Gindi Capital Pays $172 Million for Property on Las Vegas Strip
JLL to oversee leasing of development on 9.5-acre parcel
LAS VEGAS, NEV., June 01, 2019 – Gindi Capital, a privately held investment company specializing in commercial real estate, announced that it has acquired a 9.5-acre property on the Las Vegas Strip for $172 million from FX Luxury Las Vegas I, an affiliate of Spectrum Group Management. Located adjacent to Gindi’s other holdings on the Strip, the property is located at 3743-3759 Las Vegas Boulevard in Las Vegas, Nevada and contains 700 feet of street frontage, doubling the company’s holdings on the high-profile street.
Gindi Capital is currently working with its development and design teams to unveil plans for a new flagship retail, entertainment and dining experience.
“I see the Vegas strip as Time Square West, with an incredible amount of foot traffic at a fraction of the rent,” said Eli Gindi, Principal of Gindi Capital. “At the opening of his store on the strip, Jay Schottenstein, CEO of American Eagle Outfitters (NYSE: AEO) commented that this is the best retail street in the America.”
JLL’s Vice Chairman of Retail Advisory Services Michael Hirschfield and his team will oversee leasing at the new development.
About Gindi Capital
Gindi Capital is a privately held real estate investment and development company lead by principles Eli Gindi and Jeffrey Gindi. Upon its founding in the late 1990’s, Gindi Capital has been involved in many commercial real estate projects in markets such as New York, Miami, and Las Vegas. Notably, Gindi has led the repositioning of The Showcase Mall and its neighboring sites adding significant value to the Las Vegas strip.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.