Category – Land – Las Vegas

14.8 Acre Site Near New Las Vegas Stadium Sells for $18.5 Million

photoMarcus & Millichap announced the sale of a 14.8-acre, 644,688-buildable-square-foot redevelopment site in Las Vegas. The property sold for $18.5 million, or $1.25 million per acre, the highest price-per-acre sale of a large, 10-plus-acre, non-strip parcel of commercial land in nearly 10 years.

“The property has a prime location adjacent to The Orleans Hotel & Casino and is less than a mile from the planned $1.9 billion, 65,000-seat Las Vegas stadium, future home of the NFL’s Las Vegas Raiders, UNLV football, and many major entertainment events,” says Ray Germain, first vice president investments in Marcus & Millichap’s Las Vegas office. “Previously occupied by Southwest Gas’s corporate offices and a servicing facility, the site is master-planned for commercial tourist land use and is within the county’s Resort Hotel Overlay and MUD-1 Overlay districts, which allow for a high-density, mixed-used development with unlimited height restrictions.”

Germain represented the seller, a California-based limited liability company. The buyer, 4300 Trop LLC, is a limited liability company based in Utah.

The site is located at 4300 West Tropicana Ave., a mile west of Interstate 15 and the Las Vegas Strip. The site’s nearly 1,000 linear feet of frontage along Tropicana Avenue provide convenient access to more than 70,000 vehicles per day.

The land lends itself to a multitude of potential uses including apartments, condos, mixed-use retail, restaurant, lounge, condo/resort hotel applications and variations of its current industrial use.

Hengbang Expo, LLC Picks Up Post Road Parcel

7000 W Post RoadHengbang Expo LLC purchased APN 163-34-713-006 a 0.54 acre parcel located at 7000 West Post Road,  in Las Vegas.  The total value of the transaction was $155,000.00. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske and David Livingston of Sun Commercial Real Estate, Inc. represented the Seller Post Road Land 8 LLC and Caroline Lee of PMI Realty represented the Buyer.

UNLV Executes Largest Deal Since the 60s

Trop42The University of Nevada, Las Vegas’ UNLV Foundation purchased a 42 acre parcel of vacant land on East Tropicana Avenue just east of Koval Lane in Las Vegas, Nevada for $50,000,000.  Mike Mixer with Colliers International – Las Vegas represented the sale.

“It’s the biggest (land deal) since the ‘60s,” Gerry Bomotti, chief financial officer for the University of Nevada, Las Vegas, said referring to the last time the campus made any significant expansion acquisition.

Plans for the property include future UNLV campus expansion and related uses. Currently UNLV’s campus occupies 332 acres approximately 1.6 miles east of the Las Vegas Strip. The campus is landlocked with no feasible developable land immediately adjacent to their existing facilities. This new acquisition will offer the institution the chance to build new state of the art academic buildings and amenities near the campus core while bringing the campus closer to the heart of Las Vegas Strip. There is also an opportunity to build a football stadium on the site to provide a new on-campus home to the UNLV Football program along with a “Campus Village” concept for the student body.

Mike Mixer said of the deal, “This is a great acquisition for the University. It provides UNLV with a significant and strategic growth opportunity for the future.”

FedEx Signs Lease For Parking Spaces on Post Road

7000 W Post RoadFedEx leased 53 parking spaces on a 1.92 acre parcel located at 7000 W. Post Road. The total value of the transaction was $473,675.36. Jeffrey Kernochan of Fischer & Company represented the Tenant and Cathy JonesPaul MiachikaJessica CegavskeRoy Fritz, and David Livingston of Sun Commercial Real Estate, Inc. represented the Landlord, Post Road Land 8, LLC. .

Advanced Health Care Buys 2.79 Acres on Cactus

2.79 Acre Sale - Cactus AveAdvanced Health Care Corporation closed on a 2.79 acre parcel located on Cactus Ave., just East of Maryland Pkwy., APN 177-35-110-004. The total value of the transaction was $1,700,000.00. Keith Spencer of CBRE represented the Buyer and Cathy JonesPaul MiachikaJessica CegavskeRoy Fritz, and David Livingston  of Sun Commercial Real Estate, Inc. represented the Seller, Ceco Enterprises, LLC.

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