Chunk of Las Vegas Strip sold for $172M

People walk on the Strip past the Hawaiian Marketplace Tuesday, May 22, 2018. A 16-acre piece of property that includes the Hawaiian Marketplace is for sale. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip through the Hawaiian Marketplace Tuesday, May 22, 2018. A 16-acre piece of property that includes the Hawaiian Marketplace is for sale. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that includes the Hawaiian Marketplace that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People take an escalator on the Strip near Harmon Avenue past a 16-acre piece of property that includes the Hawaiian Marketplace that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that includes the Hawaiian Marketplace that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that includes the Hawaiian Marketplace that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
People walk on the Strip near Harmon Avenue past a 16-acre piece of property that includes the Hawaiian Marketplace that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto

People walk on the Strip near Harmon Avenue past a 16-acre piece of property that includes the Hawaiian Marketplace that is for sale Tuesday, May 22, 2018. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
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A chunk of the Strip has sold for a big price and is slated for new retail offerings.

New York investment firm Gindi Capital announced Friday it bought 9.5 acres of real estate along Las Vegas Boulevard for $172 million, or about $18 million an acre.

The holdings include the Hawaiian Marketplace retail plaza and the low-slung Cable Center Shops next door.

Gindi is “working with its development and design teams to unveil plans for a new flagship retail, entertainment and dining experience,” the announcement said.

It did not elaborate and a representative for Gindi said the company is not doing interviews at this time.

Gindi, co-owner of the nearby Showcase Mall, bought the buildings from New York investment firm Spectrum Group Management.

Michael Parks of CBRE Group, a former listing broker for the site, said he expects Gindi to tear down the buildings and develop a new project, and that this section of Las Vegas Boulevard, between Harmon and Tropicana avenues, has “a massive number of people walking” around.

He also said the purchase shows the best use for land on the casino-choked Strip nowadays isn’t always a hotel.

If someone bought nearly 10 acres on Las Vegas Boulevard 20 years ago, it was a safe bet the buyer would build a casino-resort, Parks agreed.

“Times have changed, for sure,” he said.

Gindi’s purchase comprises more than half of the property Spectrum put on the market last year for $800 million.

Years ago, a multibillion-dollar Elvis-themed resort reportedly was planned for the site. Spectrum acquired the property out of bankruptcy in 2010, after the economy crashed.

This is a developing story. Check back for updates.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

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