Paradise, Nev.-based real estate development company The Siegel Group recently announced the acquisition of a historic downtown Las Vegas retail property. The developer reportedly purchased the asset in an all-cash, off-market transaction for $11 million.
Located at 517, 523, and 525 Fremont St., as well as 100 S. Sixth St., the property stretches half a city block between Las Vegas Boulevard and Sixth Street and includes four contiguous retail properties that are fully leased to a diverse mix of high-performing tenants.
Constructed in the early 1900s, the buildings are home to nearly 20,000 square feet of Las Vegas retail space. Popular among both locals and visitors, the location is just steps from the world-famous Fremont Street Experience, features a wide range of nightlife activities, and attracts more than 24 million visitors every year.
“We are excited that we were able to acquire this trophy generational asset in such a historical area,” said Stephen Siegel, president of The Siegel Group. “This is one of the most unique areas in all of Las Vegas, and opportunities to acquire properties in this one-of-a-kind location are extremely rare. We are proud to keep these Las Vegas landmarks under local ownership and look forward to further expanding our presence in the downtown area.”
Actively investing in the downtown Las Vegas submarket since 2004, The Siegel Group owns and operates several Siegel Suites® apartment communities, retail, and other commercial properties along Fremont Street and the surrounding area. Notable revitalization projects here include the Gold Spike Hotel & Casino and adjoining shuttered Travel Inn Motel, which The Siegel Group acquired in 2008 and subsequently combined, renovated, and rebranded as the first boutique hotel-casino in downtown Las Vegas.
Looking for retail space for lease opportunities in the Las Vegas area or in other popular markets? Select any of the locations linked below or visit the CommercialCafe.com home page to start your search!
