2016, a vibrant, turbulent and upon reflection, an interesting year, saw several meaningful and large transactions within the Las Vegas Valley. There were several bulk sales in almost all of the main real estate sectors.

In industrial, the Blackstone Group LP purchased LBA Realty’s Industrial portfolio which included buildings in California, Texas, Washington, Colorado, Utah and Nevada. The portfolio traded for over $1.4 Billion.

In storage, the multi-State portfolio of LifeStroage, Inc was sold to Sovran for almost $1.3 Billion. 17 of the 83 properties were in Nevada.

In multifamily, The Bascom Group purchased Camden Property Trust’s Class B apartment portfolio for $630 Million. The reported cap rate was 5.4%.

In addition to the major bulk sales, there were some significant single property sales. TIAA, a pension fund, purchased a 50% interest in General Growth’s Fashion Show Mall for $1.25 Billion. The Mall is a famous Las Vegas Strip retail center approximately across from Wynn.

Another massive Las Vegas Blvd sale was the Shops at Crystal’s, MGM Resorts International and Dubai World’s premium retail property at CityCenter. Investco and Simon Property Group joined forces to acquire the property for over $1.1 Billion.

A third major Strip retail project, the famed Miracle Mile Shops at Planet Hollywood, sold for $1.08 Billion and was purchased by IMI Miracle Mall and CalPers. The sellers were Tristar Capital and RFR Realty LLC.

Although not traditional real estate deals, we should also note that Boyd Gaming Corporation purchased Alst Casino Holdco LLC’s Aliante Casino Hotel and Spa for $400 Million. The seller is actually a combination of banking and private equity interests. The project was originally built by Station Casinos and the Greenspun Corporation.

In March, the Palms Casino, an off-strip property, sold for $312.5 Million to Station Casinos (Red Rock Resorts). The sellers were majority owners, TPG Capital and Leonard Green & Partners LP.

Few places have as interesting of transactions as Las Vegas, with some of the largest retail trades in the United States. We look forward to more interesting news in 2017.