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JV Assembles 110 Acres on 'South Strip'

LAS VEGAS-The $360-million assemblage is located between Interstate 15 and Las Vegas Boulevard south of I-215, across from the Las Vegas Outlet Center.

By Brian K. Miller | Updated on March 13, 2008

LAS VEGAS-At a cost of approximately $360 million, an international group of investors has assembled 110 acres of raw land fronting Las Vegas Boulevard and backing up to Interstate 15 on the south side of Interstate 205, across the boulevard from the Las Vegas Outlet Center. The group is led by SDS Investments, a private equity real estate fund sponsored by the Sapir Organization, a privately held New York City-based real estate holding and development firm that controls some seven million sf of New York City commercial office space.

S. Lawrence Davis, who left Emmes & Co. to form SDS Investments with Alex and Tamir Sapir and Robert Ivanhoe, chair of the New York City office of GeenbergTraurig, tells GlobeSt.com that most of the 20 or so parcels were tied up in 2005 and acquired between late 2006 and early 2008. According to Clark County records, the group paid approximately $358 million (not including taxes and commissions) for approximately 109.3 acres, which works out to approximately $3.3 million per acre.

Davis tells GlobeSt.com he believes there has been “substantial price appreciation since tying this up” and that the investor group is “very, very happy” with its basis in the land “relative to what we believe market value is.” That having been said, Davis emphasizes that while there are no near-term plans for the property and no development time line, the group does not see itself as a land speculator. “We bought it with the intention of developing it with a large, multi-use commercial development,” he says.

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