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Michael Dezer Asking $68M for 10-Acre Site

LAS VEGAS-Facing Dean Martin Drive and Interstate 15, the site has been approved for a 1,374-unit mixed-use development.

By Brian K. Miller | Updated on August 20, 2008

LAS VEGAS-Real Estate developer Michael Dezertzov is looking to unload a 9.8-acre parcel here that fronts Dean Martin Drive and Interstate 15, across the highway from the Las Vegas Strip. Currently holding several industrial buildings, the site has been approved for a mixed-use development with a density of 190 units per acre. The asking price is $68.14 million or $6.9 million per acre. Marcus & Millichap Real Estate Investment Services has the listing.

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.

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