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12/22/2016

Investors buying Town Square south of Las Vegas Strip, sources say | Las Vegas Review-Journal

Town Square is a popular place to shop, eat and get drinks, having overcome a string of litigation and financial woes after the economy crashed.Now, investors are ready to bet that its future can only get brighter.New York investment giant TIAA and Chicago-based Fairbourne Properties are buying the foreclosed, roughly 100-acre commercial property south of the Strip, people familiar with the matter told the Review-Journal this week.One source said the buyers were reportedly trying to close the sale by year’s end, though another said they were rumored to be aiming for mid- to late-January. None knew the sales price. But sources said the buyers would not get full ownership of the 1.2 million-square-foot center: original developer Turnberry Associates still holds about 120,000 square feet of offices, which aren’t part of the deal.Fairbourne co-founder and President David Harvey confirmed the pending sale but otherwise declined comment.“Nothing to report at the moment,” TIAA spokeswoman Daisy Okas said in an email, “but I’ll be in touch in the new year if we have news.”Jaime Mapes, marketing director for Town Square, also declined to discuss the deal.“Because the property is under contract, we can’t make any comments,” he said.Efforts to reach a Turnberry representative were unsuccessful.Town Square has no shortage of foot traffic or retailers. But the sale would mark a fresh start of sorts for the mixed-use property, which has been lender-owned since the recession and, like countless other boom-era projects in Las Vegas, was marred by lawsuits and foreclosure proceedings after the economy tanked.

Source: Investors buying Town Square south of Las Vegas Strip, sources say | Las Vegas Review-Journal

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