REINVESTMENT: Molasky barters major properties

The Molasky Group of Cos. has sold five major properties in transactions totaling nearly $150 million over the past several months, opening the gates for the development firm and its partners to reinvest in the Las Vegas real estate market.

The transactions involved three retail centers, Best on the Boulevard Power Center, SunMark Plaza and Park Place Shopping Center; plus Savannah, a 472-unit apartment project; and Bank of America West, a Class A, high-rise office tower.

"We normally don't sell properties," owner Irwin Molasky said. "However, excellent opportunities were presented and we decided to take advantage of them so that we can devote the time, effort and resources to developing new properties throughout Las Vegas."

The Molasky Group has been known for building such local landmarks as the downtown Bank of America Plaza, Boulevard Mall, and Sunrise Hospital and Medical Center.

Molasky stated the sales will bring five new "major players" into the local economy, as well as allow him and his partners to channel funds from the sales into new development. He mentioned the company is working on two "major" projects, but declined to release details.

"Hopefully, we'll be able to announce them by the end of the year," he said.

Molasky also mentioned the company has invested in "half a dozen" apartment projects, including a 460-unit project at Boulder Highway and Russell Road, a 534-unit project on Flamingo Road and Grand Canyon Drive, a 224-unit project in Summerlin, and a 344-unit project on Alexander Road.

The properties sold, he said, were a "premier" group.

Best on the Boulevard, a 200,000-square-foot center on Maryland Parkway, north of Flamingo Road, sold to Trammell Crow for $30 million.

SunMark Plaza is a 427,936-square-foot power center adjacent to the Galleria at Sunset regional mall in Henderson. SunMark Plaza LLC, a joint venture between The Molasky Group and Laurich Properties, sold the property to Orangefair Company LLC, a Los Angeles-based company, for $46 million.

"This SunMark transaction marks the largest retail property, outside of a regional mall, ever sold in the state of Nevada," said Mark Lucescu, vice president of investments with Marcus & Millichap and the broker who handled all four of the retail and office transactions for the parties.

Park Place, a 97,269-square-foot shopping center located across from the Boulevard Mall, was recently redeveloped by Maryland/Twain Plaza LLC, a joint venture between The Molasky Group and Laurich Properties. Damavandi Capital LLC of Los Angeles purchased the center for $12 million.

Bank of America West, an eight-story, Class A complex offering 82,255 square feet of office space, sold for $16.9 million to Triple Net Properties LLC of Santa Ana, Calif. It is located southwest of the intersection of U.S. Highway 95, Summerlin Parkway and Rainbow Boulevard.

"We are extremely happy with our acquisition of Bank of America West office building," Tony Thompson, head of Triple Net, said. "We realize how difficult it is to develop such a trophy property along with its list of quality tenants."

Savannah Apartments, located on Silverado Ranch Boulevard near Maryland Parkway, was sold to Arlie & Co. of Utah for $43.25 million.

Richard Worthington, president of The Molasky Group, said many out-of-town investors are looking to real estate instead of the stock market, and that the company received "many offers" for the properties.

"Our decision to sell was a difficult one, helped by our determination to funnel the resources from these properties into new and exciting projects in Southern Nevada," Molasky said. "This is our home and we believe in its future."

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