Turnberry holding onto office space at Vegas project

Miami /
Dec.December 24, 2016 12:00 PM

Aventura-based Turnberry Associates reportedly will hold onto the office component of a mixed-use development in Las Vegas called Town Square, most of which three lenders own and plan to sell.

The Las Vegas Review-Journal reported that New York-based TIAA and Chicago-based Fairbourne Properties have a contract to buy Town Square except for 120,000 square feet of office space that Turnberry controls.

Turnberry and Las Vegas-based Centra Properties built Town Square and opened the 1.2 billion-square-foot, mixed-use development in November 2007, just as a national economic recession was starting.

The Las Vegas Review-Journal also reported that the developers were hit with a loan default notice in mid-2010, and by early 2011, lenders had seized the collateral on the loan, which included most of Town Square, but not the office space, which Turnberry controls.

Property records show that the owners of Town Square include three lenders: Los Angeles-based Oaktree Capital Management, New York-based Centerbridge Partners, and Five Mile Capital Partners of Stamford, Connecticut.

Siblings Jeffrey Soffer and Jackie Soffer, who run Turnberry, sued Five Mile Capital Partners, claiming in a 2012 court case that Five Mile’s managing directors had schemed to “steal Town Square” and “oust the Soffers.”

Town Square is located on Las Vegas Boulevard South at Sunset Road, close to the Interstate 15-215 Beltway interchange. Tenants include retailers selling apparel, electronics, and jewelry, plus bars, restaurants, a Whole Foods Market and an 18-screen AMC Theater.

In a separate Las Vegas project, Turnberry failed to develop a Vegas version of the Fontainbleau hotel in Miami Beach.

In January 2015, a Miami bankruptcy judge approved a $27.5 million settlement in litigation against former officers and directors of the Fontainebleau Las Vegas, culminating years of legal wrangling related to the failed project, spearheaded by Jeffrey Soffer. The judge directed that Soffer himself pay $2.5 million of the settlement. [Las Vegas Review-Journal] Mike Seemuth


Related Articles

arrow_forward_ios
Renderings of the project with Minto Communities president Michael Belmont (Minto, Konover South)
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
Minto Communities plans 50-acre Westlake Landings business park in Palm Beach County
1500 Concord Terrace and Atal Bansal, founder and CEO of Chetu (Photos courtesy of Chetu)
Software firm Chetu buys Sunrise office property for $25M
Software firm Chetu buys Sunrise office property for $25M
Terra’s David Martin and 1177 Kane Concourse (Google Maps)
Terra paid $32M for Bay Harbor Islands development site
Terra paid $32M for Bay Harbor Islands development site
T-Mobile store logo (Getty) and 4850 Northwest 103rd Avenue in Sunrise, Florida (Google Maps)
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Des Moines investment firm pays $26M for T-Mobile data center in Sunrise
Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Stephen Ross (Getty) with Esperanté Corporate Center at 222 Lakeview Avenue in West Palm Beach
Related Companies buys half ownership interest in West Palm office tower
Related Companies buys half ownership interest in West Palm office tower
Brookfield Property Group CEO Brian Kingston and  a rendering of 15800 Southwest 25th Street (Brookfield, Rendering courtesy of Newmark)
Brookfield buys Comcast-leased Miramar building for $29M
Brookfield buys Comcast-leased Miramar building for $29M
Feldman Equities exec Larry Feldman and the Pinnacle Corporate Park office complex (Avison Young, iStock)
Feldman Equities buys Fort Lauderdale office complex for $59M
Feldman Equities buys Fort Lauderdale office complex for $59M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...