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11/25/24
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Four properties in the Fremont East District of downtown Las Vegas sold for a total of $8.45 mil. The properties are part of the Estate of Tony Hsieh, a late American internet entrepreneur, Zappos.com CEO, and venture capitalist. The four sold assets are part of the City of Las Vegas’ Vision 2045 – Downtown Las Vegas Masterplan.
Chris Lexis, Joe Leavitt, James Griffis, Jonathan Larsen, and Chandler Larson with Avison Young represented the Estate of Tony Hsieh. The buyers were private investors, each of whom is focused on improving the property they acquired, honoring Tony Hsieh’s contributions to downtown Las Vegas and furthering activity and development in downtown Las Vegas.
Following is information on the four sold properties:
• Former Andre's Restaurant - 401 S 6th, 403 S 6th – a vacant restaurant building on two separate parcels totaling .33 acres sold for $1.45 mil.
• Downtown Plaza - 616 E Carson Ave – a partially occupied, four-tenant 8.6k sf retail property situated on .25 acres sold for $3.9 mil. The new owner plans to upgrade the property, lease the vacant space and increase its visibility in the downtown Las Vegas market.
• 333 S 6th St – a 17.6k sf vacant office building situated on .48 acres sold for $2.1 mil. The buyer, a construction company, intends to remodel the asset and relocate its headquarters to this location.
• 217 S 6th St – a .24-acre parcel used as a parking lot was sold for $1 mil.
The Avison Young team has also been responsible for marketing an eight-property portion of the Hsieh portfolio with four properties currently on the market, which include:
• 7-Eleven - 228 N Las Vegas Blvd – a convenience store and gas station situated on .54 acres
• 515 and 521 Stewart Ave – three parcels with two freestanding automotive buildings totaling 5k sf on a total of .47 acres
• 208 N Las Vegas Blvd – parking lot situated on .62 acres
• 218 S 6th St, 224 S 6th St – a vacant lot situated on .41 acres on a site formerly occupied by the Beverly Palms Hotel
From 2009 until 2020, Tony Hsieh spearheaded a major redevelopment and revitalization project in downtown via DTP Companies (DTP).
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