New York-based Gindi Capital acquired a 9.5-acre property on the Las Vegas Strip for $172 million from FX Luxury Las Vegas, an affiliate of Spectrum Group Management. Located adjacent to Gindi’s other holdings on the Strip, the property is located at 3743-3759 Las Vegas Blvd., and contains 700 feet of street frontage, doubling the company’s holdings on the high-profile street.

Gindi Capital is currently working with its development and design teams to unveil plans for a new flagship retail, entertainment and dining experience.

Gindi Capital’s Eli Gindi says, “I see the Vegas Strip as Time Square West, with an incredible amount of foot traffic at a fraction of the rent.”

JLL’s Michael Hirschfield and his team will oversee leasing at the new development.