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.
SOURCE Colliers International