Pacific Oak Strategic Opportunity REIT announced the completed sale of 67 acres of undeveloped land within North Las Vegas's 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 years.
"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 at Pacific Oak Strategic Opportunity REIT. "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 conti
