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County approves $55M land purchase on south Strip

Updated October 19, 2021 - 7:51 pm

Clark County commissioners approved a deal Tuesday to buy property along the south Strip near McCarran International Airport for $55 million.

The transaction calls for the Department of Aviation to acquire around 17.3 acres of mostly vacant real estate along Las Vegas Boulevard between Four Seasons and Dewey drives, across from Mandalay Bay.

According to county documents, the sales process “was conducted in accordance” with federal requirements to be eligible for the Federal Aviation Administration to cover up to 75 percent of the purchase through a future grant.

The county commission approved the purchase as part of the hearing’s so-called consent agenda. Along with dozens of other items on that list that were approved in one bulk vote, commissioners gave the transaction the OK without any discussion on the deal.

Listing broker Michael Parks of CBRE Group told the Review-Journal that the sale is expected to close before the year ends.

Department of Aviation spokesman Joe Rajchel said Monday that ​​the purchase would help safety and security and “operational efficiencies” at McCarran, and that a plan for the site would be developed after the sale is finalized.

The seller, mortgage lender TPG Real Estate Finance Trust, acquired the site and 10 acres along the north Strip less than a year ago through a process that lets people transfer real estate ownership while avoiding foreclosure.

Parks said multiple groups showed interested in the south Strip property, and the eventual buyer provided a “high level of deal certainty.”

He also said the marketing process for TPG’s north Strip parcels would start next week. He said there is no formal asking price but pointed to the Las Vegas Convention and Visitors Authority’s recent approval to sell an adjacent 10-acre spread to a Chilean developer for $120 million.

Parks was also the listing broker for that site, which occupies part of the former Riviera’s footprint.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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