Properties Carved from Massive, High Class American Nevada CRE Portfolio – One of the Buyers Making First Entry into Las Vegas Metro Market
Cushman & Wakefield announced today the sales of three high quality office buildings totaling 172,469 square feet (sf) that comprise the Green Valley Corporate Center—North complex in Henderson, Nevada, a suburb of Las Vegas. The assets, which consisted of Plaza 8, 9 and 10, transpired over two separate investment transactions for a combined price of $37.05 million.
The properties are part of a larger, massive high class regional real estate portfolio currently in the process of being sold by American Nevada Company, which was represented in the disposition by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego who both primarily focus on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego, and Phoenix markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn based in Las Vegas are also performing local expert advisory in the disposition(s).
Mr. Reeder, Executive Managing Director, said, “Green Valley Corporate Center—North represents premier stable assets that are well leased to credit tenants and desirably located within the Las Vegas Metro area, internationally recognized as one of the most exciting tourist destinations in the world. The Metro is coextensive with Clark County, the heartbeat of Southern Nevada, which encompasses nearly 8,000 square miles, five cities and a growing population.”
Sold as a single asset of 54,365 sf, Plaza 8 was acquired by real estate investment firm JMA Ventures for a price of $13.15 million or $242 per square foot. Situated on 3.68 acres, Plaza 8 is a classically-designed, two-story office building that was 100% leased at the time of sale with tenants including Atkins, Barrick Gold and Signature Gallery of Homes. Developed in 2002, the building’s high-quality construction is highlighted by a dramatic entry flanked with soaring palm trees, reflective glass providing abundant natural light, an inviting lobby with polished granite accents, large and flexible floor plates and modern interior finishes. Extensive window lines also provide tenants with views of the surrounding area and the attractive, tree-lined landscaping.
Mr. Tecca, Managing Director, said, “The five leases in place at Plaza 8 vary from established to recently signed tenants which, together, reflect both the property’s ongoing stability and desirability.”
Sold as a joint asset, Plaza 9 and Plaza 10 total a combined 118,104 sf and were acquired by Strategic Office Partners, a joint venture between Gramercy Property Trust and TPG Real Estate, for a price of $23.9 million or $202 per square foot. The acquisition marked the Buyer’s first entry into the Las Vegas metro market. The pair of buildings were 100% leased at the time of sale to long-term tenant Barclays Services Corporation, a multinational banking and financial services company. Completed in 2000, Plaza 9 is a two-story structure totaling 63,959 sf on 5.62 acres that features striking architectural designs, tenant balconies, prominent signage and expansive floor designs that accommodate a variety of needs. Plaza 9 also offers a desirable business setting complete with large windows framing scenic views, meticulous landscaping, and generous parking. Developed in 1999, Plaza 10 consists of a two-story 54,145-sf building on 5.06 acres featuring similar architectural designs to the neighboring Plaza buildings. Plaza 10 offers high-end construction with extensive dual-glazed reflective glass and extensive window lines producing picturesque views, spacious floor plates, high-end commercial finishes, multiple tenant entries, and an ample parking ratio. Further enhancing the corporate environment of these two properties are pedestrian walkways linking them to one another as well as to Plaza 8.
Working collectively with the seller, the Cushman & Wakefield team positioned the Plaza 9 and 10 asset as a favorable investment to an array of investors from all over the world. In securing an out-of-state party such as Strategic Office Partners as the eventual buyer, Mr. West and Ms. Cayton, both Senior Directors, were also effectively instrumental in providing a deep exploration of the Las Vegas metro market, showcasing all of its alluring qualities as well as positive real estate performance from a market demand standpoint. Mr. Tecca noted, “Our team’s cohesive approach helped equip the buyer with a greater understanding of the local area and provided forward looking data to bolster their decision to enter this marketplace, which is now experiencing growing interest and demand from institutional investors.”
Mr. West said, “The identification and procurement of Strategic Office Partners as the buyer for Plaza 9 and 10 represented a coup for the Las Vegas market through attracting a premier institutional buyer active in numerous other top national metro markets for its first acquisition in the Las Vegas market, and provides a welcome addition of another sophisticated owner to the Las Vegas real estate landscape.
“Green Valley Corporate Center-North Plaza 9 and Plaza 10 properties represent a premier asset developed by American Nevada Company, and when combined with the strong credit of Barclays Services Corporation provides an exciting addition to the Strategic Office Partners portfolio.”
Notably, also as part of the larger American Nevada portfolio, the Cushman & Wakefield listing team had recently sold the Green Valley Town Center in Henderson in September. Henderson Town Center LLC had acquired the 194,757-sf mixed-use center consisting of Green Valley Town Center II & III (4300 & 4500 E. Sunset Rd.) and Athenian Shops (4350 E. Sunset Rd.) for $21.5 million.