LAS VEGAS-A 4.9-acre land assemblage here abutting the west side of Interstate 15 about two miles west of the Las Vegas Strip is coming to market. The three different ownership groups are looking to sell as one their six contiguous parcels along Westwood Drive for $29.22 million, or just under $6 million per acre.
The properties are part of the Clark County Mixed Use Overlay District, which allows for development of high-rise projects with no height limits with a special use permit and allows for greater than 50 units per acre. Marcus & Millichap's Tom Hedgecock, who is marketing the assemblage with M&M investment specialist Robert Butler, tells GlobeSt.com the property could support two million sf of residential, retail and office development with 25% site coverage given a 50-story building.
“There's also another five acres on the market immediately south of this assemblage; I think eventually somebody will want it all,” Hedgecock says. “We have had contractors agree to build it and people that would finance the entire project. We just need an entrepreneur-developer that would put the whole thing together.”
The address of the properties is 2953-3005 Westwood Dr. The three ownership groups are Mendell Family Partners LP, H&M Investments and Tuffli Co. Inc. They comprise six individuals who believe they can maximize interest and price by joining forces.
“If you do it separately, the guy who sells first gets the lowest price and the guy who sells last gets the highest price,” Hedgecock says.
The properties are leased to industrial users, he says, but lessees have been notified of the change in zoning and that leases will be terminated upon the sale. Hedgecock expects the new owner would extend the leases while taking the property through the approval process.
A call for offers will be made toward the end of the year, with the goal being to close the deal in the first quarter of 2008. A 6% fee is being offered to motivate brokers to call their clients.
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