The listing agents, M&M brokers Art Macaraeg and Ivan Lozon tell GlobeSt.com that parcels near the Las Vegas Strip with I-15 visibility have been very hard to come by. Referring to Dezertzov only as "the seller," the brokers say he may be amenable to a joint venture arrangement as well as an outright sale.
Located at 5115 Dean Martin Drive, across I-15 from the Excalibur and Luxor resorts, Lozon says the property is fully exposed to tourists driving into the state of Nevada from California as well as local commuters. Approximately 240,000-plus cars pass by the property daily on the highway.
The offering memorandum does not list the property's NOI because it was priced by the acre, Macaraeg says. Given the credit markets, the buyer likely would need to put up 50% equity. "It's a lot less [per acre] than the properties around us [that are on the market and visible from the highway].
A 2.9-acre property at 4631 Dean Martin Dr., across the highway from the Bellagio, sold in January for $8.7 million per acre. A 2.2-acre property across the side street (Ali Baba) from Dezertzov's property is listed at $5.7 million per acre. A 12-acre property at Desert Inn Road and I-15 (3436 Aldebaran Ave.)is listed at $8 million per acre."This site has phenomenal potential, as it is suitable for redevelopment of a resort hotel with gaming potential, high-rise mixed-use, commercial or recreational use," Macaraeg says. "Plans have already been approved for a 1,374-unit mixed-use development, making it ideal for timeshare use."
Dezertzov, better known in New York and Florida as Michael Dezer, operates Dezer Properties, Dezer Development and Dezer Hotels. Dezer Properties owns approximately 1.3 million sf of commercial loft space in NYC's Chelsea neighborhood. Dezer Development is the developer of Trump Grand Ocean Resort & Residences in Miami. Dezer Hotels owns 1,000 oceanfront hotel rooms in Miami Beach.
In Las Vegas Dezertzov owns properties under M.D. Properties LLC, DP Driftwood LLC, Nochamul Corp. and GLE Acquisition LLC, according to county records. Dezertzov acquired the Dean Martin Drive property in 2005 in two separate transactions totaling approximately $34 million.
Also that year Dezertzov acquired a right of first refusal to acquire one of the other neighboring properties that also fronts Dean Martin Drive. Dezertzov was not immediately available Wednesday afternoon for comment.
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