Commercial Real Estate Companies in Las Vegas Filed for Chapter 11

December 06, 2010 / Elizabeth Buckley, Commercial Property Analyst

National and local banks face further loan losses after two substantial commercial real estate companies filed for bankruptcy in Las Vegas. The two commercial real estate companies are Whitton Corporation based in Henderson, a city in Clark County, Nevada, and Sunshine Holding Company based in Tahoe City, California.

Commercial Real Estate Companies in Las Vegas Filed for Chapter 11

One of the two commercial real estate companies, Whitton Corp. previously did several business deals under South Tech corporate names, recently filed for Chapter 11 reorganization.

The company filed for the reorganization after a number of its properties in Northern Nevada and Las Vegas falls into receivership. Its initial bankruptcy filing disclosed any detailed financial information, but the company’s liabilities and assets were listed between $10 million to $50 million.

Under the South Tech assets listed under the Chapter 11 filing include development sites in E. Sunset Road in Las Vegas, Seven Hills Drive in Henderson, Dean Martin Drive in Las Vegas, Stephanie St. in Henderson, S. Valley View Blvd. in Las Vegas, W. Brooks Ave. in North Las Vegas, and others.

Development sites in Seven Hills Drive are weighed down by about $8 million mortgage, as well as the Sunset Rd property with $3.6 million in debt.

Sunshine Holding Company, still one of the two commercial real estate companies that filed for bankruptcy, listed its shopping center property, the company’s principal asset, which is located at W. Lake Mead Blvd. in the filing.

The company listed its assets and liabilities between $1 million to $10 million.

Creditors for the commercial real estate companies include Bank of Las Vegas, Bank of America, and others.

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