The buyer is Wishlab 90, a California LLC, whose agent is listed as Faramarz Raban. One of the brokers in the deal, David Howes of Bedore International, tells GlobeSt.com that the 2.1-acre property is zoned H-1, which is a limited resort and apartment district established for the development of gaming enterprises, compatible commercial and mixed-use commercial and residential uses.
Currently, the immediate area contains a lot of lower-income apartment buildings, but, because of its close proximity to the Strip and Hughes Center, it might see some redevelopment. Meanwhile, the property works fine as a retail investment. The purchase price translates to a cap rate of about 7% based on current rents, Howe says.
"He bought it for the long-term," Howes says of the new owner, who was completing a 1031 exchange. "He wants to sit on it until he sees what's going on."
The property is located on Twain Ave. near Paradise Rd. The seller is listed as Ritumula LLC, a local business man that owns several properties in the region. Howe was assisted in the transaction by fellow Bedore broker Robert Diullo
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