LAS VEGAS, Nev. – July 25, 2022 – Cushman & Wakefield announced the firm has advised the sale of a 67,145-square-foot Class A LEED certified office asset in Las Vegas, Nevada. Located at 9075 W Diablo Dr, the three-story, the multi-tenant building is 97% leased to several notable credit tenants with strong leasing interest for the lone remaining suite. The property sold to a local private equity firm for $26 million.
Cushman & Wakefield’s Marlene Fujita Winkel, Emily Brun and Alex Casingal of the firm’s Private Capital Group in Las Vegas represented the seller, Greenlite Partners LLC, in the transaction.
According to Cushman & Wakefield tracking, the sales price achieved of $387 per square foot is one of the highest prices paid per square foot for an arms-length, multi-tenant Class A office sale transaction in more than a decade in Las Vegas.
“Ideally situated in one of Las Vegas’ most desirable locations, known as ‘the curve’, this property was acquired by a private equity firm that was attracted to the building’s location in the heart of Las Vegas’ burgeoning Southwest office submarket,” said Marlene Fujita Winkel, executive director.
“Given the overall strength of this Class A asset, we were able to receive multiple offers in less than 30 days from marketing commencement.”
“Additionally, the asset is occupied by nine tenants, four of which have been in place since original construction. The Seller retained these tenants, completed tenant improvements for additional tenants, and now the asset remains a key building achieving some of the highest lease rates for like-kind assets in the market,” said Fujita Winkel.
“9075 Diablo has been a very well maintained and managed Class A office property which has also helped to create a very positive tenant experience as demonstrated by the rave reviews received from its occupants,” said Alex Casingal.
According to the Seller, Benjy Garfinkle, “The asset represented a wonderful opportunity to sell an asset that was stabilized, but also in the path of growth. This has been a great transaction for Greenline Partners LLC and we’re appreciative of the experience with the Buyer, KB Acquisitions, LLC, known as Kingsbarn Realty Capital, LLC, a local Las Vegas company led by Jeff Pori who has been actively acquiring Class A quality assets throughout the country.”
Originally constructed in 2008 by a renowned local developer, Jeff LaPour, 9075 W Diablo is strategically located on Interstate 215 with freeway visibility and immediate access to the I-215 Southbound on-ramp. The building boasts views of the world-famous Las Vegas Strip as well as Red Rock Canyon. The property is surrounded by dense housing with over 58,000 households in a 3-mile radius, including major master-planned communities.
Emily Brun, associate added, “The Las Vegas Southwest submarket offers an office location convenient to many residential options making it an appealing area for tenants. Of note, there are 2,300 multifamily units currently under construction within three miles of the property which add to the more than 16,300 existing apartment units in the trade area.”
The team executed this transaction on behalf of Greenlite Partners LLC, an affiliate of WG Group, that was founded by Benjy Garfinkle who has been in commercial real estate since 1978 and completed over $250M in real estate transactions in the Las Vegas market since 2010. WG Group is a well-known owner and developer both in Las Vegas and across the United States and is regarded as one of Las Vegas’s most active investors ranging from office to retail to multi-family.
Fujita’s team, working closely with Benjy Garfinkle and Andrew Dunn, acquisition specialist, has completed more than 500,000 sf in transactions together totaling more than $100 million in sales volume since 2019. Notably, Garfinkle’s firm was intimately involved with the 20-acre retail, office, and multi-family development known as The Gramercy which is a block away from 9075 W. Diablo.
Fujita and Cushman & Wakefield’s Nevada Investment Team—Capital Markets continues to execute market-leading transactions and has successfully closed more than $320 million in office and retail investment transactions in Las Vegas year-to-date 2022.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter
