Raiders buy more real estate near Allegiant Stadium

Las Vegas’ NFL team purchased an office and warehouse building across from Allegiant Stadium for about $10.6 million last month, property records indicate.

The Raiders previously leased the roughly 33,000-square-foot building, at 5525 Polaris Ave., under a decade-long rental agreement that brokerage firm Colliers International announced in 2020.

The team did not respond to a request for comment Monday.

All told, the purchase marks the latest real estate transaction for the Raiders, whose owner, Mark Davis, has assembled a big portfolio of properties in the Las Vegas Valley.

Football real estate

The Raiders purchased more than 60 acres of land near the Strip in 2017 for $77.5 million and built the 65,000-seat Allegiant Stadium, a $2 billion project backed by $750 million in public funds.

In 2018, the football team bought more than 55 acres of land from the city of Henderson for a little over $6 million, half the appraised value. It built a practice facility and headquarters complex that spans more than 300,000 square feet.

Before the Raiders played a game here, the team sold the Henderson compound in early 2020 for $191 million and leased it back.

The Raiders also purchased around 17 acres of real estate within a mile or so of Allegiant for roughly $28 million in a bulk deal in 2019, with plans for parking sites.

This past September, the team bought almost 3 acres just west of the stadium for more than $16 million. And then in December, the Raiders purchased three industrial buildings next to the team’s Henderson headquarters for more than $56 million.

That year-end purchase included a newly built training complex for the WNBA’s Las Vegas Aces, a team also owned by Davis.

Buying and selling

The sports boss has made moves in Southern Nevada’s luxury housing market, too.

Davis purchased land in The Summit Club, a wealthy Las Vegas enclave, for $8.5 million in 2017. Permits were pulled for a new custom house, but it was never built. Davis sold the plot for $10.5 million in 2020, records show.

He also purchased a single-story, 2,862-square-foot condo in The Summit Club for $5.3 million in 2021 — and then sold the place for $10.5 million in January.

Davis also bought a 6.3-acre site in Ascaya, a mountain-mansion community in Henderson, for $6 million in 2020 and is building a three-story, ultra-luxury house there.

The imposing, seemingly Raiders-colored mansion will have floor-to-ceiling windows and be heavy on symmetry, rising to a peak in the middle, where the top floor resembles the bridge of a ship, according to project plans filed with the city of Henderson.

Davis’ sports teams, meanwhile, had substantially different performance records this past season.

After a 26-10 regular season last year, the Aces won the WNBA championship in September, marking the first major-league professional sports title for a team from Las Vegas.

The Raiders, by comparison, went 6-11 last season. They lost four of their final five games and didn’t make the playoffs.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.