LAS VEGAS, Nev. – July 21, 2022 – Cushman & Wakefield announced the firm has advised the sale of Marnell Corporate Center 3 (“MCC3”), a 71,378-square-foot, three-story Class A office building in Las Vegas, Nevada. Dornin Investment Group (“DIG”) sold the multi-tenant asset located at 6725 Via Austi Pkwy to a private investor for $23.2 million or $325 per square foot. The property was 87% leased at the time of sale.
DIG had originally purchased the building in early 2014 for $222 PSF as part of a portfolio that consisted of three Class A multi-tenant office buildings (MCC3, MCC4 and MCC6) located within the master planned Marnell Corporate Center totaling 176,960 sf. This was the third and final disposition of the portfolio.
Cushman & Wakefield’s Marlene Fujita Winkel, CCIM, Charles Moore, CSM and Alex Casingal of the firm’s Private Capital Group in Las Vegas represented the seller in the disposition of the project. The firm’s Charles Van Geel also provided Leasing Advisory.
“MCC3 is an institutional quality office asset that provides a robust and diverse tenancy and a very strategic location. Dornin Investment Group also added great value to the property during its ownership and spent considerable dollars building out well-appointed tenant suites,” said Marlene Fujita Winkel, Executive Director. “The building was acquired by a private investor that is well-versed in ownership of multi-tenant, Class A office properties and owns the adjacent building.”
MCC3 features unique architectural designs and is a steel frame and glass building, a true Class A asset in the market.
MCC is also located adjacent to the McCarran International Airport near I-15 and the I-215 Beltway and is proximate to the city’s most exciting amenities as well as the Las Vegas strip. In addition, MCC offers tenants a desirable campus environment with outstanding visibility, scenic city and mountain views, prominent signage opportunities and convenient access throughout Las Vegas and beyond.
Amy Harris, VP of Asset Management at DIG, stated, “MCC3 represented an opportunity to stay involved in a well-located premier A-class building in the vast and growing city of Las Vegas. DIG’s expertise in office was on full display as we successfully leased up the remaining space in the building and renewed several existing tenants despite the challenges of COVID in years past and substantial rate hikes this summer.”
Fujita and Cushman & Wakefield’s Nevada Investment Team—Capital Markets continues to execute market-leading transactions and has successfully closed more than $320 million and more than 1 million square feet in office and retail investment transactions in Las Vegas year-to-date 2022.
