16 acres on Las Vegas Strip expected to bring over $540 million

Tuesday, Might 22, 2018|1:09 p.m.

. A 16-acre parcel for sale on the Las Vegas Strip could fetch more than $34 million an acre– or in excess of $540 million, according to business realty financial investment firm CBRE.

Owner NPB Luxury LLC retained CBRE and its Las Vegas-based Global Gaming Group to lead the sale of the home that extends from the southeast corner of Harmon Opportunity south to the Walgreens pharmacy at 3765 Las Vegas Boulevard South.

The location includes the Hawaiian Market retail center and the shuttered Harley Davidson Cafe. It features 1,100 feet of Strip frontage throughout from CityCenter, just south of the World Hollywood.

“This parcel is truly prime Las Vegas real estate, surrounded by iconic Las Vegas brand names in a location that is quickly becoming the Times Square of the Strip because of its brilliant lights, digital marketing and increasing pedestrian counts,” stated CBRE Senior Vice President Michael Parks, one of two executives leading the sale.

The property might be utilized for a hotel, condos, retail or home entertainment, Parks stated.

“The potential of this land is amazing,” he stated. “As visitation to Las Vegas stays strong, sustained in part by the arrival of professional sports teams like NHL’s Vegas Golden Knights and the NFL’s Raiders can be found in 2020, this is a perfect time for the best buyer to execute on a huge plan.”

Early last year, NPB Luxury sold a nearby 1.76-acre parcel for $34 million an acre, and Parks said he expects this sale will go beyond that price. “I think we’re going to set records for values spent for land on the Las Vegas Strip,” he stated.

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