The purchase marks the latest real estate transaction for the Raiders, whose owner, Mark Davis, has assembled a big portfolio of properties in the valley.
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The Raiders bought a small property across from Allegiant Stadium for a big sum, picking up real estate previously eyed for a hotel.
Construction is underway for an In-N-Out Burger across from Allegiant Stadium, and it’s on land that rose quickly in value.
Diversified Partners founder Walt Brown Jr. sold a 1.8-acre parcel for $12.5 million, a few months after he bought it.
Nevada is one of several states that have allowed construction to continue during the coronavirus pandemic.
The area around the Raiders stadium may not be the best or easiest place to build a big project or open a retail business.
The $1.84 billion stadium project about a mile west of Las Vegas Boulevard, was dumb luck for nearby landlords. A few bought property right across from the stadium site as recently as 2015 — two years before the football team purchased its land — and others have owned parcels much longer.