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Formula One owner closes $240M land buy near Strip

Formula One’s parent company has completed its purchase of a land tract near the Strip ahead of its high-speed race in Las Vegas next year.

F1 owner Liberty Media Corp. closed its $240 million acquisition of nearly 40 acres at the northeast corner of Harmon Avenue and Koval Lane from real estate firm 3D Investments, said Dan Appello, 3D’s director of acquisitions.

He also confirmed that 3D sold an adjacent 996-unit apartment complex, previously called Harbor Island, for $126 million to Southern California landlord Laguna Point Properties, which announced its purchase Wednesday.

Neither sale appeared in Clark County’s online database of recorded real estate transactions as of Wednesday morning, though Appello said both deals closed Tuesday.

All told, 3D sold off roughly 60 acres just east of the Strip for $366 million combined — after acquiring the spread in 2019 for $130 million.

Greg Maffei, president and CEO of Liberty Media, said in an earnings call last month that Liberty was buying 39 acres east of the Strip in part “to lock in circuit design” and that he expected the sale to close this quarter.

During the call, company officials did not say why they opted to purchase the site as opposed to leasing it ahead of next year’s race, nor did they provide any long-term plans for the property.

Courtnee Chun, chief portfolio officer at Liberty Media, told the Review-Journal at the time that the company was acquiring the site in part to “create capacity” for hospitality and race-support venues.

Chun confirmed in an email Wednesday that Liberty Media closed on the land purchase.

“We are still reviewing design options and can’t comment on development plans at this time,” she added.

Real estate brokerage Colliers International announced earlier Wednesday that the sale had closed and that Mike Mixer, chairman of Colliers’ Las Vegas office, represented Liberty Media in the deal.

Formula One announced in March that it plans to hold a 50-lap Grand Prix in Las Vegas in November 2023. The 14-turn track will run for 3.8 miles, with top speeds expected to reach around 212 mph, the racing league said.

The race is expected to start on the newly acquired property at Harmon and Koval, according to a map of the route that F1 previously released.

Meanwhile, Laguna Point said in a release that its new apartment complex, now called The Harmon at 370, has been operated as weekly rentals since it was built in 1989.

The firm indicated plans to turn it into a “conventional” rental complex and said it would “immediately” start a multimillion-dollar renovation program spanning unit interiors, building exteriors and common areas.

“There is a lack of quality workforce housing near resorts and entertainment venues, and we intend to renovate the property to a very attractive level,” Greg Campbell, a managing principal with Laguna Point, said in the release.

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

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