Cushman & Wakefield announced today that Rick Reeder, Executive Managing Director and Brad Tecca, Managing Director of the firm’s Capital Markets group in San Diego have successfully closed four office investment sale transactions in the Las Vegas metro market since May 2016 with a total asset value of almost $90 million. Mr. Reeder and Mr. Tecca, who both focus primarily on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego, and Phoenix markets, were assisted with local market intelligence by Cushman & Wakefield Commerce experts Geoffrey West, Senior Director, Jayne Cayton, Senior Director and Michael Dunn, Market Leader of Cushman & Wakefield Commerce’s Las Vegas office.
“Las Vegas is considered one of the most exciting investment markets in the country,” said Mr. Reeder. “Expansion in the region’s diverse economy, which is characterized by employment growth and robust tourism and gaming industries, as well as distinguished corporations, has spurred significant population growth and job gains, particularly in the hospitality and retail sectors. This growth has driven increased demand for office space and triggered a rise in leasing and construction activity.”
The four investment sales closed by the group since May of 2016 consist of high-quality, multi-tenant office buildings. Three of the four dispositions involved properties carved out from a large property portfolio owned by American Nevada Company, while the remaining property was sold by Marnell Properties. Cushman & Wakefield represented the seller(s) in these transactions:
In August, the group sold a 113,163 square foot, four-story Class A multi-tenant office building at 2360 Corporate Circle in the city of Henderson, a suburb of Las Vegas. A large San Francisco based firm purchased the high-image, LEED certified building from American Nevada Company. Referred to as Corporate Center VI, the building was developed in 2008 and is situated within the larger Green Valley Corporate Center North project. Corporate Center VI features a unique design with structural concrete and granite accent finishes, a towering design at the building’s main entry, abundant surface and garage parking, and an expansive, darkly tinted glass line. The building was nearly 80 percent leased, largely by professional services firms, at the time of sale.
In late July, the group sold the Marnell Corporate Center V, a 110,938 square foot, five- story Class A multi-tenant office building located at 6720 Via Austi in the heart of the Las Vegas airport area to a large pension fund advisor. A development of Marnell Companies was offered for sale for the first time since being developed in 2007 and features an innovative design within a cutting edge Class A office environment, impressive two-story pass-through lobby, a freestanding dedicated covered parking structure, and expansive views of Las Vegas. Marnell Corporate Center 5 was 95 percent leased to a diversified tenant roster at the time of sale.
In mid-July, the group also sold two single-story multi-tenant office buildings totaling 113,565 square feet positioned at 2470 & 2490 Paseo Verde Parkway in Henderson. A Denver based investor acquired the assets from American Nevada Company. Developed in 2003, the buildings comprise a portion of the larger Green Valley Corporate Center South project. The buildings feature tinted glass, great parking, attractive common area finished and tenant improvements, and were more than 77 percent leased at the time of sale to a diverse collection of tenants.
In mid-May, the group sold the entire Aliante Corporate Center project in North Las Vegas for $6.1 million. Located at 2590 and 2550 Nature Park Drive, the Aliante Corporate Center consists of two beautifully designed, two- story office buildings each comprising 27,821 square feet for a total of 55,642 square feet. Incorporating dramatic design elements, each building also features a contemporary lobby with impeccable finishes such as marble flooring, stone accents, and large windows providing abundant natural light. The property was more than 67 percent leased at the time of sale to five tenants. The excess land on the 6.16 acre property also invites further potential development.
Additionally, the group is currently marketing for sale the Fort Apache Corporate Center on behalf of a large west coast based investment firm. Developed in 2001, the center is composed of two high-quality, multi-tenant office buildings located at 4670 and 4730 S. Fort Apache Road totaling 110,798 square feet and situated on a 6.6 acre site between two of Las Vegas’ largest and most desirable master-planned residential communities—Summerlin and Green Valley. The low rise office buildings feature classic designs, well-appointed interiors, efficient floor configurations, and abundant surface parking and reside in an optimal location in Southwest Las Vegas along Interstate 215, just 15 minutes from McCarran International Airport and the world-famous Las Vegas strip. The project is more than 86 percent leased.
Mr. Tecca said, “This opportunity is particularly advantageous in the Las Vegas metropolitan area where both the market and economy continue to thrive.”