Despite sluggish sales in the residential market, the commercial real estate market in Lake Las Vegas is booming. Intrawest, who held several retail buildings in Monteloago Village, had put up 12 retail buildings for sale six weeks ago.
The properties received 20 offers, most of which were at or above the $23 million dollar asking price. According to Clark County records, the property was purchased for $23.5 million by Pacific Capital, a private investment group based in Roseville, CA. The purchase price comes out to just over $455 per sf.
The purchased buildings were built in 2003, have a total 51,500 sf and were approximately 93% leased at the time of sale. Some of the notable tenants include Starbucks, Como’s Steakhouse, Luna Rossa, Bistro Zinc, Sunset & Vines and Rocky Mountain Chocolate Factory.
Montelago Village was designed to resemble an old-world Italian lakeside village with cobblestone streets, piazzas and open-air dining. Residential projects include several Lake front condos like Viera, Mantova, Luna di Lusso and Prima as well as luxury lake side homes and custom home sites. Residents and non-residents of Lake Las Vegas enjoy a variety of water sports on the 320 man made lake, golfing at three different courses and a variety of shopping and dining choices.