October 5, 2017
Marcus & 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.
September 7, 2016
Hengbang 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.
May 5, 2016
CHD Convenience LLC purchased the approximately 2.16 acre land parcel located at 9180 W. Post Rd. in Las Vegas. The transaction value was $1,150,000. Robert Torres and Scott Gragson of Colliers International represented the seller, Sunset Post FF450 LLC.
April 28, 2016
Friends of Las Vegas Youth Orchestras purchased the approximately 1.14 acre land parcel located at 2750 S. Maryland Pkwy. in Las Vegas. The transaction value was $450,000. Steven Haynes of Colliers International represented the seller, Time Square Properties LLC.
April 13, 2016
Shepherd of the Hills Lutheran Church purchased the approximately 3.13 acre vacant land parcel located northeast of Dapple Gray Dr. in Las Vegas (APNs: 125-20-401-003 and 005). The transaction value was $840,000. Vince Schettler of Colliers International represented the sellers, Dapple Gray Drive Trust and Roma Investments Group.
January 27, 2016
Upper Image Services purchased 1.29 acres of retail land at the Rainbow Sobb Commercial Center located on the corner of Rainbow & Patrick (APN 163-35-312-005) for $725,000. Tony Amato of Avison Young represented the buyer; Matt Kammeyer of Five Star Real Estate represented the seller, Pohorsky Enterprises.
January 25, 2016
The 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.”
January 12, 2016
Upper Image Services purchased 1.4 acres of land located at the corner of Craig & Revere in Las Vegas for $1,000,000. Tony Amato, CCIM of Avison Young represented the buyer and Lauren Tabeek of Cushman & Wakefield represented the seller, RREF II – K1 Promenade LLC.
December 25, 2015
FedEx 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 Jones, Paul Miachika, Jessica Cegavske, Roy Fritz, and David Livingston of Sun Commercial Real Estate, Inc. represented the Landlord, Post Road Land 8, LLC. .
November 13, 2015
Advanced 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 Jones, Paul Miachika, Jessica Cegavske, Roy Fritz, and David Livingston of Sun Commercial Real Estate, Inc. represented the Seller, Ceco Enterprises, LLC.