Avison Young announces sales of four commercial properties in downtown Las Vegas totaling $8.45 million; assets are part of the Estate of Tony Hsieh

Avison Young Principals Chris Lexis, Joe Leavitt, James Griffis, Jonathan Larsen, and Chandler Larson 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 million.
• Downtown Plaza - 616 E Carson Ave – a partially occupied, four-tenant 8,586-sf retail property situated on .25 acres sold for $3.9 million. 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 17,552-sf vacant office building situated on .48 acres sold for $2.1 million. 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 million.

The Avison Young team has 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 4,976 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).

“We are pleased that these four properties within the portfolio have sold and believe that this is another positive step forward in the work that has been done to date by DTP and support Tony Hsieh’s vision of stimulating development in downtown Las Vegas,” said Lexis.