Las Vegas Sun

November 18, 2018

Currently: 48° — Complete forecast

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

A 16-acre parcel of land for sale on the Las Vegas Strip could fetch more than $34 million an acre — or in excess of $540 million, according to commercial real estate investment firm CBRE.

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

The area includes the Hawaiian Marketplace retail center and the shuttered Harley Davidson Cafe. It features 1,100 feet of Strip frontage across from CityCenter, just south of the Planet Hollywood.

“This parcel is truly prime Las Vegas real estate, surrounded by iconic Las Vegas brands in an area that is quickly becoming the Times Square of the Strip because of its bright lights, digital advertising and increasing pedestrian counts,” said CBRE Senior Vice President Michael Parks, one of two executives leading the sale.

The property could be used for a hotel, condominiums, retail or entertainment, Parks said.

“The potential of this land is remarkable,” he said. “As visitation to Las Vegas remains strong, fueled in part by the arrival of professional sports teams like NHL’s Vegas Golden Knights and the NFL’s Raiders coming in 2020, this is an ideal time for the right buyer to execute on a big plan.”

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