Casino Operator William Harrah's Lake Tahoe, NV Mansion Selling for $26 Million

 Harrah broke ground in 1963 for his Tahoe mansion, Villa Harrah, in Zephyr Cove, NV,  It is now for sale at $25.75 million

Photo Credit: Compass Realty                            Source: compass.com

ZEPHYR COVE, NV -- According to TopTenRealEstateDeals.com,

an early Nevada gambling innovator and character, William F. Harrah owned one of the world's largest car museums, was married seven times including a brief marriage to singer Bobbie Gentry ('Ode to Billie Joe'), and helped create the Nevada State Gaming Control Board.

William F. Harrah

At the height of the Depression, Harrah parlayed a $500 investment when he bought his father's interests in a small-time California gaming sideshow into one of the state's largest casino and hotel enterprises.

Bobbie Gentry

Following the success of his Lake Tahoe casino/hotel, in 1963 Harrah broke ground for his Tahoe mansion, Villa Harrah, in Zephyr Cove, Nevada. It is now for sale at $25.75 million.

Judy Garland

Since he was one of the first to build on Lake Tahoe, Harrah was able

to pick a prime waterside location. Already a master of the hospitality industry, his 20,000-square-foot home was to be the epitome of luxury.

In anticipation of his future celebrity guests, Harrah knew that they needed to escape the spotlight occasionally and have the freedom to kick up their heels without fear of wiley photographers hiding in the bushes or the teenager from next door appearing unexpectedly begging an autograph.

Frank Sinatra

To combat these possibilities, Harrah built a secret tunnel that ran the length of the property so that guests like Frank Sinatra, Sammy Davis and Judy Garland could quietly enter.

Just like his casino, Harrah thought of everything down to the last detail. The tunnel has since been sealed, closing that glamorous link to the past.

Sammy Davis Jr.

From every expertly placed Brazilian stone to each room positioned to capture a perfect lake view, every space and each material used was meticulously thought out by Harrah.

Owners who followed continued the theme when recently adding $14 million in renovations.

 Designed to impress in Nevada style from its soaring architecture, location and plethora of amenities, its large entertaining spaces are perfect for hosting large events both inside and out or inviting family and friends for a long weekend of water sports.

David Bellings

The three-level home has eight ensuite bedrooms and thirteen baths with one bedroom a bunk room sleeping twelve. Both the large kitchen and laundry center are equipped with multiple appliances making it easy to care for a large party of guests.

When many homes today might have one Himalayan salt lamp, this home takes it to the max with its own salt cave lined in the healthful mineral. The cave can be found in the full spa with a steam room, sauna, jetted bath, cold plunge and hair-nail salon.

Jamison Blair 

 Other creature comforts include a large home theater, billiards, wet bar, sweeping terraces and pool overlooking the lake along with a private beach and pier.

Zephyr Cove is a few miles from Stateline, Nevada where there are endless entertainment, shopping, dining and gambling choices. New on the market, Harrah’s villa is listed by David Bellings of Compass Beach Street office San Francisco and Jamison Blair of Compass, Tahoe.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

Sugar Ray Leonard's Pacific Palisades Estate Going for $52 Million

Former Champion Boxer Sugar Ray Leonard's Two-Acre Estate in Pacific Palisades, CA Up for Sale for $52 Million

Photo credit: Coldwell Banker                 Source: jademillsestates.com

PACIFIC PALISADES, CA -- TopTenRealEstateDeals.com says Olympic Gold Medal boxing champion for the United States in 1976, named ‘Boxer of the Decade’ in the 1980s and the first professional boxer to win more than $100 million in purses, Sugar Ray Leonard, born Ray Charles Leonard,  could afford to live any way he wanted.

Sugar Ray Leonard

 It was in this knockout of a Pacific Palisades estate that he built with wife Bernadette where he has enjoyed entertaining family, friends and holding large fundraisers for his charities for the last 22 years.

Bernadette Leonard

New to the market, it is now for sale at $51.995 million.

Sugar Ray purchased just under two acres of land with ocean and canyon views in 1993. But it wasn’t until 1997 that he and his wife built their home.

Matt Damon

Measuring in at 16,773 square feet with seven bedrooms, it was designed with different wings having planned space for various types of entertaining from small intimate gatherings to full-blown fundraisers.

Built in the style of Italianesque old-world architecture, the exterior of the house is covered with ivy and the entrance opens into a grand foyer and center hall opening to the various formal rooms.

Dan Aykroid

 Fireplaces throughout were imported from Europe and the stone floors from Jerusalem. There is a chef’s kitchen with professional appliances and center island with breakfast bar that adjoins the family room.

 Included is a solarium, a media room, large gym and a master suite with fireplace, large bath and walk-in closets and a balcony that takes advantage of the views.

Jennifer Garner 

Grounds include pool, spa, putting green and tennis courts all set on rolling lawns, terraces and lush landscaping. The detached two-story guest house at the pool has a first-floor kitchen and entertaining space while the second floor contains a guest bedroom and bath.

Founded in 1922, the small town of Pacific Palisades is one of the most popular enclaves for celebrities seeking a slightly quieter life than Hollywood.

Steven Spielberg

Some of its residents include Matt Damon, Dan Aykroid, Jennifer Garner and Steven Spielberg.

 Downtown has excellent restaurants, boutiques, yoga facilities and home decor shops as well as purveyors of luxury brands.

Jade Mills

Sugar Ray won world titles in five weight divisions between 1977 and 1997. Today, he is much sought after for his motivational speaking tours by Fortune 500 companies and still finds time for his charities for diabetes as well as making television commercials and doing guest appearances as an actor in film, television sitcoms and reality television shows.

The listing agent is Jade Mills of Coldwell Banker, Beverly Hills.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

BKM Capital Partners Acquires 898,389-SF Multi-Tenant Industrial Property in Henderson, NV for 111 Million

Pacific Business Center, Henderson, NV

NEWPORT BEACH, CA – BKM Capital Partners, an institutional fund manager with a niche focus on value-add, light industrial multi-tenant investments, has surpassed $1 billion in assets under management with the acquisition of Pacific Business Center, a 898,389 square-foot, 13-building light multi-tenant industrial property in Henderson, Nevada.

Brian Malliet

The industrial complex was acquired for $111,250,000 and is BKM’s largest acquisition to date.

 “Reaching $1 billion in assets under management is a major milestone for BKM that speaks to the strength of our ongoing investment strategy,” says Brian Malliet, Co-Founder and CEO of BKM Capital Partners.

“We have been bullish on acquisitions over the past two years, consistently acquiring high-quality assets at pricing that remains well below replacement cost. 

"In doing so, we have established ourselves as one of the most active buyers of multi-tenant industrial product in the U.S., while simultaneously creating tremendous value for our owned portfolio, which now spans more than eight million square feet throughout the Western U.S.”

Brett Turner

Additionally, the asset offers top of the line industrial features such as 24’-28’ clear heights, ESFR sprinkler systems and new TPO roofs, according to Brett Turner, Managing Director of Acquisitions at BKM Capital Partners.

“It is rare to find a property of this scale and caliber in the Las Vegas metro area,” says Turner. 

“Based on a lack of developable land and rising construction costs, there is a significant lack of industrial supply in the Henderson market, making this a strategic acquisition that will benefit from strong tenant demand for many years ahead.”

            The properties are located at:

·        1045-1175 American Pacific Drive

·        160-194 Gallagher Crest Road

·        1060-1110 Mary Crest Road

BKM represented itself in the acquisition. The seller was represented by CBRE.

CONTACTS:

Alex Caswell/Lexi Astfalk

Brower Group

(949) 955-7940

acaswell@brower-group.com

www.bkmcapitalpartners.com.

JLL closes sale of The Daley at Shady Grove in Rockville, MD

The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, MD

WASHINGTON DC – JLL announces it has closed the sale of The Daley at Shady Grove, a 333-unit multi-housing community with nearly 15,000 square feet of ground-floor retail located in Rockville, Maryland.

Sue Carras

JLL marketed the property exclusively on behalf of the seller, a joint venture between EYA, LLC and The Bozzuto Group. 

Black Creek Group, a Denver-based real estate investment manager and development firm, purchased the asset through one of its investment platforms that owns and operates high‐quality commercial real estate across the industrial, office, retail and multifamily sectors.

Walter Coker

The Daley at Shady Grove is located at 8010 Gramercy Boulevard within EYA’s Westside at Shady Grove master-planned community, which is less than a two-minute walk to the Shady Grove Metro Station. 

Completed in 2017, units average 831 square feet and feature stainless steel appliances, under cabinet lighting, glass tile backsplashes, quartz countertops, wood-style flooring, walk-in closets, full-size washers and dryers and keyless entry. 

Community amenities include a resort-style pool with shallow water seating; courtyard with fire pits, grilling station and green feature wall; 1,750-square-foot fitness center with multi-functional training system, Peloton bikes and on-demand fitness classes; business center with conference room, private dining room and e-booths; club room with gaming pace; pet spa; Amazon hub package service; and ButterlyMX virtual doorman. 

The property’s 14,974 square feet of retail space is anchored by Starbucks.

The JLL Capital Markets team representing the seller included Walter Coker, Brian Crivella, Stephen Conley and Susan Carras.

Brian Crivella

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Stephen Conley

About EYA, LLC

EYA, LLC is Washington D.C.’s leading developer of urban and transit-oriented properties that promote Life Within Walking Distance®.

 Founded in 1992, the company, through its development affiliates, has built more than 5,000 homes in over 40 walkable urban neighborhoods across D.C., Maryland and Northern Virginia.

For additional information, visit www.eya.com.

CONTACTS:

 Walter Coker, JLL Managing Director

Maryland License No: 524884

Phone:  +1 202 533 2537

Email: Walter.Coker@am.jll.com

Brian Crivella, JLL Managing Director

Maryland License No: 634831

Phone:  +1 202 533 2522

Email: Brian.Crivella@am.jll.com

 Olivia Hennessey, JLL Public Relations Specialist

Phone: +1 713 852 3403

Email: Olivia.Hennessey@am.jll.com

jll.com.
https://blackcreekgroup.com/.
www.bozzuto.com

Fed Gambles on Economy by Lowering Rate; Borrowers Win, Savers Lose

John Oharenko

Chicago, IL -  According to the Real Estate Capital Institute®,  the nation's  economy keeps humming along backed by strong retail sales and low unemployment.  

However, the big news of the summer is the Fed’s quarter-point rate cut at the end of July.  This cut represents the first drop since the Great Recession, over a decade ago. 

The director of the Real Estate Capital Institute®, John Oharenko, comments: "The current cycle rewards borrowers, rather than savers.  Borrowers welcome debt service payment relief, as labor costs and other ownership expenses escalate.”

 Policymakers are preempting softer economic conditions and the effects of the trade war with China. The Fed’s goal is to maintain the record-long economic expansion while controlling inflation.  The Fed also warned that further rate cuts are unlikely.

As of early August, the benchmark 10-year treasury dipped below 2%, hitting a new low under the current administration. This year alone, rates dropped about two-thirds of a percent.  Even before the Fed’s announcement, the second quarter 30-year mortgage rates for homeowners dropped below 4%, as markets expected some type of cut. 

 Commercial mortgage rates continue hovering in the low territory, with a 10-year debt available in the lower-to-mid-three percent range for conservatively funded deals. 

Rates are about 75 basis points lower than the start of the year. 

Mortgage spreads over treasuries stay unchanged, based on an oversupply of real estate capital.  No relief in sight for debt investors searching for yield, as mortgage pricing compression continues across most markets and property sectors. 

  

Contact:

 John Oharenko,

Executive Director

director@reci.com 

 www.reci.com