Real Estate Investors to Celebrate Las Vegas Centennial at Private Land Auction
Release Date: March 31, 2005
This May, as Las Vegas celebrates its Centennial, investors and developers will participate in a private land auction just as the Valley's pioneers did a century ago. Sperry Van Ness, one of the nation's largest commercial real estate investment brokerage firms, is hosting a private land auction on May 4 at 10 a.m. in the Cox Pavilion on the UNLV campus. In addition to more than 30 prime Las Vegas parcels on the block at this historic auction, there are large blocks of property for sale in the northeast quadrant of the state. This will be the largest private land auction in Nevada history.
The more than 30 Las Vegas parcels that are up for auction are zoned for both commercial and residential development and are offered at better-than-market terms. The private land auction provides a great opportunity for developers and investors to acquire a variety of highly sought Las Vegas properties and for owners and buyers to benefit from the power and value that has become synonymous with the competitive bid process.
Included with northern Nevada properties is one of the largest cattle ranches in the United States, the historic Winecup-Gamble Ranch. Formerly owned by actor Jimmy Stewart, this +/- 250,000-acre cattle ranch is accessible by both I-80 and US93, and is equipped with two landing strips and an on-site railroad spur. The grazing boundaries of the ranch extend over 1 million acres and the ranch has vast, replenishable water resources from its wells, surface drainage, and natural springs.
The other large block of northern Nevada property is located in and around West Wendover, Nev. West Wendover is a border town along I-80 just 100 miles west of Salt Lake City. West Wendover is a town poised for growth as it boasts weekend occupancy rates in its hotel-casino properties over 95 percent. Many of the more than 3,500 acres in West Wendover have highway frontage on either I-80 or US93. There are immediate opportunities for gaming, retail, industrial and residential development.
On May 15, 1905, a land auction held by the Las Vegas Land and Water Company gave birth to the city of Las Vegas. During the two-day auction, 110 acres of land were sold to land buyers who were betting on the future good fortune of the fledgling railroad townsite. One hundred years later, Las Vegas, the "Entertainment Capital of the World," has grown into a major U.S. city that boasts a pro-business climate and attracts approximately 5,000 new residents each month and 37 million annual visitors. Although it has drastically changed since its inception in 1905, one thing has remained the same: land in Las Vegas is a hot commodity.
While the Las Vegas Private Land Auction on May 4 will take place in a more sophisticated and organized setting than the outdoor covered-stage venue of the original 1905 auction, it will offer the same fundamental benefit: exposing prime Las Vegas properties to developers and investors.
"We have made sure that the minimum acceptable bids for the properties in our auction are better than what's available currently on the open market. Additionally, buyers will have up to 150 days in which to close escrow which is much better than the 30 to 60 day escrows that have become the recent norm in Las Vegas," said Jeff Pori, managing director of Sperry Van Ness/Transwestern Investment Realty.
Land auctions provide buyers with the following added benefits:
- Various properties sold in one setting
- Owners committed to selling properties
- Fair market value through competitive bidding
To register or request additional information, contact Jeff Pori, David Stubbs or Dean Jalili of Sperry Van Ness at 702-851-9000 or visit www.PrivateLandAuctions.com.
Founded in 1987, Sperry Van Ness has rapidly expanded in the past 2 years from a small firm in nine local markets to one of the nation's leading commercial real estate brokerage firms serving clients in more than 100 markets nationwide. Sperry Van Ness provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. To provide the highest value to its clients, Sperry Van Ness is the only national firm that implements a broker marketing plan in addition to its investor marketing plan for all listings. Guided by this principal of cooperation, Sperry Van Ness, based in Irvine, Calif., has advised clients on billions of dollars in multifamily, retail, industrial, office, hospitality and land transactions. For more information, please visit www.svn.com. Sperry Van Ness/Transwestern Investment Realty is located at 2801 N. Tenaya Way, Suite C, and can be reached at 702-851-9000.
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