EarlyShares announced Downtown Las Vegas Redevelopment status updates:
•On Wednesday, August 12, the sponsor Metroplex Group closed escrow and acquired the property
•The building is now being marketed for lease through online and offline efforts, and the space is being shown to prospective tenants. LOIs have already been received for 77% of the property and follow-up meetings and conversations are happening with those prospects post close of escrow
•The area around the property continues to develop with two new projects making local news in the last few weeks.
•Due to the structure of the deal in phases, a limited number of investment slots will remain available for a short period of time
Investment Details:
•Est. Investor IRR: 16.0% •Preferred Return: 12.0% •Expected Hold Period: 24 months
The deal is secured by both the new property acquisition and an existing stabilized commercial property with a 10 year NNN lease in one of the most rapidly developing parts of Las Vegas. The properties are located in the area where the City and State are investing $50 million in road and street improvements and Tony Hsieh of Zappos.com has personally committed $350 million.
The property is being acquired at $176 per SF from a motivated seller. A property located directly across the street is currently on the market for $246 per SF, a 40% premium to our acquisition.
The Sponsor, Metroplex Group, helmed by CEO Paul Murad, is an experienced owner-operator based in Downtown Las Vegas since 2005. Metroplex Group is a full-service real estate development, brokerage, and property management company that is actively involved in commercial real estate investments. By using a comprehensive approach to real estate development, Metroplex Group adds significant value throughout the multiple phases of the development cycle. Currently, Metroplex is exploring projects in markets and neighborhoods that are on the brink or in the early stages of redevelopment, such as the Arts District in Downtown Las Vegas and Downtown Los Angeles. The company also has a full-service real estate brokerage and property management division that has been in business since 2007 and that enables us to further manage the value chain and hence reduce development risks while maximizing returns to our investors. “We have been focused on the niche opportunities on Main Street in Downtown Las Vegas Arts District for 3 years and have market leading expertise in that area,” commented EarlyShares.For more detailed information on EarlyShares’ Downtown Las Vegas Redevelopment, click here.
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