Boyd Gaming Acquires Building - Wednesday 19th of April 2006
by Hubble Smith
Las Vegas Gaming Wire
Las Vegas-based Boyd Gaming Corp. has bought a four-story, 110,000-square-foot office building at Rainbow Sunset Pavilion, a 25-acre retail and office park on Rainbow Boulevard, one-half mile north of the Las Vegas Beltway.
The price of the building was not disclosed. However, a recent report from Marcus & Millichap showed office space selling at more than $200 a square foot, which would put the price of the building at $22 million.
"You're in the neighborhood," said Chuck Coleman, president of Plise Cos. development group.
Plise has started construction on a twin to the Boyd building and three-level parking garage at Rainbow Sunset Pavilion, master-planned for 450,000 square feet of office space and nearly 100,000 square feet of retail. An eight-story, Class A office building is planned between the four-story buildings with completion scheduled by the end of 2007.
Gross lease rates at Rainbow Sunset Pavilion are $2.85 a square foot, a fair price compared with some of the office product in the southwest submarket that's going for $3 a foot, said Dean Kaufman, a Colliers International office broker.
"This is an incredible environment here for legal, gaming, financial institutions," he said. "It's got great amenities, retail and dining tenants, and you can walk to those amenities. You've got a Starbucks out front, Chinese food, Italian food, banking on site."
Blake Cumbers, Boyd's vice president of development, said the sale has closed and about 300 employees from Boyd's corporate office on Industrial Road behind the Stardust and other offices will move into the building soon.
"We were looking for a new building because we're growing so rapidly. We started with the El Dorado in Henderson and we still own it," Cumbers said. "We've leased 60,000 square feet elsewhere for the development of Echelon Place."
In addition to Rainbow Sunset Pavilion, Plise is developing Centennial Corporate Center in the northwest valley and the 135-acre Sage Mountain mixed-use project west of Henderson Executive Airport. It will have more than 1 million square feet of office space, 500,000 square feet of retail and 2,500 residential units in a live-work environment, Coleman said.
Infrastructure work at the site will probably start in about five months.
Other news from around the same time
Retiree Caught in a Legal Web Over his Gambling Patent - Wednesday 19th of April 2006
By Liz Benston By Our Partners at the Las Vegas SunLAS VEGAS, Nevada Mel Molnick is an unlikely ad....
Czech Republic Gambling Grows - Wednesday 19th of April 2006
CZECH REPUBLIC – As reported by the Prague Daily Monitor: "People spent a record CZK 50 billion o....
Mount Airy Resort & Casino Plan Advances - Wednesday 19th of April 2006
PARADISE TOWNSHIP, Pennsylvania – Mount Airy Resort & Casino cleared another hurdle as the Para....
Sycuan Resort and Casino Receives Award - Wednesday 19th of April 2006
SAN DIEGO, California – The California Council for Excellence has awarded Sycuan Resort and Ca....
Colma Voters Support Unlimited Betting - Wednesday 19th of April 2006
COLMA, California – As reported by the San Francisco Chronicle: "Voters in Colma on Tuesday suppo....
Third Cleveland Casino Plan Submitted - Wednesday 19th of April 2006
CLEVELAND, Ohio – As reported by the Plain Dealer: "Business leaders put the money squeeze on rac....
Foxwoods Faces Public Opposition - Wednesday 19th of April 2006
PENNSYLVANIA – As reported by the Philadelphia Daily News: "Keeping accurate score of public supp....
Greektown is at Odds on Licensing - Wednesday 19th of April 2006
DETROIT, Michigan As reported by the Detroit Free Press: "Some Greektown restaurant owners are ang....
Illinois Probe Looks at Casino Tax Funding - Wednesday 19th of April 2006
EAST CHICAGO, Illinois – As reported by the Gary Post Tribune: "Gov. Mitch Daniels said a state p....
Buffalo Sabres Owner Opposes Casino - Wednesday 19th of April 2006
BUFFALO, New York – As reported by the Buffalo News: "Buffalo Sabres owner B. Thomas Golisano sai....