LAS VEGAS (July 30, 2020) – Colliers International | Las Vegas announced 38 acres of undeveloped land on the Las Vegas Strip sold for $108.6 million during a bankruptcy auction.
In Clark County’s first-ever virtual bankruptcy auction, four separate bids were accepted by undisclosed buyers. Colliers International | Las Vegas’ Executive Managing Director Mike Mixer and Executive Vice President Michael Stuart facilitated the transactions on behalf of the property’s trustee.
The undeveloped site includes 750 feet of frontage on Las Vegas Boulevard directly across from Mandalay Bay and is within walking distance from Allegiant Stadium. All parcels of land sold during the auction on June 5 are in a Qualified Opportunity Zone and can be developed for gaming, hotels, retail, restaurants, entertainment, resort amenities, parking as well as other uses.
On April 30, 2018, Desert Land, LLC (Case No. 18-12454), Desert Oasis Apartments, LLC (Case No. 18-12456) and Desert Oasis Investments, LLC (Case No. 18-12457) filed Chapter 11 bankruptcy petitions in the District of Nevada. As the court appointed Chapter 11 Trustee, Kavita Gupta is vested with the exclusive right to oversee the sale process and to manage the debtors’ property and business activities. In December 2019, Keen-Summit Capital Partners LLC and Colliers International were engaged by the Trustee as exclusive real estate agents for this offering.
For more information regarding the property which is located at the corner of Hacienda Avenue and Las Vegas Boulevard, visit www.DevelopTheStrip.com.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.