Colliers International │Las Vegas to handle sale of prime parcel

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LAS VEGAS – May 16, 2019 – Colliers International│Las Vegas has been selected to market and sell a 38-acre parcel of prime real estate on the Las Vegas Strip, across from Mandalay Bay. The Colliers listing representatives are Mike Mixer, SIOR and Mike Stuart.

On April 2, the U.S. Bankruptcy Court confirmed the appointment of attorney Kavita Gupta to serve as Chapter 11 Trustee for the bankruptcy estates of debtors Desert Land, LLC, Desert Oasis Apartments, LLC and Desert Oasis Investments, LLC. Gupta is now vested with the exclusive right to manage the debtors’ property and business activities under the supervision of the U.S. Bankruptcy Court.

Colliers International │ Las Vegas is working with Gupta to market and sell the debtors’ real properties in order to achieve a successful outcome of the bankruptcy proceedings for all creditors and stakeholders.

Mixer said, “This is a rare opportunity to own part or all of a prime development site on the iconic Las Vegas ‘Strip,’ the home to six of the 10 largest resorts in the world.” Mixer emphasized that parcels can be purchased individually or in the aggregate.

Much of the Strip has been developed with world-famous hotel-casinos, retail offerings and tourist attractions capitalizing on the more than 42 million annual visitors to the city. There is a limited amount of land available for development on the Strip, and just like beach front property, they are not making any more of it.

Mixer said the property features approximately 750 feet of frontage on Las Vegas Boulevard, and is within walking distance from the Raiders’ new $1.9 billion stadium, set to open in 2020.

Las Vegas is experiencing a renaissance and has surpassed pre-recession metrics as it relates to visitor volumes and overall revenues generated. There has been an extraordinary amount of investment activity ($14+ billion) that is projected to help continue the upward trend in the number of visitors coming to the city and the amount of money those visitors add to the local economy.

For more information about Colliers International │ Las Vegas, visit http://www.colliers.com/lasvegas.

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About Colliers International

Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International in Las Vegas, follow @Colliers_LV on Twitter and @collierslv on Facebook.

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