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.”