Clark County Department of Aviation Vacant Land Auction – October 21-23, 2024

Clark County Department of Aviation has an upcoming vacant land auction comprised of ±93.51 acres divided into 12 sale units that will each be sold to the highest bidder during a public 48-hour online auction conducted by Commercial Real Estate Exchange, Inc. (CREXi).

The auction will start on Monday, October 21, 2024 at 9 a.m. PDT and will end on Wednesday, October 23, 2024 at approximately 9 a.m. PDT, depending on the bidding activity.

Anyone interested in placing a bid must register and submit a participation deposit by wire transfer. The amount of the bidder deposit ranges from $10,000.00 – $25,000.00 based on the particular sale unit. The registration period begins on Tuesday,  September 10, 2024 and ends on Tuesday, October 22, 2024. The minimum bid price for each sale unit has been established by appraisal in accordance with NRS requirements.

Information pertaining to the auction is posted online at www.harryreidairport.com/auction and contains the following:

  • Minimum bid price
  • Bidder registration instructions
  • Resolution of Intent to Sell Property at Public Auction form (Resolution) specifying the terms of the sale (is expected to be posted by Friday, September 20, 2024)
  • CREXi website link to access due diligence material and register to bid (is expected to be posted by Tuesday, September 10, 2024)

–   Due diligence material will include:

  • Purchase and Sale Agreement (contains escrow instructions)
  • Environmental Site Assessment Report (Phase I)
  • Appraisal Reports
  • Title Commitment

Please note the following key changes to the auction process from historic auctions:

  • Minimum bid price is established by the average of two appraisals instead of the highest of two appraisals in accordance with revisions to NRS 244.281 that became effective on October 1, 2019.
  • This will be an online only auction.
  • A non-refundable earnest money deposit of 20% of the successful bid is required to open escrow.
  • Successful bidders have 180 days to close escrow.
  • During the escrow period, successful bidders may submit development applications to apply for entitlements on the property.

For additional information, click HERE for the flyer or please visit our website at www.harryreidairport.com/auction

 

Clark County Department of Aviation

realestate@lasairport.com

(702) 261-4129

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