CIP Real Estate, an Irvine, Calif.-based real estate investment company, and its joint venture partner, Buchanan Street Partners of Newport Beach, Calif., have purchased 18 office/flex/industrial buildings within Hughes Airport Center in Las Vegas for $145 million.
The portfolio includes single-tenant and multi-tenant buildings ranging in size from 32,700 square feet to 75,866 square feet, totaling 892,000 square feet on 51 acres, as well as two land parcels totaling nearly 10 acres that may be used for future development. Occupancy of the buildings, which were built in the late 1980s and early 1990s, was 95 percent at the time of sale.
An affiliate of Stoltz Management Co. sold the properties.
The newly acquired buildings have a stellar rent roll consisting of 45 tenants that includes gaming-related companies, architects, engineers, home builders, banks and others. A partial list of clients includes: ClientLogic Corp., First National Bank, Ikon Office Solutions, Wynn Design & Development, Credit One Bank, KB Homes, Lillian Vernon Corp, Sigma Tron International, Pardee Homes, FCC National Bank, IGT Inc., Bank of Marin and EG&G Technical Services Inc.
In early 2005, CIP and Buchanan Street acquired six buildings in Hughes Airport Center totaling 420,811 square feet of office and industrial space on 22 acres. With this new, larger acquisition, the joint venture now owns more than 1.3 million square feet on 83 acres at Hughes Airport Center.
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