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12/13/19
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A 66.8k sf, single-tenant office building triple net leased to Shift4 in Las Vegas sold for $18.3 mil, or $274/sf. The building, constructed in 1993, was purchased by a private investor and sold by Las Vegas-based Moonwater Capital.
The office building recently underwent a complete overall and renovation between 2018 and 2019 for Shift4, a leading payment processing and technology company. The property serves as a mission-critical location for the tenant, which merged with Lighthouse Network in 2018 and expanded its Las Vegas presence. As part of the consolidation and expansion efforts, the company recently executed a long-term lease with the seller.
Situated on 4.55 acres at 1551 Hillshire Dr, the property is in the in the Northwest Las Vegas submarket and has excellent access to the I-215 Beltway and the Summerlin Pkwy. Additionally, the building is within the affluent Summerlin master-planned community, providing local amenities that include retail, restaurants, parks, outdoor trails, golf courses and sporting events.
Tivon Moffitt, Peter Bauman and Bret Davis with JLL represented the seller in the deal.
“Long-term leased single-tenant office properties are in strong demand,” Moffitt added. “This project benefits from a growing tenant in a critical business sector combined with a high-quality office building located in an infill Summerlin location.”
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