Undeveloped land includes construction rights for
VEGAS, Dec. 1, 2022 /PRNewswire/ -- Pacific Oak
Strategic Opportunity REIT, Inc. announced today the completed
sale of 67 acres of undeveloped land within North Las Vegas' Villages at Tule Springs
master planned community. The land was sold to an undisclosed buyer
for $55 million and includes rights
to build mixed-use commercial buildings, including a casino.
Pacific Oak Strategic Opportunity REIT acquired 1,670 acres in
what was originally known as Park Highlands East. The master
planned community was renamed The Villages of Tule Springs and is
expected to generate more than $3
billion for the local economy during the next 10-15
"We were fortunate to be able to acquire this land in a
bankruptcy auction in the years following the Great Recession,"
said Keith Hall, CEO of Pacific Oak
Strategic Opportunity REIT, Inc. "Today's sale represented the
second to last available parcel of the land that we own within the
Villages at Tule Springs. We continue to be optimistic about the
opportunities we have to continue to create value for our
The Villages at Tule Springs is a master planned community under
development approximately 12 miles from downtown Las Vegas and 16 miles from the Las Vegas
Strip. With I-15 three miles to the east of the property, it
is the only master planned community that provides both freeway
frontage and nearby access to the area's largest north-south
roadway. The property's location along the 215 Beltway also
provides easy access to all major Las
Vegas employment centers within the region.
Currently, there are three builders developing seven
neighborhoods in a mix of gated and non-gated communities that will
bring more than 8,500 homes, including 2,000 reserved for adults 55
and older. Development plans also include commercial and resort
property, as well as parks and public facilities.
About Pacific Oak Strategic
Pacific Oak Strategic Opportunity REIT, Inc. is a public,
non-traded corporation headquartered in Los Angeles, California, that has elected to
be taxed and currently qualifies as real estate investment trust.
The REIT invests in opportunistic real estate and other real
estate-related investments and manages a portfolio valued in excess
of $2 billion1 comprised
primarily of office, land, apartment, single-family rental and
1 Equals the real estate and equity securities values
as of September 30, 2021, adjusted
for the Company's share of real estate properties owned via joint
ventures, as reflected in the Company's December 2021 share valuation. For more
information, see the Company's Form 8-K filed with the U.S.
Securities and Exchange Commission (the "SEC") on December 8, 2021.
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SOURCE Pacific Oak Strategic Opportunity REIT, Inc.