Las Vegas Office Park Sells for $27M

Clark County acquired the 222,000-square-foot office portfolio located approximately 9 miles from the city’s downtown.
Greystone Office Park. Image courtesy of Institutional Property Advisors

Institutional Property Advisors of Marcus & Millichap has arranged the sale of Greystone Office Park, an office portfolio encompassing 222,000 square feet in Las Vegas, Nev. Farmers Insurance traded the portfolio to Clark County for $27 million or $121 per square foot. IPA represented the seller and procured the buyer in the transaction.

Greystone Office Park spans across 13 acres at 1800-2030 E. Flamingo Road, near interstates 515, 215 and 15, roughly 2 miles from McCarran International Airport. Additionally, the office park is situated within 9 miles of downtown Las Vegas.

Constructed in 1982 and 1986, the low-rise buildings feature floorplates of approximately 30,000 square feet. Property amenities include controlled access and a combined 800 parking spaces. Clark County already occupies space within the office park and will continue to utilize and further expand into the complex, which provides convenient access to the entire downtown area of the city.

In August, IPA worked on behalf of the seller in the disposition of a 103,951-square-foot industrial facility in Deerfield Beach, Fla.