The property is also located close to the Las Vegas Convention Center, one of the nation's busiest convention venues. The area is undergoing a 10-year, $2.5-billion expansion and redevelopment as the Las Vegas Convention Center District.

LAS VEGAS—Australia-based Crown Resorts Ltd. has tapped CBRE to market a 35-acre parcel along the Strip, formerly the site of the New Frontier casino hotel. Crown announced this past December that it would not proceed with a redevelopment of the parcel, which had traded to El-Ad Capital Group for $1.2 billion in 2007. Crown subsequently acquired the parcel in partnership with Oaktree Capital Management via a 2014 foreclosure auction, with plans to build the 1,100-key Alon Las Vegas on the site.

CBRE did not disclose an asking price. However, published reports say Crown is seeking $400 million for the parcel. The Las Vegas Review-Journal reported that while the parcel's new owners could still pursue the Alon project, they wouldn't be obligated to do so.

“This is one of the most exciting properties to become available in Las Vegas in a long time,” says John Knott, EVP and co-head of CBRE's Vegas-based Global Gaming Group. “Situated adjacent to one of the Strip's iconic and largest retail destinations, Fashion Show, and located directly across from two of the city's premier resorts—Wynn and Encore—this property is truly prime Las Vegas real estate.”

With visitation to Las Vegas growing exponentially, exceeding 42 million in 2016, “this is an ideal time for the right buyer to execute on a big vision,” says SVP Michael Parks, who co-leads the gaming group with Knott. “The potential of this land is both remarkable and untapped. Given its location near some of the Strip's most valuable properties, which also include nearby Venetian and Palazzo Resorts as well as Treasure Island, these 35 acres provide endless and exciting opportunity for the right visionary.”

The property is also located close to the Las Vegas Convention Center, one of the nation's busiest convention venues. The area is undergoing a 10-year, $2.5-billion expansion and redevelopment as the Las Vegas Convention Center District.