LOS ANGELES (PRWEB) April 3, 2007
The purchase price was financed by First Republic Bank. SASCO Properties, an affiliate of The Siegel Group, has been retained to manage the property, which will be renamed Siegel Plaza. Extensive capital improvements have been initiated that will include new facade, signage, lighting and landscaping.
Stephen Siegel, President and Chief Executive Officer of The Siegel Group, said: "This is a great addition to our portfolio of national shopping center developments and we are excited to have acquired an asset in such a desirable location of Las Vegas that is so close to the famous Hard Rock Hotel & Casino and other major destination hubs where so much commercial development is occurring. This center has been mismanaged for years and with our expertise we will be able to quickly reposition the property, attract national tenants and maximize the property's value."
About The Siegel Group, Inc.
The Siegel Group, a Commercial Real Estate & Business Development Company located in Studio City, California, is a full-service real estate development company founded by Stephen Siegel with expertise in acquisitions, financing and development, and property management, leasing and rehabilitation. The Company's Real Estate Division manages the firm's acquisition, disposition and development of commercial real estate; a portfolio comprised of multi-family and Extended Stay units, commercial shopping centers, office buildings, and hotel developments. For more information on The Siegel Group and its affiliates, visit the Company's website at http://www.siegelcompanies.com.