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4/06/22
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Beverly Hills-based 3D Investments LLC acquired Tivoli Village, a 669.4k sf, Class A open-air mixed-use project in Las Vegas, for $216 mil. The purchase includes an additional 8.29-acre development site. The property was sold by Property and Building Corp. (PBC) and IDB Group USA.
Built in 2009 and 2016, Tivoli Village is located at 400 S Rampart Blvd, at the northeast corner of Rampart Blvd and Alta Dr, and comprises Class A office, and luxurious retail and restaurant space across 28.4 acres. The property additional development parcel is entitled for more than 300 residential units.
The prestigious Mediterranean-themed project is situated nearby Summerlin, an exclusive residential neighborhood in western Las Vegas. The property is surrounded by upscale golf course communities and prominent entertainment venues including hotels and casinos.
Cushman & Wakefield’s Marlene Fujita Winkel in Las Vegas represented the joint ownership of Property and Building Corp (PBC) and IDB Group USA in the disposition sale. According to Cushman & Wakefield research, excluding casino property, this is the highest-valued mixed-use commercial real estate asset sale in Las Vegas since 2017. Cushman & Wakefield has also been retained to lead the leasing efforts for the retail space.
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