November 2019: Commercial Real Estate

According to a Nevada Business report, Northern Nevada had approximately 60 lease transactions in the second quarter of 2019. All of the properties are under 10,000 square feet.

In Southern Nevada, on the other hand, there were 139,000 square feet projects accomplished and 783,000 square feet under construction during the same period. Although many retail businesses were closing or downsizing, the report remained enthusiastic about the new kinds of retail businesses that look into setting up operations in Southern Nevada.

In more recent news, Bloomberg reported that New York-based financial firm, The Blackstone Group. is looking into buying and leasing back MGM Resorts International’s Bellagio and MGM Grand. The two MGM properties generated about $710 million combined profit last year, making them the top generators of operating income among MGM’s properties.

The Blackstone Group is among the many investors who buy cheap houses in Las Vegas to turn into profitable rentals when its economy declined and is no stranger to high-profile property deals.