The estate of Tony Hsieh has sold off part of the Fremont Street East entertainment district for $14.6 million.
The property, sold to an “all-cash buyer,” included six venues at the entrance to Fremont East.
The parcel included Inspire Nightclub & Bar, Corduroy, The Griffin, Downtown Cocktail Room, Smashed Pig (closed) and Flippin’ Good.
The sale covered these addresses: 107-111 S. Las Vegas Blvd. and 505-515 E. Fremont Street.
If you’re unfamiliar with Fremont East, we did a walk-through awhile back. Pre-Evel Pie, Pre-Discopussy, Pre-We All Scream, Pre-Cheap Shot.
So, who was the buyer?
We learned of the sale via an e-mail from “The Investment Services Group (ISG) of Logic Commercial Real Estate.”
After some digging, a source shared that the buyer is Brandan Keating, Chairman of (wait for it) Logic Commercial Real Estate.
We are not a real estate expert, but it appears the owner of the real estate company that listed the property (and presumably set the price) purchased it. Our source says the property “never went to market.”
Conclusion: Nothing to see here!
ISG/Logic says in its self-congratulatory e-mail, “ISG and the Estate of Tony Hsieh were able to work closely together to identify a buyer who has a strong commitment to keeping Tony Hsieh’s vision and dream alive for the revitalization and growth of Downtown Las Vegas.”
This is truly weird if the real estate company sharing this news is talking about selling something to itself.
We don’t know Brandan Keating, but we’ll go out on a limb and say his primary concern probably isn’t to keep Tony Hsieh’s vision and dream alive.
We get more of a “buy low, sell high” vibe from Keating, and there’s no better way to buy low than to not give anyone else the opportunity to bid, should that turn out to have been the scenario.
Tony Hsieh’s vision is slowly being dismantled downtown. Since the visionary’s passing in 2020, his family has said they’ll sell about 100 properties throughout downtown. Buyers haven’t been lining up, so the estate has started carving up the larger chunks of real estate into smaller pieces.
Tony Hsieh’s deep pockets often bolstered the viability of businesses on Fremont Street, including subsidizing rents. Without Hsieh’s help, some have floundered.
We would not be surprised if there were more changes to come in this stretch of Fremont East following a change in landlords.