MIDLAND, TX-A Las Vegas auction house has bumped the event date to Nov. 20 for a portfolio of four office buildings in Midland, a 603,608-sf offering out of the city’s seven million sf.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.