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Lake Las Vegas Retail Trades Above List Price

LAS VEGAS-Six weeks after coming to market, the 51,600-sf Montelago Village Retail Shops component of Lake Las Vegas trades above its $23-million asking price.

By Brian K. Miller | Updated on July 01, 2007

LAS VEGAS-Intrawest has sold the 12 retail buildings that meander through Montelago Village, the urban center of Lake Las Vegas Resort, a sprawling golf, gaming and residential development that surrounds a 320-acre private lake 17 miles east of the Las Vegas Strip. Other components of the Village include the Ritz Carlton Hotel, Casino Montelago and the Montelago Village Resort, a 461 unit condo-hotel.

The new owner of the Montelago Retail Shops is Pacific Capital, a private investment group based in Roseville, CA, a northeastern suburb of Sacramento. The listing brokers were Christina Roush and Charles Moore, who head up CB Richard Ellis’ Private Client Group in Southern Nevada.

Roush tells GlobeSt.com that the property was brought to market six weeks ago and garnered 20 offers, most of which were at or above the $23-million asking price. The recorded sale price was $23.5 million, according to county records. Pacific Capital was selected as the buyer for its offer price, terms and overall ability to perform, she says.

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