CBRE Lists Prime 10-Acre Site On Las Vegas Strip

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Las Vegas, NV (Mar. 27, 2019) — CBRE announced today that it has been retained by the Las Vegas Convention and Visitors Authority (LVCVA) to sell a 10-acre parcel of prime real estate on the southeast corner of Las Vegas Boulevard and Elvis Presley Way. CBRE’s Las Vegas-based Global Gaming Group, led by John Knott, executive vice president and Michael Parks, senior vice president, will lead the assignment.

The 10-acre property boasts approximately 611 feet of Las Vegas Strip frontage and is located on the former Riviera site directly adjacent to the LVCVA’s Convention Center District expansion that will add more than 1.4 million sq. ft. of meeting and convention space now under construction. The site is currently being used by the LVCVA as a construction-staging area. It is located directly across from the $4 billion Resorts World project currently under construction and south of the former Fontainebleau project now known as The Drew Las Vegas.

According to Knott, the site is surrounded by more than $8 billion in new development and is rare for its size, particularly on Las Vegas Blvd. “Typically, parcels that have become available on the Strip have been significantly larger or smaller in size,” he said.

In fact, the last parcel listed and sold by CBRE’s Knott and Parks on Las Vegas Blvd. was a 34.56-acre site across from Wynn just south of Fashion Show mall in 2017. That parcel, spanning 34.56 acres, sold for $300 million, qualifying it as the country’s single largest sale of raw land that year. According to Knott, the Cosmopolitan, for context, was built on only 8.5 acres, so this parcel is large enough to accommodate a project of similar significance and density.

“This is an extraordinary property,” said Parks of the 10-acre site. “It is adjacent to what will be the newest, most technologically advanced convention facility in the world. It is surrounded by what will be the newest resort properties on the Las Vegas Strip. And it enjoys direct Strip frontage. Proximity to the Convention Center District provides opportunity for a development company to contemplate many potential uses on the site including hospitality, mixed-use and/or residential.”

“As visitation to Las Vegas remains strong and is expected to increase due to a continued trend of new and enhanced offerings, particularly on the North Strip, this is an ideal time for the right buyer to execute on a big plan,” said Steve Hill, CEO, LVCVA. “The potential of this land is remarkable. Given its location near the Convention Center District and near some of the Strip’s most exciting new properties, these 10 acres provide exceptional opportunity for the right visionary.”

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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