Developer gets $85 million for Vegas real estate

Friday, Dec. 15, 2000 | 10:44 a.m.

Rouse Co., the largest developer in Las Vegas, said Thursday it contributed 37 local buildings and associated undeveloped real estate to a joint venture that will own and operate the buildings.

Columbia, Md.-based Rouse received $85 million in cash from the transaction, which it will use to pay down debt, buy back stock and finance new projects.

The properties are in the Hughes Airport and Hughes Cheyenne Centers and are office, industrial and "flex" buildings.

Rouse and privately held Stoltz Bros Ltd. formed a joint venture to own and operate the buildings.

The sales are in line with Rouse's previously announced plans to focus on large-scale retail projects like its Fashion Show Mall expansion on the Las Vegas Strip and its regional mall planned for Summerlin.

Rouse, owner of the Howard Hughes Corp., is developing the Summerlin master-planned community.

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