CAI Investments LLC has sold two parcels of land in Las Vegas to Chick-fil-A and Del Taco. No financial terms were disclosed.
LAS VEGAS (Feb. 14, 2019) – CAI Investments, LLC, a leading developer and manager of properties in key markets across the United States, announced today they have developed and sold two parcels of land as part of an overall project, 3883 Flamingo Center in Las Vegas, Nevada. One of the parcels was sold to Chick-fil-A® at a capitalization rate of 3.7 percent and the other was sold to Del Taco (NASDAQ: TACO) at a cap rate of 4.13 percent.
“We are excited our development, 3883 Flamingo Center, is attracting such nationally recognized brands,” said Christopher Beavor, CEO and founder of CAI Investments. “With the continued population growth in Las Vegas and its popularity as a vacation destination, there is significant demand for more housing, shopping options and hotels. We are pleased that 3883 Flamingo Center will help fill this need.”
3883 Flamingo Center was previously an approximately nine-acre vacant lot. CAI Investments is transforming it into a new development that will include a 24-story hotel, multifamily, retail and casual dining options. The build-to-suite commercial real estate development project is adjacent to the Las Vegas Strip. Once completed, the development will total approximately 29,000 square feet of retail and 290 hotel rooms.
About CAI Investments
Headquartered in Las Vegas, Nevada, CAI Investments, LLC is a vertically integrated real estate development company that finances, develops and manages commercial properties in key markets across the United States.
For more information on CAI Investments, please visit www.caicap.com or contact firstname.lastname@example.org.