A 23.53-acre property at the Las Vegas Beltway and Hacienda Avenue that sold for $30.2 million in 2007 and was later foreclosed upon has been sold for $4.4 million.
Lightstone Acquisitions, part of the Lightstone Group, a New York-based real estate investment company, acquired the property from City National Bank. It plans to hold the property as an investment, said Michael Stuart, a broker with Colliers International Las Vegas, who represented City National along with Scott Heaton.
Icon Real Estate Services of Las Vegas sold the property for $30.2 million to Newport Beach developer Dominic Magliarditi, who planned a mixed-use development when he bought it in November 2007, Stuart said.
The property is next to the Tropicana Beltway Center, a 600,000-square-foot regional shopping center.