LAS VEGAS (KLAS) — Colliers International | Las Vegas announced 38 acres of undeveloped land on the Las Vegas Strip sold for $108.6 million during a bankruptcy auction last month.
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 Stewart 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