Buchanan Street Partners Buys $28M Las Vegas Office Portfolio
- Jun 20, 2018
Buchanan Street Partners has acquired a four-building, two-property office portfolio in the Las Vegas suburb of Henderson, Nev., for $27.8 million. American Nevada Co. sold the properties within Green Valley Corporate Center North as part of a larger disposition and was advised by a team of brokers from Cushman & Wakefield. According to Yardi Matrix, the sale was funded by a $22.1 million loan, held by Zions Bank.
The transacted office buildings total 158,341 square feet and occupy approximately 14 acres. Buchanan Street acquired the properties located at 2300 & 2310 and 2340 & 2350 Corporate Circle, namely Tech Park V and VI. Both assets were constructed in 2001 and hadn’t changed hands until the present transaction.
Green Valley Corporate Center North has exposure along Interstate 215. Several retailers and restaurants are in the vicinity. The Henderson Executive Airport is situated along State Route 146, approximately six miles away from the office building, while the McCarran International Airport is about a 10-minute drive from Green Valley Corporate Center.
“Nearly 65 percent leased overall, Tech Park V & VI cater to a wide variety of small to mid-sized, high density tenants. The properties provide stable in-place cash flow over the near-term and the opportunity significantly enhance income through the leasing of existing vacancy. Potential upside is particularly valuable in Las Vegas where the regional economy continues to expand with professional and business services, as well as education, positively affecting office market demand and rental rates,” said Rick Reeder, executive managing director at Cushman & Wakefield, in a prepared statement.
Tech Park V has two buildings totaling 72,623 square feet. Leases range from 4,279 square feet of divisible space to 27,004 square feet of contiguous space. It features a total of 363 parking spaces. Tech Park V is currently about 57 percent occupied, by tenants Elekta and Nevada State Contractors Board, according to Yardi Matrix. Two spaces are currently available, totaling 31,283 square feet.
The 94,278-square-foot Tech Park VI also comprises two buildings. The office is currently 24 percent vacant, with three spaces available, at 20,889, 1,451 and 5,958 square feet. Leasing options range from a minimum of 1,451 square feet of divisible space to 20,889 square feet of contiguous space. Current tenants include McCarthy Building Cos. and The Art Institute of Las Vegas.
Images courtesy of Cushman & Wakefield