144,330-SF Center Placed on Court-Ordered Auction Block

LAS VEGAS-A retail center here is being sold at a court-ordered auction at the end of the month. Located at the I-15 and US 95 Interchange, Levitz Plaza is a 144,330-sf retail center which includes a 102,395-sf retail/showroom and warehouse building occupied and leased long-term by Levitz Home Furnishings, Inc., a fully leased 37,260-sf strip center, a fully leased 4,765-sf pad building, three leased billboard sites and two cellular towers.

Tom Hunter of Sperry Van Ness/Interstate Auction Co., the company handling the sale, tells GlobeSt.com that the seller, Levitz Plaza LLC, is selling the property because the loan for the property is tied up with a loan for another property that forced the bankruptcy filing. The proceeds will be used to pay off ctreditors. According to the Nevada Secretary of State’s office, Levitz Plaza LLC is owned by Saxton Inc. of Las Vegas, which is in part controlled by James Saxton.

The minimum bid for the property is $13.5 million. Hunter declined to reveal the true value of the property, other than to say he expects it will sell for well more than the minimum bid price. Local brokers tell GlobeSt.com the property is worth between $15 million and $17 million and that the minimum bid price translates to a capitalization rate of around 14%.

John Johnson, national auctioneer for Sperry Van Ness/Interstate Auction Company in Atlanta, representing the seller, is responsible for the auction. The auction will be conducted in two phases. Phase I will consist of a sealed-bid auction with bids due to the Atlanta office of Sperry Van Ness/Interstate Auction Company by 5:00 p.m. EST on Oct. 30. Bidders submitting conforming written bids will be invited to a live auction that will be held on Nov. 6 at 10:00 a.m. PST, at the Golden Nugget Hotel and Casino here.