Sierra Vista Drive

This 5-acre property was jointly owned by CalPERS (California Public Employees’ Retirement System) and one of Mr. Choo mortgage investment funds, CMR Commercial Mortgage Fund, LLC.TheLas Vegas Convention and Visitors Authority (LVCVA) notified the group that they were going to acquire the property through eminent domain at a $7 Million valuation (appraised by their in-house counsel). As this was a case of eminent domain, CMR and CalPERS were not able to refuse to sell, but Mr. Choo recognized that the $7 Million appraisal was grossly underestimating the fair market value of the subject land. He obtained another appraisal for $15 Million that properly assessed that the site was not just land but should have been assessed as convention center expansion land. LVCVA agreed that this was a fair and proper assessment and purchased the land for $15 Million in 2012 and has since expanded the Las Vegas Convention Center.

HMV Land Assembly is a family office investment and development firm that owns significant real estate assets in Nevada, Idaho, and California, and is focused on the ground-up development of various Class-A property types.

© 2022. All Right Reserved. HMV Website.

HMV Land Assembly is a family office investment and development firm that owns significant real estate assets in Nevada, Idaho, and California, and is focused on the ground-up development of various Class-A property types.

© 2022. All Right Reserved. HMV Website.