Seller Ralph Engelstad, a Las Vegas casino owner, has been searching for a buyer since the mid-1990s. The auction, delayed a week, will still be held at the Hilton in Midland.
JDavR, a Las Vegas real estate agency, and Robert Deiro & Associates are handling the auction for Engelstad, whose class A and B plus buildings have felt the pain of oil company mergers and consolidations that undermined occupancies. But, GlobeSt.com was previously told, the sale is mortared in Engelstad's retirement plan and declining health. For previous story, click here
At one time, Engelstad was seeking $35 per sf, but his last marketing effort put out a price of nearly $15 per sf. In the past year, he did sell of six in his Midland portfolio to the developer of the 160-acre ClayDesta Plaza, a business park that's home to two of the four structures now up for sale.
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