Moonwater Capital Expands in Vegas With $41M Office Buy

The company plans on filling the vacant first-floor with retailers. Two, 4,000-square-foot pad sites will be added on adjacent land, intended for medical offices, office or retail development.
Montecito Tower, at 6605 Grand Montecito Parkway
Montecito Tower, 6605 Grand Montecito Parkway

Moonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.

The 177,007-square-foot Montecito Tower is located at 6605 Grand Montecito Parkway. Completed in 2009, the six-story building features leases ranging from 3,890 square feet of divisible space to 15,440 square feet of contiguous space. The tenant mix includes Asurion, Alverson Taylor Mortensen & Sanders, among others. At the time of the sale, the building was 90 percent occupied. The property is LEED certified.

Growth plans

Montecito Tower is situated in a highly dense area, with routes 215 and 95 in the vicinity. Plenty of shops, restaurants and a few parks are nearby. Yardi Matrix reports a total of more than 100,000 people living in a three-mile radius, with a median household income of approximately $72,800.

Moonwater Capital has plans to develop the asset further, with the first-floor vacancy to be occupied by a varied mix of retail tenants. Two, 4,000-square-foot pad sites will also be added on adjacent land, intended to be used for medical office, office or retail development.

Image courtesy of Yardi Matrix