In preparation for the launch of the Las Vegas Grand Prix in November, Liberty Media, the parent company of Formula One Group, acquired a 39-acre redevelopment site adjacent to the Las Vegas Strip. Liberty Media paid $240 million, equating to $6.15 million per acre.
The race is expected to light up the Strip with Formula One cars traveling up to 212 miles per hour, speeding past world-famous landmarks, casinos and hotels. The event will start and end at the site. The deal earned a 2023 CoStar Impact Award as judged by real estate professionals familiar with the market.
The seller was 3D Investments.
About the project: The race is viewed as a stimulus in bringing new diversified revenue from across the world to Las Vegas without focusing solely on gaming.
What the judges said: “Formula One racing is a game changer for Las Vegas and a bigger event than the Superbowl,” said Jeff Jacobs, president of Logic Commercial Real Estate.
They made it happen: Michael Mixer of Colliers in Las Vegas represented Liberty Media.
