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Vegas Office Building Trades for $3.85 Mil

3/09/20

A freestanding 37.7k sf office building in Las Vegas sold for $3.85 mil, or $102/sf. Located at 6425 W. Sahara Ave, the property was sold by Equity Partnership Property Management LLC.

Built in 1995, the two-story, multi-tenant office and showroom space is centrally located at West Sahara Ave and Mann St, two miles south of US-95 and four miles west of the I-15 and the Las Vegas Strip. It features an inviting entryway, well-manicured landscaping, and the opportunity for prominent monument signage.

The buying entity was 6425 W. Sahara Propco LLC, consisting of a local investor that owns multiple assets along West Sahara Avenue. Charles Moore, Marlene Fujita, and Hunter Bradshaw from Cushman & Wakefield’s Capital Markets Group represented the seller in the transaction.

“As demand for owner-user buildings along the West Sahara Corridor has increased with few options to choose from, this was an exceptional opportunity to acquire a prime office asset in the area at well below replacement cost,” said Moore.

With one of the fastest growing populations in the country, the Las Vegas office market continues its consistent demand throughout the valley with overall asking rental rates rising, due in part to the lack of new product on the market. In 2019, rents increased 12.4% year-over-year to $1.90 psf/year/gross.




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