Las Vegas Office Building Trades for $19.5M

Pacific Oak SOR II sold the Class A asset acquired four years ago by KBS Realty Advisors for $13.4 million, according to Yardi Matrix data. Pacific Oak recently took over three REITs established by KBS.
2200 Paseo Verde. Image courtesy of Cushman & Wakefield.

Cushman & Wakefield has arranged the sale of a Class A 60,499-square-foot office building in Henderson, Nev., on behalf of the seller, Pacific Oak SOR II. The property was acquired for nearly $19.5 million by PREH Paseo Verde LLC. The buyer obtained a $14.4 million loan from Wells Fargo Bank to finance the purchase, according to Yardi Matrix.

The three-story asset is located at 2200 Paseo Verde Parkway, at the entrance of The District at Green Valley Ranch, a 400,000-square-foot mixed-use property that provides food, beverage and entertainment options. Additionally, the office building offers 24-hour access, a courtyard, a balcony and onsite management.

The standalone asset was built in 2004 as part of the first phase of The District and is currently 94 percent leased. Some of its tenants include Berkadia Real Estate Advisors, Ford & Friedman, Umpqua Bank and Ticor Title. The office building last traded in 2015 for $13.4 million, Yardi Matrix data shows. 

Cushman & Wakefield’s team of Charles Moore, Marlene Fujita and Hunter Bradshaw brokered the sale. The firm also handled the leasing and property management for the building.