Monday, January 14, 2008
Taurus Investment sells
Las Vegas site for $13.7M
Boston
Business Journal - by
Michelle Hillman Journal staff
Taurus Investment Holdings LLC
sold a Las Vegas
development site to
The Merrill Group of Cos. LLC
for $13.7 million.
The three-acre parcel, known as the Sandhurst
site, is located in downtown Las Vegas
at 1003 Iron Horse Court
and was Boston-based Taurus Investments' first acquisition in
Las Vegas. Originally planned as a 400-unit high-rise residential project, the site could now be redeveloped, said Peter Merrigan, president and chief executive officer of Taurus.
"The residential market is very weak in (
Las Vegas
)" said Merrigan. "It was a very good piece of land that with a different plan could've been repositioned. We didn't want to build a high-rise condo in Vegas."
The Merrill Group of Cos., headquartered in
Los Angeles, is considering developing the site into a high-end assisted living facility allowing residents views of the strip.
Taurus purchased a third mortgage on the property in the spring of 2006 and eventually purchased the existing two loans once it was clear the developer would not pursue the project. The total value of the three loans was approximately $8 million.
CB Richard Ellis
brokered the sale of the property.
Michelle Hillman can be reached at mhillman@bizjournals.com.
Boston Business Journal
Copyright ©2008 American City Business Journals Inc. All rights reserved.
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