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1/12/22
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In news of a big Vegas property trade, Beverly Hills-based 3D Investments has reached an agreement to purchase LLC Tivoli Village, a premier 669.4k sf, Class A open-air mixed-use project located in Las Vegas. The property, jointly owned by Property and Building Corp (PBC) and IDB Group USA, is going for $216 mil ($323/sf).
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 more than 28 acres. The property includes an 8.29-acre development parcel entitled for more than 300 residential units.
The prestigious Mediterranean-themed project is situated near 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 is leading the disposition sale on behalf of the seller. “Tivoli Village is the market’s most highly revered mixed-use project in western Las Vegas,” commented Fujita Winkel. “According to Cushman & Wakefield research, excluding casino property, this will be the highest-valued, mixed-use commercial real estate asset sale in Las Vegas since 2017.”
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