Grubb & Ellis/Las Vegas announced that Trans-Aero Land and Development Corp. purchased a 100,625-square-foot office building in Las Vegas for $22.3 million.
Grubb & Ellis represented the seller, Santa Ana, Calif.-based Triple Net Properties, in the transaction, while Realty Executives Nevada represented Trans-Aero.
The property, known as the Oakey Building, is a four-story building located at 4750 W. Oakey Blvd. The property was 100 percent leased at the time of sale by the Las Vegas Metropolitan Police Department, which intends to fully occupy the property by 2007. The building was originally constructed in 1989 for the Internal Revenue Service, which fully occupied the building until 2005. Triple Net purchased the property in April 2004 and significantly improved the property in 2005, including the addition of a four-level parking structure.
Grubb & Ellis Co. is a full-service commercial real estate organization operating worldwide.
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