A joint venture between CIP Real Estate and Buchanan Street Partners has sold two office buildings in Las Vegas, Nev., for a price of $30.2 million.

The properties, which were both fully occupied by Credit One Bank N.A. at the time of sale, are located within the Hughes Airport Center, a 3.3 million-square-foot business park.

The first property totals 57,802 square feet and is situated on 4.2 acres at 585 Pilot Road, and the second totals 40,288 square feet on 3.5 acres at 625 Pilot Road. The sale of the properties also includes two billboards in front of the airport connector feeding McCarran International Airport that are currently leased to Clear Channel.

Kraemer II Glendale LLC and FKC Glendale LLC — both Delaware limited liability companies — purchased the buildings.

“We are extremely bullish about Las Vegas’ office and industrial markets,” said Eric Smyth a principal with CIP, pointing to office market growth and industrial/flex vacancy declining to 3.1 percent in 2006 as evidence of the markets’ strength. “Ownership’s strategy in selling the two properties was to release those buildings within our portfolio that don’t coincide with our current portfolio requirements, capitalize on the favorable local market conditions and provide additional equity for future prospects.”

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription