Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 1960s-era Motel 8 property located on South Las Vegas Boulevard, directly across from Mandalay Bay Resort & Casino. The 1.01-acre property sold for $7,400,000.
Dustin R. Alvino and Ray Germain, First Vice President Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust in a court ordered sale.
“The property is located in a prime area of the Las Vegas Strip and is ideally situated for redevelopment, states Germain”. The recent influx of development activity in recent years, including the nearby Raiders Stadium, created a substantial amount of interest from both local and international developers. “We were able secure a very motivated, international buyer who owns and operates a chain of boutique hotels in Israel, and who plans to develop a new hotel-casino on the site”, added Alvino.
