By Tudor Scolca
A Utah-based LLC purchased a redevelopment site in central Las Vegas. Marcus & Millichap’s First Vice President of Investments in the firm’s Vegas office, Ray Germain, represented the seller, a California-based LLC. The transaction price was record-high, at $18.5 million, or $1.25 million per acre. Another record-breaking sale was closed by the investment and financing firm earlier this year—with $17 million paid for two self-storage properties in the Greater Milwaukee area.
The 14.8-acre, 644,688-square-foot site is master-planned for commercial tourist land use and is situated within the county’s Resort Hotel Overlay and MUD-1 Overlay districts, allowing for a range of options when it comes to development. It was previously occupied by Southwest Gas’ corporate offices and a servicing facility.
The property is located at 4300 W. Tropicana Ave., near the Las Vegas Strip and Interstate 15. The frontage along Tropicana Avenue totals almost 1,000 feet, providing exposure to more than 70,000 vehicles per day.
“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,” said Germain, in a prepared statement.
Image courtesy of Marcus & Millichap