Here are the most expensive commercial real estate deals of 2024
A number of big commercial real estate transactions took place in Clark County in 2024.
Multifamily projects swapping hands were many of the biggest deals, some of them related to pandemic-era, variable rate financing which is pushing some Las Vegas Valley apartment complex owners into tough financial situations, according to several area commercial brokers.
With that in mind, here’s the top five commercial real estate deals of the year through Dec. 16.
1. 6401 Howdy Wells Ave., Clark County
The top commercial sale of the year was 64 acres of commercial space currently occupied by Amazon.com that was sold for $129 million dollars in October. The building is just to the southwest of the Las Vegas Motor Speedway near the city of North Las Vegas.
The seller is Prologis L.P. by Megan Robert and the buyer was Prologis-Exchange NV 2007 LLC. A Prologis spokesperson explained Prologis did not sell the property but moved it to another entity controlled by the company.
2. Fountainbleau Las Vegas
The developer of Fontainebleau Las Vegas bought some prime dirt from the Las Vegas Convention & Vistors Authority right on the Strip south of their current casino and hotel in November for $112 million.
The land is part of a larger 10-acre site where the Riviera once stood. The LVCVA purchased the entire 26-acre Riviera hotel site in 2015 and demolished the property in 2016.
The 67-story, blue-tinted Fontainebleau resort opened with a celebrity-packed party in December after being in development for roughly 18 years.
3. Vacant land in Summerlin
Kennedy Lewis Investment Management, a “credit focused alternative asset manager” company headquartered in New York in September bought some prime vacant land zoned single-family and multifamily residential in Summerlin West from the Howard Hughes Company, the entity behind the master-planned community.
Kennedy Lewis Investment Management did not respond to a request for comment on the purchase and Howard Hughes declined to comment on the sale.
The deal was spread over three parcels totalling approximately 88 acres for $107 million dollars. The land is with the city of Las Vegas and right on the edge of Red Rock Canyon.
4. 2701 N. Rainbow Blvd., Las Vegas
The Met Las Vegas, an apartment home community with 480 living units, according to Clark County property records, just southeast from MountainView Hospital, sold for $104 million in November. The lot size is approximately 19 acres and the community was first constructed in 1989.
The seller is listed as BCORE MF Met LLC, based out of New York, and the buyer is The Met Owner LLC, based in Cleveland.
5. 100 E. Warm Springs Road, Henderson
In October, Element 12 at Cadence, an apartment complex spread over approximately 10 acres which was built in 2023 sold for $103 million. Clark County property records show the luxury apartments have 265 total living units over four stories.
The seller is listed as Warm Springs at Cadence LLC which is based out of Stockton, California, and the buyer is listed as Sunroad Element 12 Apartments LLC, which is based out of San Diego.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
