Two Las Vegas buildings sell for $30M

JV cashes in to free up money for other projects

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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 ...