Chapter 11 Trustee, Attorney Kavita Gupta, has been appointed to oversee the bankruptcy sale of 38.56 acres of privately-owned real property on the world-famous Las Vegas Strip. The Bankruptcy Court approved a bid deadline of April 30, 2020 for those who are planning to set a bid. For qualified bidders to auction, they set a deadline of May 19, 2020.
“The auction process is intended to bring about an efficient, transparent and final sale of this property. The 12 parcels can be purchased individually or in the aggregate with offers reviewed and considered in advance of the bid deadline,” said Gupta.
The development site, which is over 38 acres large, also includes around 750 feet of frontage on Las Vegas Boulevard directly across from Mandalay Bay. It’s prime real estate, considering the fact that it’s walking distance from the new Las Vegas Raiders stadium.
The development is being touted as a once in a lifetime opportunity as it’s in a Qualified Opportunity Zone and zoned for gaming, hotels, retail, restaurants, entertainment, resort uses and parking among other uses.
Since the properties are located just west of McCarran International Airport, there are maximum height allowances for different parts of the property.
Prime Real Estate
Matthew Bordwin, Principal at Keen-Summit Capital Partners LLC, one of the exclusive real estate advisors for this offering, says there’s nothing else like this property available for development on the Strip. With the heart of the Strip being between the Wynn property and Mandalay Bay being fully developed, this opportunity is the last true development opportunity within the heart of the Strip.
Michael Stuart, Broker at Colliers International, another exclusive real estate advisor for this offering, commented further that:
“The southern part of the Strip is becoming a strong growth area due to the opening of the new Raiders Stadium later this year. There is limited opportunity for developers to take advantage of a site of this size and capitalize on the more than 42 million annual visitors.”
On April 30th of 2018, Desert Land LLC, Desert Oasis Apartments LLC, and Desert Oasis Investments LLC all filed Chapter 11 bankruptcy petitions in the District of Nevada. Because Kavita Gupta is the court-appointed Chapter 11 Trustee for the properties, she has the responsibility and the right to oversee the entire sale process. Gupta also has to manage the debtors’ property and business activities.
Then, in December of 2019, Gupta appointed Keen-Summit Capital Partners LLC and Colliers International as the exclusive real estate agents for the aforementioned properties.
About Keen-Summit Capital Partners LLC
Keen-Summit Capital Partners LLC is a real estate brokerage, workout and investment banking firm. They are known for their concentration and focus on special situations, restructurings, bankruptcies, and receiverships. With a particular expertise in workouts and restructurings, Keen-Summit Capital Partners LLC represents property owners, retail and commercial tenants, commercial and industrial businesses, investors, developers, and creditors across various industries.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, their 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.
The approved bid procedures and full offering details are available at www.DevelopTheStrip.com