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For Sale: Project CityCenter Adjacent Strip Mall

By Chuckmonster on Sunday, 26th June 2005 12:04pm
  » filed under Las Vegas  comments: 0


Twenty million per acre. The phrase has a certain ring to it. Wall Street analysts, real estate pundits and even a casino chief have publicly stated several times that land on the Strip had sold for that much -- all without evidence to back it up. That is, until a real estate investment and development company called Metroflag bought up a strip mall and 4.5 acres of land for $91 million in January.

Metroflag -- a partnership of Las Vegas developer Brett Torino and New York investors Flag Luxury Property and Leviev Voymel Green -- ended up paying about $20.3 million an acre. That was one of the most expensive land deals on the Strip.

"Property with Strip frontage is extremely valuable," said Rita Brandin, vice president of retail development and asset management for Metroflag. "The company believes that locations like this will continue to increase in value." Brandin said there are no specific plans to redevelop the site, which is just south of Metroflag's Hawaiian Marketplace retail mall.

Metroflag isn't a company that flips property for a profit, Brandin said. The company instead looks for sites with long-term leases and "great tenants." The company bought the land two months after MGM Mirage announced plans to build its $4.7 billion Project CityCenter -- the most expensive privately funded development to date featuring multiple hotels and residential towers -- across the street from the site at the Boardwalk hotel and casino.

In May, Metroflag purchased nearly 2 acres of land just south of the retail plaza for $11.1 million -- or about $6.1 million per acre. The Smith and Wollensky steakhouse leases a building on that site.

[ We told you so? - Ed ]



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