As an established land brokerage group in Las Vegas, we have an active role in the land supply chain servicing landowners and developers that need land for their projects. This week, Bill Lenhart, Founding Partner and Manager of Sunbelt’s Development Services Division brokered a large tract of land located on Las Vegas Blvd at the (new) I-15 & Starr Avenue Interchange. The purchaser was a private developer, and the seller was an Institutional Private Equity Group that develops land and provides capital to both Public & Private developers nationwide.
The subject property is a high-demand development site due to its location at the gateway to the Las Vegas Blvd. resort corridor, Inspirada, and the greater West Henderson submarket. While both the purchaser and seller were clients of Sunbelt, the two parties did not have any existing business relationship prior to this transaction—Sunbelt played a pivotal role in connecting the two parties. Making these critical purchaser-seller connections is what we do here at Sunbelt, as we’ve created a hub for land buyers and sellers that operates as its own marketplace. Within this marketplace, buyers gain access to an extensive and diverse inventory of the area’s best land for sale, whether it’s being actively marketed or not, while purchasers receive maximum exposure and access to developers who are seeking land like theirs. Our in-depth knowledge of our clients’ inventory and land needs allows us to make strategic purchaser-seller connections— by pairing up well-suited buyers and sellers, we foster relationships that lead to deals like the one we’re discussing today.
While it would be inappropriate to disclose the purchaser’s development plans, below are some of the shareable deal points.
What are the property details?
The piece of Las Vegas land our team brokered is located at Las Vegas Boulevard and Starr. It sold for a final price of $44,199,000 and was purchased with cash, without financing. In all, the land totals approximately 63.15 acres. It is located on the corner of the new I-15 & Starr Interchange and has highly desired frontage on Las Vegas Blvd.
Who was involved in the sale?
ForeStar, a land development company with operations in 50 markets across 20 states, sold the land. The property was purchased by a Nevada-based private developer—and Bill Lenhart, the Founder and Managing Partner at Sunbelt Development and Realty Partners LLC, brokered the deal. With over 30 years of experience in commercial real estate brokerage specializing in land, Lenhart leads the Developer Services Division here at Sunbelt and has brokered over one billion dollars in transactions in southern Nevada over the past 30+ years in addition to being the Managing Partner of a privately held land investment portfolio with over $40MM of invested equity. Over the previous three decades Lenhart and his team of dedicated experts have fostered hundreds of business relationships with developers and landowners, as well as Institutional and traditional investors.
How did the sale happen?
The property was “Off-Market” at the time the parties entered into the transaction, but known to be available to a handful of specialists uniquely qualified for a transaction of this scope. In a period of just weeks, Lenhart presented the landowner with several offers from multiple unrelated purchasers prior to the landowner selecting the final successful buyer.
_________________
Wondering how Sunbelt can help you invest in land or purchase the perfect property for lucrative development? Learn more about our developer services here. Or, head to our investors page for more information on strategic acquisitions and our unique value-add strategies.