LAS VEGAS, Nov. 2, 2011 /PRNewswire/ -- Grubb & Ellis
Company (NYSE: GBE), a leading real estate services and investment
firm, today announced that the company has been engaged by a group
of five banks to promote the auction of 1,340 acres of undeveloped
land known as Park Highlands in North Las
Vegas. Together, the banks hold a 48 percent interest
in the $178.9 million defaulted loan
on the property, which is being sold under Bankruptcy Section 363.
Curt Allsop, senior associate,
Investment Services, Land Group, will lead the assignment in
conjunction with Doug Schuster,
senior vice president, Investment Services, Multi Housing Group,
and Vittal Ram, associate,
Investment Services. The listing was a referral from
Andrew Phillips, senior associate,
Financial Services Asset Management. The team will promote
the auction on behalf of Bryan Cave LLP, a leading global business
and litigation firm representing the five banks.
With no initial bids permitted, the live absolute auction will
be held Dec. 12. The land sale
is expected to be one of the largest in Nevada since the property was first sold in
2005.
"This undeveloped property is the only parcel of land of its
size available for purchase in Greater
Las Vegas and the outcome of this auction will have a
significant impact on the future growth of the region," said
Allsop.
The land is zoned for residential, retail, resort, business and
office use. Land sales in Greater
Las Vegas during the past 12 months for parcels 30 acres and
larger have sold for a median price of $98,000 per acre and a high of $167,000 per acre. Statistics show the
largest sale was 141 acres, which closed in June.
About Grubb & Ellis Company
Grubb & Ellis Company (NYSE: GBE) is one of the largest and
most respected commercial real estate services and investment
companies in the world. Our 5,200 professionals in more than 100
company-owned and affiliate offices draw from a unique platform of
real estate services, practice groups and investment products to
deliver comprehensive, integrated solutions to real estate owners,
tenants and investors. The firm's transaction, management,
consulting and investment services are supported by highly regarded
proprietary market research and extensive local expertise. Through
its investment management business, the company is a leading
sponsor of real estate investment programs. For more
information, visit www.grubb-ellis.com.
SOURCE Grubb & Ellis Company