Business briefs for March 23, 2005

Wednesday, March 23, 2005 | 11:14 a.m.

Company buys six buildings in Hughes Airport Center

CIP Real Estate, an Irvine, Calif.-based real estate investment company, has purchased six buildings in the Hughes Airport Center for $36.2 million.

The property was purchased from Las Vegas Airport Properties LLC, an affiliate of Stoltz Management Co. The six buildings include 420,811 square feet of office and industrial space and has a 90 percent occupancy rate, CIP said in a statement.

The Hughes Airport Center consists of 3.2 million square feet of office and industrial space located on 420-acres just south of McCarran International Airport.

Stoltz officials confirmed the transaction which marks CIP's first foray into Las Vegas.

Future of tower project unclear

Plans for Krystle Sands, a high-rise condominium-hotel on the site of the now demolished Algiers Hotel appear to have been halted after Florida developer Freddie Schniz said he sold the limited liability company formed in Florida to Turnberry Associates.

An attorney with Florida-based Turnberry confirmed the sale but did not offer any details about plans for the land or the purchase of the company.

Florida Secretary of State documents do not reflect a sale as of this morning.

Schniz had planned to build a $400 million, 45-story tower on the 3.6-acre parcel at the north east corner of Las Vegas and Riviera boulevards.

The site is behind Turnberry Place, a luxury high-rise condo complex and next door to vacant land, once the site of the El Rancho.