LAS VEGAS, NV (April 27, 2012) – Grubb & Ellis, which recently became a part of BGC Partners, Inc. and has joined with Newmark Knight Frank to create the real estate industry's newest full-service powerhouse, today announced that it has been selected to exclusively market the sale of Manhattan West (top left photo), a partially complete, mixed-use project located at 9255 W. Russell Road.
The 19.22-acre property comprises 425,291 square feet of multifamily, office and retail space, including nine contiguous acres for future development.
The team of Douglas Schuster (top right photo), senior vice president, Curt Allsop (middle left photo) and Ben Millis, (lower right photo) senior associates, and Vittal Ram, associate, was awarded the listing from the development’s lender, Scott Financial Corporation (“SFC”) in conjunction with Gemstone Development West.
The Eighth Judicial District Court in Clark County, Nevada, recently ruled that SFC’s mezzanine deeds of trust in the amount of $38 million were in first priority with respect to the mechanic’s lienholders.[1]
“Like so many other speculative developments over the past several years, Manhattan West suffered during the economic downturn and unfortunately couldn’t be delivered by the original developer,” Schuster said. “However, the location of the property and the work completed to date make this a highly desirable investment opportunity.”
Manhattan West is located seven miles from the Las Vegas Strip at Russell Road and I-215. Construction on the property began in 2005, with original plans for more than 700 multifamily units and approximately 200,000 square feet of office and retail space.
Existing on the site are two four-story Class A office and retail buildings totaling 190,887 square feet in grey shell condition with underground parking for 451 cars; two four-story Class A multifamily buildings with 160 nearly complete residential units and underground parking for 216 cars; and a nine-story, Class A residential tower with 76 partially complete residential units and underground parking for 77 cars.
The asking price is $25 million, with an offer deadline of May 2, 2012. Contact Schuster, Allsop, Millis or Ram at 702.733.7500 for more information.
Contact:
Monica Sparreo
312.698.6709
1 comment:
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