A four-building, multi-tenant office portfolio totaling 158,341 square feet (sf) situated on nearly 14 acres in the Las Vegas suburb of Henderson, Nevada has sold to an investor. Newport Beach, California-based Buchanan Street acquired the properties located at 2300 & 2310 and 2340 & 2350 Corporate Circle for $27.8 million. Collectively known as Green Valley Corporate Center North—Tech Park V and VI, the assets are part of a larger, massive high class regional real estate portfolio that is being sold by American Nevada Company.
American Nevada Company was represented by Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego who both primarily focus on larger, best in class, institutional office and industrial investment sales in the Las Vegas, San Diego, and Phoenix markets. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn based in Las Vegas also performed local expert advisory in the disposition.
Mr. Reeder, Executive Managing Director, said, “Developed in 2001, Tech Park V and VI are two highly improved buildings featuring striking exteriors, in addition to prominent tenant signage, appealing interior finishes and large building footprints. They also boast above-standard parking at 7 spaces per 1,000 sf of building.” He added, “Additionally, they are attractively located within the highly amenitized and prestigious master planned community of Green Valley Corporate Center, featuring approximately 1.5 million square feet of office plus an extensive mass of retail, restaurant and entertainment space.”
Mr. Reeder added, “Nearly 65% leased overall, Tech Park V & VI cater to a wide variety of small to mid-sized, high density tenants. The properties provide stable in-place cash flow over the near-term and the opportunity to significantly enhance income through the leasing of existing vacancy. Potential upside is particularly valuable in Las Vegas where the regional economy continues to expand with professional and business services, as well as education, positively affecting office market demand and rental rates.”
Universally known as Henderson’s central business district, Green Valley Corporate Center benefits from being located along the I-215 Beltway, within minutes to executive and workforce housing and a short distance to McCarran International Airport.”