Las Vegas Sun NewsCalifornia investor picks up $23 million in property – and is looking for more
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30 January 2013
2 a.m.
A Southern California real estate investor has picked up seven more commercial buildings in the Las Vegas Valley. Ed Mustafa, managing member of the Brentwood Cos., acquired several properties off Green Valley Parkway near the 215 Beltway last month. He and his partners paid almost $23 million for the buildings, which total 235,000 square feet. Mustafa more than doubled his holdings in the valley with the deals, and his buying spree may not be over. His group has another $20 million to $30 million of capital they want to spend on Las Vegas real estate, said his broker and property ...
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Home prices went up 24% in the last twelve months, however land price will make the biggest gain over the next few years.
@Warrior: Your 2012 residential numbers are wrong, home values did NOT increase 24% across the Valley. Depending on who you ask, it was 11 or 13%. BUT, some parts of the Valley like outside the 215 Beltway (like where we own in the far Northwest near Providence) home values have been static are static or not increased more than 2-3%.
I think I'm going to buy some property on the strip. I think the strip could use another Casino. I might put thru a package for the unfinished Fountainbleau. Question for this investor what is he going to put into all the empty space? We have a DEPRESSION in the commercial property sect (Obama withstanding) BTW now figures are coming out that we are entering another recession. Hello. Where do these BS artists get there info?