Cushman & Wakefield, Inc. today announced that a +123,617sf vacant Class “A” office property located within Town Square has been sold in conjunction with 10-X Commercial via auction for $11,812,500 ($96/sf). The property is located at Las Vegas Blvd. South and Sunset Road within the Town Square mixed-use shopping, dining, entertainment and Class “A“ office development.
With a total of 123,617 rentable square feet, the property recently traded at auction through 10-X Commercial with Geoffrey West, Senior Director, Capital Markets, Investment Property Sales and Acquisitions for Cushman & Wakefield as the exclusive listing broker. West represented the Seller, BPS Option LLC, and worked with the buyer, DIG Town Square North, LLC (Dornin Investment Group), on a direct basis.
“Because this transaction was offered at auction through the Ten-X platform, the seller achieved the desired deal certainty, while providing a transparent process for all parties and allowing the seller to achieve fair market pricing,” West said. “This property provides a significant opportunity for the purchaser to buildout as an office property as the condition of the property is grey shell, but included existing restrooms, elevators, elevator lobby, and HVAC to offset expected tenant improvement costs and the property will provide a unique addition to the Las Vegas Office market.”
Town Square has become a vibrant office location and this acquisition provides a rare opportunity for Dornin Investment Group to acquire a separate commercial property within a 1.2million square foot, large-scale mixed-use development, Town Square. It also positions the new owner of this property to benefit from significant new investment expected by the ownership of Town Square to enhance and further improve the area around the project which will also soon include the nearby Raiders NFL Stadium.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.