LAS VEGAS, Nev., – January 11, 2022 – Tivoli Village, a premier 669,406-square-foot Class A open-air mixed-use project located in Las Vegas, Nevada, jointly owned by Property and Building Corp. (PBC) and IDB Group USA has reached an agreement to be sold for $216 million. Cushman & Wakefield’s Marlene Fujita Winkel in Las Vegas is leading the disposition sale on behalf of the seller.
The acquirer is 3D Investments LLC, an established real estate investment firm which owns, operates, and develops real estate properties in California, Nevada and throughout the United States. The company is headquartered in Beverly Hills (Los Angeles), California.
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 includes an ±8.29 Acre development parcel 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.
The sale was led by DIC’s CEO Doron Cohen, US Property and Building Corp. CEO Eli Elefant and Vice President Ethan Kingsley on the ownership side. Dave Alleman, of Marquis Aurbach Coffing, served as sellers counsel.
Marlene Fujita Winkel said, “Tivoli Village is the market’s most highly revered mixed-use project in western Las Vegas. Through an extensive marketing campaign and competitive bidding process that attracted strong buyer interest from around the globe, we are thrilled to have successfully secured an agreement to sell this generational asset that also offers outstanding future development opportunity through its one-of-a-kind development parcel. 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.”
Cushman & Wakefield’s Managing Principal for Nevada, Christina Roush, expressed, “Current ownership has done such a terrific job in repositioning this exciting destination mixed-use property. Cushman & Wakefield is proud to have participated in this endeavor on both the property leasing and ultimate sale. Las Vegas is a global attraction market and Tivoli Village has extremely high appeal within the local and international communities alike.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
