The newest acreage, 5201 and 5285 Dean Martin Dr., sits at the corner of Dean Martin and Hacienda, which provides quick access to the Las Vegas Strip. The properties are broken into three separate parcels, one the corner and on each side.
The listing broker, David Atwell, owner of Las Vegas-based Resort Properties of America, tells GlobeSt.com by email that two of the three properties have operating businesses on them. The property at the corner of Dean Martin and Hacienda holds a 6,000-sf bar/lounge/gentlemen's club called Hidden Secrets and the property fronting Dean Martin holds a 128 unit motel called Americana 5. Third property, on Hacienda, is undeveloped.
Immediately to the north of the motel, across Ali Baba Lane, is 9.8 acres that real estate developer Michael Dezertzov listed with Marcus & Millichap in August. That property holds several leased industrial buildings but has been approved for a 1,374-unit mixed-use development. The properties' financial performance is not detailed in the marketing materials for either listing, in part because they are being sold as a land play only, according to the brokers.
Both Atwell and Dezertzov's listing brokers tell GlobeSt.com that the owners may be amenable to joint venture arrangements in addition to outright sales, and Atwell tells GlobeSt.com that his seller would be willing to provide partial financing. Both brokers tell GlobeSt.com that there has been interest expressed in the properties.
"We've seen a couple of people from overseas," one of Dezertzov's listing brokers, Ivan Lozon, tells GlobeSt.com. "While financing is still a problem a lot of long-term investors are starting to come back into the market because they are starting to see prices come down which means the bottom is near."
Two of the three new parcels on the market, the one on the corner and the one on Dean Martin, appear to be owned by Galina Kubrak, a real estate entrepreneur and president of Tarragon West Entertainment, which brings Russian stage shows to resort on the Las Vegas Strip. The third parcel, fronting Hacienda, appears to be owned by Las Vegas native Nancy J. Pavell, son of the late Jack Pavell, who founded of Pavell Electrical Supply in Las Vegas in 1952.
The asking price for the Dezertzov property is $68.14 million or $6.9 million per acre. The asking price for the new property on the market is $8-million per acre, seemingly due to its corner location next to the Hacienda overpass to the Strip. Given the credit markets, buyers would most likely need to put up at least 50% equity, according to the brokers.
During the third quarter, only one property sold within the resort corridor, a vacant 4.93-acre site between McCarran International Airport and the Bali Hai Golf Club fronting the east side of Las Vegas Boulevard. The parcel sold for $30 million, or $6.1 million per acre, according to Applied Analysis, a locally based business research and advisory firm.
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