CBRE Facilitates $5.05 Million Sale of Six Office Buildings in North Las Vegas to Five Private Buyers

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Las Vegas – September 15, 2022 – CBRE has facilitated a $5.05 million sale of six grey shell office buildings within Camino Al Norte Office Park in North Las Vegas, Nevada totaling 33,800 square feet, to five private buyers.

Michael Hsu, Roy Fritz, CCIM, and Kellie Ortiz-Thompson of CBRE represented the Las Vegas-based seller and developer, NDL Group Inc., in the four separate transactions. NDL Group Inc. opened in 2003 specializing in commercial general contracting and commercial engineering. The company acquired the land and developed all buildings.

The sales included six single-story free-standing buildings at 5115, 5119, 5145, 5155, 5191 and 5195 Camino Al Norte, designed for medical and professional use. 5115 and 5119 Camino Al Norte were completed in 2020 with each building being approximately 5,000 square feet. The remaining four buildings were completed in 2022 and average approximately 6,000 square feet. All buildings were sold upon completion.

“The team at NDL Group was able to deliver an expertly designed office project to meet the timeframe expectations of each buyer while managing significant supply-chain disruptions during the construction process,” said CBRE’s Hsu. “I highly recommend Nathan Schweigart and his team for new development and tenant improvement projects.”

Camino Al Norte Office Park is located at a signalized intersection at the southwest corner of Camino Al Norte and Washburn Road, offering excellent ingress and egress. The office park is surrounded by residential developments and retail centers with national retailers and ample business services.

“NDL Group was proud to partner with Michael Hsu and Roy Fritz at CBRE to successfully market and sell the buildings in this project,” said NDL Group President and Founder Nathan Schweigart. “We are proud that these buildings were developed by our in-house NDL Group design build team. This project is one of many commercial development projects that was ‘dirt to done’ for NDL Group and we look forward to pursuing additional development opportunities in the future.”

The Las Vegas office market continued to stabilize from the effects of the pandemic with positive net absorption of 376,873 square feet in Q2 2022, up 292% from Q2 2021, according to CBRE research. The market’s overall vacancy rate decreased 200 basis points to 10.9% during the same period.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

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