Starwood Capital Lends $12M for Vegas Office Asset

The financing is for Southern Highlands Corporate Center, Olympia Cos.’ headquarters, a Class A building encompassing roughly 71,500 square feet.
Southern Highlands Corporate Center
Southern Highlands Corporate Center

Starwood Capital Group has provided a $12.3 million loan for Southern Highlands Corporate Center in Las Vegas, according to Yardi Matrix data. The 71,490-square-foot asset serves as Olympia Cos.’ headquarters, the owner of the three-story building. The property was previously subject to a $15 million CMBS loan that was initially due to expire in May 2017.

Located at 11411 Southern Highlands Parkway, the building is part of the Southern Highlands masterplan, providing easy access to Interstate 15 via Cactus Avenue. Downtown Las Vegas is within a 20-minute drive and numerous retail amenities are within walking distance of the 2004-built property. Allstate, JPG Insurance, Blue Air Training and Sundance Insurance are among the tenants of the Class A building. The property offers controlled access and 286 parking spaces.       

This autumn, Starwood Capital Group affiliate Starwood Mortgage Capital also closed on a $10.3 million loan for the acquisition of a two-building, 134,000-square-foot flex/office portfolio near Tampa, Fla.

Image courtesy of Yardi Matrix