shoes on for the nearby Neon Museum. While far from a new Las Vegas attraction, the place holds up well as a shrine to the city’s golden era. With all of the bouncing colors, the museum is an absolute goldmine for Instagram posts. But between selfies, we do suggest listening in to the guide’s insightful stories about once-iconic venues like The Algiers and Stardust.

Red Rock Casino Resort Spa

OFF STRIP

Hotel

The Golden Knights’ practice facility, City National Arena, sits near Downtown Summerlin, a colorful outdoor shopping center roughly 15 miles from Las Vegas Boulevard. This fast-growing area is also home to Red Rock Casino Resort Spa, a refined, desert-modern option if you want all of the Strip’s toys (slots, suites and steakhouses) but with half the noise. Rooms range from 500-square-foot standards to Floyd Mayweather-approved penthouse suites decked out in black pool tables, full bars, marble hot tubs and massive patios that provide clear views of the city’s most recognizable buildings.

Food

If the resort’s 60 gaming tables, 800 rooms and 25,000-square-foot Four-Star spa tell you anything, it’s that excess isn’t one of Red Rock’s shortcomings — and that fact couldn’t be clearer than at meal time. With 10 dining options, most any craving you have can be curbed on this chic campus. You won’t be disappointed with the burgers at Yard House or rice bowls at 8 Noodle Bar, but for those special evenings, reserve a table at celebrity chef Scott Conant’s Masso Osteria, an Italian eatery that opened in February.

Dig This Las Vegas

Fun

Right near I-15, you’ll find Dig This Las Vegas, a sort of sandbox for adults. Instead of Tonka Trucks, though, you’ll play around with real bulldozers and excavators. After a quick safety presentation, you walk out to the pit, hop into your machine’s cab and begin challenges that test your hand-eye coordination and ability to listen to directions given by the safety guide in your headset. If all goes well out there on the course, you’ll leave with a participation certificate and a better understanding of how you can have a blast in Vegas without spending a dollar on blackjack.

Source Article

Vegas Golden Knights: Round 2 Playoff Tickets On Sale Monday

LAS VEGAS, NV – The Vegas Golden Knights have their second round playoff matchup set. They’ll take on the San Jose Sharks, who swept the Anaheim Ducks in the opening round of the Stanley Cup Playoffs. The series will begin in Las Vegas at T-Mobile Arena a limited number of individual tickets will be going on sale.

Tickets will go on sale starting at noon on April 23. If you want tickets for the Golden Knights’ playoff series against the Sharks, click the link below:

Vegas Golden Knights playoff tickets

It’s still hard for many to believe that playoff hockey tickets are being sold in Las Vegas for an expansion franchise, let alone tickets for the second round of the playoffs.

But Knights’ alternative captain James Neal said today on The Dan Patrick Show that maybe it’s never been that hard to figure out.

"Expansion teams don’t usually get Marc-Andre Fleury as their goaltender," Neal said. "A three-time Stanley Cup champion."

"The fans have been insane, and it’s just been a wild ride so far," Neal said. To listen to an extended clip of Neal’s interview on the show, watch the video below.

How excited are you for the ride to continue?

Image via Jonathan Weiss/Shutterstock

Source Article

Dream Alternatives Acquires a 10% Equity Interest in the Hard Rock Hotel & Casino in Las Vegas

TORONTO, April 02, 2018 (GLOBE NEWSWIRE) — DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) ("Dream Alternatives", "we" or the "Trust") is pleased to report that it has recently completed the acquisition of the Hard Rock Hotel & Casino in Las Vegas, Nevada as part of a consortium of partners, led by Juniper Capital Partners and Fengate Real Estate Asset Investments. The partnership plans to open a re-conceptualized and revitalized property, the Virgin Hotels Las Vegas, in the late fall of 2019. Virgin Hotels, the lifestyle brand established by Virgin Group founder Sir Richard Branson, is also part of the consortium of investing partners, alongside other private investors.

The property is located in Las Vegas on 30 acres of land and is situated 1 mile east of the strip and 2 miles from the McCarron airport. Located at 4455 Paradise Road, the property will continue full service operations under the Hard Rock flag until it opens as a Virgin Hotels hotel. Guest rooms, restaurants and public spaces will undergo a facelift with the final product being a showcase of Virgin’s signature sleek and stylish design with an eclectic mix of social spaces.

On closing of the transaction, Dream Alternatives contributed US$29.0 million for an approximate 10% equity investment in the partnership, which was used to fund the purchase price for the hotel, including transaction costs, and will also be used to fund the planned capital expenditures required to convert the property to the Virgin Hotels Las Vegas. The investment is expected to provide the Trust with strong after-tax net income and cash distributions with value upside to DAT’s net asset value (NAV) per unit in line with its investment strategy.

The current timeline for the property contemplates a renovation start date in November 2018, with the completion slated for late fall of 2019.

“The acquiring group of the hotel consists of very successful investors with deep experience in hotels and rebranding,” said Michael Cooper, Portfolio Manager. “The asset has been acquired at a substantial discount to replacement cost and we believe the strong Virgin brand and their customer focus are likely to result in increases in both room and ancillary revenues. As a result, we expect stable cash flow post the rebranding, resulting in an attractive return over our holding horizon.”

The hotel will feature 1504 well-appointed chambers, suites and penthouses; a 60,000 square foot, fully-renovated casino, multiple pools over five acres, world-class restaurants, lounges and bars, including new nightlife venues and the Virgin brand’s flagship space, the Commons Club, as well as numerous meeting and convention spaces. For the complete press release by Virgin Hotels, please see link.

Year to date in 2018, Dream Alternatives has successfully invested $65.9 million of capital into new loans and development investments, including the Hard Rock Hotel. The new loans have an average yield of over 10.0% and the new development investments were underwritten at IRR’s of between 20-30%. With the pipeline currently in place, by the time of the Trust’s first quarter 2018 earnings release, it is expected that the repositioning of the Trust’s portfolio into long term investments will be substantially completed.

About Dream Alternatives

Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, including real estate and real estate development, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to build and maintain a growth-oriented portfolio, provide predictable cash distributions to unitholders on a tax efficient basis and grow and reposition the portfolio to increase net asset value (NAV) per unit over time. As at December 31, 2017, Dream Alternatives had over $850 million of assets and $600 million of equity on its balance sheet.

For more information, please visit: www.dreamalternatives.ca and www.dream.ca

DREAM ALTERNATIVES

Michael J. Cooper Pauline Alimchandani Kim Lefever416 365-5145 416 365-5992 416 365-6339mcooper@dream.ca palimchandani@dream.ca klefever@dream.ca

Forward Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projection and intentions, and similar statements concerning development plans and timelines for the hotel and expected returns post-conversion as well as statements regarding our pipeline, Q1 performance and the repositioning of our portfolio. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward looking information. These risks and uncertainties include, but are not limited to: general and local economic and business conditions including foreign exchange rates, employment levels, future hotel performance, regulatory risks, environmental risks, consumer confidence, the financial condition of customers, tenants and borrowers, adverse weather conditions and reliance on key clients, customers, partners and personnel, inflation and competition. All forward-looking information in this press release speaks as of April 2, 2018. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR (www.sedar.com). These filings are also available at the Trust’s website at www.dreamalternatives.ca

Source Article

Meruelo Group Buying SLS Las Vegas

SLS Las Vegas Hotel & Casino

The ownership transfer of the 1,616-room SLS Las Vegas Hotel & Casino to Downey-based management firm Meruelo Group has been approved by the Nevada Gaming Commission, the Meruelo Group announced on March 22.

The Meruelo Group said it expected its acquisition for an undisclosed amount from San Francisco-based real estate investment management firm Stockbridge Capital Group to close by the end of March.

The Downey company plans to upgrade the rooms, pools, casino floor and entertainment venues of the luxury hotel, which is branded with Miracle Mile-based hospitality firm SBE’s SLS hotel concept and contains several SBE dining concepts, including sushi restaurant Katsuya and gourmet burger restaurant Umami Burger.

The SLS Las Vegas has longstanding ties to California. SBE Entertainment owner Sam Nazarian and Stockbridge paid $400 million for the Rat Pack-era Sahara Hotel & Casino in 2007. The venue was renovated and reopened in 2014 as the SLS Las Vegas. In 2015, Stockbridge bought Nazarian’s 10 percent stake in the hotel, which continued to pay licensing fees to Nazarian’s company for the use of the SLS name.

Retail, restaurants and hospitality reporter Caroline Anderson can be reached at canderson@labusinessjournal.com.

Source Article

Hamilton Zanze and Cantor Fitzgerald buy Las Vegas apartment property for $60 mln

Hamilton Zanze and Cantor Fitzgerald LP have acquired Las Vegas-based Arrow Canyon, a 426-unit apartment community. The price of the transaction was $60 million. The property has been rebranded as Norterra Canyon Apartments.

PRESS RELEASE

LAS VEGAS (PRWEB) MARCH 19, 2018

Hamilton Zanze (HZ), in a joint venture with Cantor Fitzgerald L.P., (“Cantor Fitzgerald”), has acquired the 426-unit Arrow Canyon apartment community in Las Vegas, Nevada. Located north of the city, the $60 million purchase marks HZ’s 11th investment in the Las Vegas metro area.

“This Las Vegas property fits our platform perfectly, as we are looking to acquire large assets at stabilized cap rates above 5% in markets throughout the United States. We are excited to continue investing strategically in the year ahead,” says David Nelson, Managing Director of Acquisitions for HZ.

The property has been rebranded Norterra Canyon Apartments and also transitioned to new management under Mission Rock Residential, an HZ property management affiliate.

The acquisition was financed with a $30 million, ten-year, fixed rate loan from Cantor Commercial Real Estate in collaboration with Berkeley Point Capital. In addition to the Cantor Fitzgerald equity investment, affiliates of Cantor brokered and financed the acquisition, while affiliates of Hamilton Zanze co-invested in the equity.

“This transaction represents the first joint acquisition for HZ and Cantor Fitzgerald, in realization of the breadth of our combined real estate capabilities,” said Ken Carpenter, Managing Director, Cantor Fitzgerald. Carpenter continued, “We continue to look for high quality, multifamily properties in growing markets and seek to acquire $1B of property in 2018.”

The property was built in 2007 on nearly 17 acres and comprises 458,294 net rentable square feet in 20 three-story buildings featuring one-, two-, and three-bedroom units. Community amenities include a complete fitness center, community playground, bocce ball court, covered parking, three-hole putting green, and a resort-style swimming pool and spa with poolside cabanas. Nellis Air Force Base is located less than five miles east of the property and is home to more Air Force squadrons than any other base nationwide. Additionally, I-15 and I-215 onramps are less than three miles from the property, providing easy access to fine dining, shopping, several schools, and entertainment venues.

HZ and Cantor Fitzgerald have an estimated $1.4 million ($3,286/unit) of capital improvements planned, including pool area enhancements, clubhouse renovation, and upgrades for select unit interiors.

Job growth in Las Vegas over the past several quarters has supported multifamily demand, rising rents, and low vacancy, and Las Vegas appears to have entered a period of steady growth. Northern Las Vegas in particular has experienced considerable industrial expansion, driven largely by e-commerce, with projects like Amazon’s new 800,000-square-foot warehouse in North Las Vegas dramatically adding to the area’s industrial footprint.

To learn more about the new Norterra Canyon Apartments please visit http://www.norterraarrowcanyonapts.com.

ABOUT HAMILTON ZANZE Hamilton Zanze (HZ) is a private, San Francisco-based real estate investment company that owns and operates apartment communities. Since its founding in 2001, Hamilton Zanze has acquired over $3.2 billion in multifamily assets primarily in the Western, Southwestern, and Eastern U.S. The company currently owns and operates 86 properties (19,391 units) across 11 states. For additional information, visit http://www.hamiltonzanze.com.

ABOUT CANTOR FITZGERALD Cantor Fitzgerald, a leading global financial services group at the forefront of financial and technological innovation has been a proven and resilient leader for over 65 years. Cantor Fitzgerald & Co. is a preeminent investment bank serving more than 7,000 institutional clients around the world, recognized for its strengths in fixed income and equity capital markets, investment banking, prime brokerage, and commercial real estate finance and for its global distribution platform. For more information, please visit: http://www.cantor.com.

Source Article

Las Vegas Worst Metro Area For Affordable Housing Options

A new report has named Las Vegas and greater Nevada as far below the national average in terms of affordable housing – in fact, Las Vegas was the worst metro area for available affordable housing options.

The National Low-Income Housing Coalition released a report Tuesday, which ranked Nevada last among the states for the fourth year in a row.

The study used U.S. Census survey data from 2016 to identify rental housing that was affordable and available for extremely low-income families.

That means a family of four in Las Vegas making less than $24,000 a year.

The study found Las Vegas having only 10 rental units for every 100 extremely low-income households.

Source Article

Finding Your Next North Las Vegas Home

If you’re moving to a home in North Las Vegas, it can help to know what to look for in one. Since there are so many options at any given point, you need to look through them carefully. Otherwise, you’re going to be wasting time which is not a good thing.

When you’re moving into a new home, check it out in person before you even talk about the price with someone. You want to inspect it carefully to see if you notice any serious problems. For instance, you may go in and see that there is a mold problem that they didn’t tell you about or that the roof is leaking up in the attic area. You need to know these things so it can help to either do an inspection yourself at first, or hire a professional inspector before buying to get a feel for what is up with the home.

There are far too many options when it comes to buying a home for some people to go through. That’s why it comes in handy to hire a real estate agent that is familiar with the area. You want someone that knows the places that will fit your needs without you having to lift a finger. They can make a list for you of homes that fit your budget and your needs and that way you avoid having to shop around for months until you find the right deal.

Anyone that is going to buy a home needs to be on top of what the pricing is like. The market is going to change, so you have to look into what’s been going on and how the price of homes in the area have fluctuated as time has gone on. A lot of the time if you’re not careful you’re going to deal with a lot of serious price increases and then the cost will go down. If you wait, however, you may end up paying more so it’s good to figure out what the market is like and to buy when you think the best time is.

The North Las Vegas information you were given here should help you to find a house there. Anyone can move to this area if they need to. You just need to make sure that you’re getting a fair deal on the place you’re moving to.