Tourism Corridor Redevelopment Opportunity Commercialsun Real Estate, Inc
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Tourism Corridor Redevelopment Opportunity CommercialSun Real Estate, Inc. RAIDERS STADIUM MANDALAY BAY LUXOR EXCALIBUR HOTEL BALI HAI GOLF CLUB NEW YORK NEW YORK TROPICANA LAS VEGAS MONTE CARLO Las Vegas Blvd. MGM MGM GRAND GARDEN ARENA ATLANTIC AVIATION (PRIVATE HANGARS) MGM CONVENTION CENTER/ MARQUEE BALLROOM DECKOW LANE TOP GOLF SUBJECT PROPERTY TROPICANA AVENUE See Master Plan Map BLUEGREEN VACATIONS CLUB 36 (TIMESHARE) TOMPKINS AVENUE Hospitality/Multifamily | 4735 & 4755 Deckow Lane | Las Vegas, Nevada 89169 CONTACT TEAM Redevelopment Opportunity Cathy Jones, CPA, SIOR, CCIM Roy Fritz CEO Senior Vice President P (702) 968-7320 P (702) 968-7322 [email protected] [email protected] Jessica Cegavske Jennifer Lehr Vice President Senior Associate P (702) 968-7321 P (702) 968-7329 [email protected] [email protected] Prepared by Sun Commercial Real Estate, Inc.: 6140 Brent Thurman Way, Suite 140, Las Vegas, Nevada 89148 702 | 968 | 7300 Ph • 702 | 968 | 7301 Fax www.SunCommercialRE.com The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness. CONFIDENTIALITY & DISCLOSURE Redevelopment Opportunity SUN COMMERCIAL REAL ESTATE, INC. (the “Broker”) has been authorized by the Seller of the Property (the “Seller”) to prepare and distribute the enclosed information (the “Material”) for the purpose of soliciting offers to purchase from interested parties. More detailed financial, title and tenant lease information may be made available upon request following the mutual execution of a letter of intent or contract to purchase between the Seller and a prospective purchaser. You are invited to review this opportunity and make an offer to purchase based upon your analysis. If your offer results in the Seller choosing to open negotiations with you, you will be asked to provide financial references. The eventual purchaser will be chosen based upon an assessment of price, terms, ability to close the transaction and such other matters as the Seller deems appropriate. The Material is intended solely for the purpose of soliciting expressions of interest from qualified investors for the acquisition of the Property. The Material is not to be copied and/or used for any other purpose or made available to any other person without the express written consent of Broker or Seller. The Material does not purport to be all-inclusive or to contain all of the information that a prospective buyer may require. The information contained in the Material has been obtained from the Seller and other sources and has not been verified by the Seller or its affiliates. The pro forma is delivered only as an accommodation and neither the Seller, Broker, nor any of their respective affiliates, agents, representatives, employees, parents, subsidiaries, members, managers, partners, shareholders, directors, or officers, makes any representation or warranty regarding such pro forma. Purchaser must make its own investigation of the Property and any existing or available financing, and must independently confirm the accuracy of the projections contained in the pro forma. Seller reserves the right, for any reason, to withdraw the Property from the market. Seller has no obligation, express or implied, to accept any offer. Further, Seller has no obligation to sell the Property unless and until the Seller executes and delivers a signed agreement of purchase and sale on terms acceptable to the Seller, in its sole discretion. By submitting an offer, a purchaser will be deemed to have acknowledged the foregoing and agreed to release Seller and Broker from any liability with respect thereto. Property walk-throughs are to be conducted by appointment only. Access is limited and secured. Contact Broker for additional information. Cathy Jones CEO [email protected] The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness. TABLE OF CONTENTS Redevelopment Opportunity Property Highlights Section 1 Property Summary & Investment Highlights Property Matrix Aerial Map - Looking Northwest Aerial Map - Looking West Aerial Map - Looking East (North of site) Aerial Map - Looking Southeast (North of site) Property Photos Parcel/Aerial Map Area Overview Section 2 Property walk-throughs are to be conducted by appointment only. DO NOT DISTURB OPERATOR. Contact Broker for additional information. PROPERTY SUMMARY & INVESTMENT HIGHLIGHTS Redevelopment Opportunity INVESTMENT HIGHLIGHTS • LOCATION, LOCATION, LOCATION – Next to 42-acre UNLV Expansion Site - Plans in progress at https://www.unlv.edu/sites/default/ files/page_files/27/PlanCon-MarylandCampusMasterPlan-2015.pdf. • Steps Away from over 13,000 hotels rooms (Including MGM Grand, Excalibur, Tropicana, New York-New York and Hooters Casinos) AND Recently Opened TopGolf. • JUST NORTH of McCarran International Airport (recent $2.4BB expansion assisted in ushering RECORD 42M Visitors in 2015) • NEARBY over 18,000 seat Thomas & Mack Center AND UNLV Campus • MULTIPLE TIME SHARE Units and Assemblages for Speculative Development nearby • EXTENDED STAY LIVING existing use OFFSETS HOLDING COSTS with approximately $237,000 in annual net operating income • ASKING PRICE: $5,000,000 ($96,153.84/DOOR) PROPERTY SUMMARY Located in the heart of the Tourism Corridor (± 150,000 hotel rooms), this opportunity is the perfect fit for someone taking advantage of the Las Vegas hospitality and tourism resurgence. Across from both the MGM Grand Hotel & Casino, McCarran International Airport and steps away from the world famous Las Vegas Strip, the surrounding parcels and uses are currently being redeveloped and can be assembled to make a greater density. Currently the property exists as an operating extended stay living property which offsets potential holding costs with interim income prior to re-development. The opportunity exists for a developer to hold or immediately take advantage of the uptick in tourism while offsetting costs with income in-place. The Property consists of a 52 room extended stay property situated on ±0.84 Acres of Prime Redevelopment Land. The property was built in phases during 1984 and 1985, it is three stories tall, and features exterior corridor walk-ways. The property offers its guests 55 parking spaces (of which 15 are covered). The property is currently utilized as an extended stay living apartment complex however the location of this asset offers investors a potential redevelopment opportunity. The above information has been obtained from sources we believe to be reliable, however we do not take responsibility for its correctness. PROPERTY SUMMARY & INVESTMENT HIGHLIGHTS Redevelopment Opportunity THE IMMEDIATE NEIGHBORHOOD The proposed 42-acre redevelopment site just east of the property is poised to continue UNLV’s expansion to the west. Though most recently, the site was one of the proposed professional and UNLV stadium options of up to $1.9BB in redevelopment costs, the 42-acre site makes for an exciting expansion area to connect some or ALL of the University’s sport, recreational and educational uses. The 42 acre site sold in late December 2015 to the University Board of Regents/UNLV at a cost of $50,000,000 (+/-$1.19M per acre) in an effort to attract local developers and professional football teams to the immediate area. The site’s varying proposed uses allow UNLV to further attract a wider audience to events, increase its student body and make the campus more centralized in function. To the east of this site, are further redevelopment areas owned by Clark County and poised for expansion to the neighboring Thomas and Mack Center (home to the NCAA Basketball programs, and several other city-wide events with capacity of over 18,000). Recent expansions and renovations of the Thomas & Mack Center totaling $30M with an expected completion of 2016, will further enhance the already popular event center that recently hosted NBA Summer League (for several years), concerts, nationally televised award shows, National Finals Rodeo and the 2016 Presidential Debate. To the west of the site and adjacent redevelopment uses is the MGM Grand Arena. Seating over 16,800, this center connects directly to the convention center of over 380,000 square feet and the over 5,000 hotel rooms and +/-171,500 square foot casino floor and variety of dining, nightlife and entertainment options at MGM Grand Las Vegas. To the immediate north of MGM, TopGolf recently built the $50M entertainment venue with a variety of golf and sports related nightlife and dining options. Further west, closer to the strip, but yet “walkable” are the Tropicana (1,467 rooms, Southeast corner of Tropicana; Las Vegas Blvd) and Hooters Casino Hotel (696 rooms, just east of Tropicana), Excalibur Hotel and Casino (3,981 rooms, Southwest corner of Tropicana; Las Vegas Blvd) and New York-New York Hotel & Casino ( 2,024 rooms, Northwest Tropicana; Las Vegas Blvd). To the south of the redevelopment areas, is the McCarran International Airport, which played a large role in bringing a record number of 42 million visitors to the Las Vegas area in 2015; expected for continued growth. With a large variety of airlines, both domestic and international, the Airport continues to increase non-stop and new airlines to the market. The most recent expansion of Terminal 3, in 2012 cost of $2.4B and was one of the largest public works projects in Nevada. An additional $51M is expected in post expansion upgrades.