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Land Resources / News / Nevada
1340 Acre Land Auction Expects to Fetch $50M Plus
Source: GlobeSt.com, by Natalie Dolce
Grubb & Ellis Co. has been engaged by a group of five banks to promote the auction of 1,340 acres of undeveloped land known as Park Highlands in North Las Vegas. Together, the banks hold a 48% interest in the $178.9 million defaulted loan on the property, which is being sold under Bankruptcy Section 363. November 09, 2011 With no initial bids permitted, the live absolute auction will be held Dec. 12. The land sale is expected to be one of the largest in Nevada since the property was first sold in 2005, according to Grubb & Ellis, which tells GlobeSt.com that the land is expected to fetch in excess of $50 million.
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