Fremont Street properties sold for $11M to prominent Las Vegas developer

The Siegel Group purchased the buildings at 517, 523 and 525 Fremont St., along with 100 S. 6th St. around the corner, the buyers confirmed to the Las Vegas Review-Journal. The seller was T-Bro II LLC, a subsidiary of Tamares Group, a real estate investment company that also owns the Plaza Hotel & Casino.

Stephen Siegel, chief executive officer of The Siegel Group, said the company has no immediate plans for the properties, but the opportunity to purchase them was one they could not pass up.

“We have nothing planned, we just thought it was an unbelievable location and something that is very hard to purchase,” he said of the off-market, all-cash transaction. “And we decided to buy it, and we plan on holding it for a very long period of time. We just think it’s great real estate in a great location that is only going to get better.”

Located between Las Vegas Boulevard and Sixth Street, the properties take up almost half a block, and make up four retail properties and more than 19,000 square feet, including We All Scream nightclub/bar, restaurant Le Thai and bar Commonwealth.

In October of last year, Tony Hsieh’s estate sold a small but key slice of downtown Las Vegas at the corner of Fremont and Las Vegas Boulevard, the commercial property sits on a half-acre. It sold for $14.6 million on Sept. 19, property records show. Tenants include various restaurants and bars including Inspire Nightclub, Flippin Good and the Downtown Cocktail Room.

Hsieh’s estate gave the green light to two companies last year — Logic Commercial Real Estate and Avison Young — to sell 15 properties.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.