LAS VEGAS, Jan. 29, 2020 /PRNewswire/ -- Attorney
Kavita Gupta has been appointed to
serve as the Chapter 11 Trustee overseeing the bankruptcy sale of
38.56 acres of privately-owned real property on the world-famous
Las Vegas Strip. The Bankruptcy Court has approved bid
procedures setting a bid deadline of April
30, 2020 and May 19, 2020
auction for qualified bidders.
The 38.56-acre development site includes 750 feet of frontage on
Las Vegas Boulevard directly across from Mandalay Bay and is within
walking distance from the new Las Vegas Raiders stadium. This once
in a lifetime development opportunity is in a Qualified Opportunity
Zone and zoned for gaming, hotels, retail, restaurants,
entertainment, resort uses and parking among other uses.
"The auction process is intended to bring about an
efficient, transparent and final sale of this property. The 12
parcels can be purchased individually or in the aggregate with
offers reviewed and considered in advance of the bid deadline,"
said Kavita Gupta, the Chapter 11
Trustee.
"There is nothing like this available for development on the
Strip. The heart of the Strip between the Wynn property and
Mandalay Bay is fully developed. This opportunity is the last true
development opportunity in the heart of the Strip," says
Matthew Bordwin, Principal at
Keen-Summit Capital Partners LLC, one of the exclusive real estate
advisors for this offering. "With a trustee appointed and bid
procedures approved by the Bankruptcy Court, there will be a sale
transaction."
Michael Stuart, Broker at
Colliers International, one of the exclusive real estate advisors
for this offering, commented further that "The southern part of the
Strip is becoming a strong growth area due to the opening of the
new Raiders Stadium later this year. There is limited opportunity
for developers to take advantage of a site of this size and
capitalize on the more than 42 million annual visitors."
On April 30, 2018, Desert Land,
LLC (Case No. 18-12454), Desert Oasis Apartments, LLC (Case No.
18-12456) and Desert Oasis Investments, LLC (Case No. 18-12457)
filed Chapter 11 bankruptcy petitions in the District of
Nevada. As the court appointed
Chapter 11 Trustee, Kavita Gupta is
vested with the exclusive right to oversee the sale process and to
manage the debtors' property and business activities. In
December 2019, Keen-Summit Capital
Partners LLC and Colliers International were engaged by the Trustee
as exclusive real estate agents for this offering.
The approved bid procedures and full offering details are
available at www.DevelopTheStrip.com
About Keen-Summit Capital Partners LLC:
Keen-Summit
Capital Partners LLC is a real estate brokerage, workout and
investment banking firm specializing in special situations,
restructurings, bankruptcies and receiverships.
With a particular expertise in workouts and restructurings,
Keen-Summit Capital Partners LLC represents property owners, retail
and commercial tenants, commercial and industrial businesses,
investors, developers, and creditors across various industries.
Clients benefit from their reputation for excellence and integrity,
extraordinary industry experience, in-depth market knowledge,
time-tested business approach, deep industry relationships, workout
and bankruptcy expertise, and exceptional execution capabilities.
For more information about Keen-Summit Capital Partners, call
646-381-9222 or visit www.keen-summit.com
About Colliers International:
Colliers
International (NASDAQ, TSX: CIGI) is a leading global real estate
services and investment management company. With operations in 68
countries, our 14,000 enterprising people work collaboratively to
provide expert advice and services to maximize the value of
property for real estate occupiers, owners and investors. For more
than 20 years, our experienced leadership team, owning more than
40% of our equity, have delivered industry-leading investment
returns for shareholders. In 2018, corporate revenues were
$2.8 billion ($3.3 billion including affiliates), with more
than $26 billion of assets under
management. Learn more about how we accelerate success at
corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the
latest news on Colliers International in Las Vegas, follow @Colliers_LV on Twitter and
@collierslv on Facebook or visit
http://www.colliers.com/lasvegas.
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SOURCE Colliers International