{"id":1004192956,"date":"2017-10-09T09:07:03","date_gmt":"2017-10-09T17:07:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004192956"},"modified":"2022-12-08T01:35:44","modified_gmt":"2022-12-08T09:35:44","slug":"las-vegas-644-ksf-site-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/las-vegas-644-ksf-site-changes-hands\/","title":{"rendered":"Las Vegas 644 KSF Site Changes Hands"},"content":{"rendered":"

By Tudor Scolca<\/em><\/p>\n

\"Development<\/a>

Development Site on Tropicana Ave.<\/p><\/div>\n

A Utah-based LLC purchased a redevelopment site in central Las Vegas. Marcus & Millichap\u2019s First Vice President of Investments in the firm\u2019s 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\u2014with $17 million paid for two self-storage properties in the Greater Milwaukee area<\/a>.<\/p>\n

Versatile redevelopment<\/h2>\n

The 14.8-acre, 644,688-square-foot site is master-planned for commercial tourist land use and is situated within the county\u2019s 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\u2019 corporate offices and a servicing facility.<\/p>\n

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.<\/p>\n

\u201cThe 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\u2019s Las Vegas Raiders, UNLV football and many major entertainment events,<\/em>\u201d said Germain, in a prepared statement.<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Marcus & Millichap represented the seller in the transaction, which hit a record-high price of $18.5 million. The Las Vegas Strip is nearby, as is the planned future home of the NFL’s Las Vegas Raiders.<\/p>\n","protected":false},"author":1284,"featured_media":1004192957,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,1593,21742,15],"tags":[34221,32864,37877],"class_list":["post-1004192956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-las-vegas","category-latest","category-west","tag-las-vegas-strip","tag-marcus-and-millichap","tag-ray-germain"],"acf":[],"yoast_head":"\nLas Vegas 644 KSF Site Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/las-vegas-644-ksf-site-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Las Vegas 644 KSF Site Changes Hands\" \/>\n<meta property=\"og:description\" content=\"Marcus & Millichap represented the seller in the transaction, which hit a record-high price of $18.5 million. 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