Dornin Snaps Up Downtown Office Building

With the commercial market finding new life in Las Vegas, the Dornin Investment Group has moved to acquire an office asset in the city’s downtown. The investor acquired City Centre Place, with funds for the purchase being provided by real estate finance and investment management firm PCCP, LLC. The buyer was provided with an $18 million senior loan for the acquisition and lease-up of the property. This is the third transaction completed between PCCP and Dornin Investment, according to PCCP Associate Vice President, Mike Johnson.

 

With the commercial market finding new life in Las Vegas, Dornin Investment Group has acquired City Centre Place, a 104,000-square-foot  Class A office building. Completed in 2002, the six-story building is located downtown at 400 South 4th St. near several county and federal court facilities.

PCCP L.L.C., a Los Angeles-based real estate finance and investment management firm, provided an $18 million senior loan for acquisition and lease-up of the property, which is 29 percent vacant.

The firm “will also provide funds for capital improvements, tenant improvements, and leasing commissions for the remaining vacancy,” PCCP Associate Vice President Mike Johnson said in a statement. The transaction is the third between PCCP and Dornin.

Las Vegas’ Class A office market has recorded positive net absorption for eleven quarters in a row, and rising rents are reflecting the improvement, PCCP noted in its statement announcing the deal. Investors appear to be ramping up activity before major new projects are announced.

Image courtesy of propertyline.com