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7/10/12
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Voit Real Estate Services has acquired Cheyenne Technology Center (formerly called North Port Business Center), a 172.3k sf industrial business park in North Las Vegas, for $11.9 mil ($69/sf), in the company’s first investment buy in more than five years. The property, located at 3355-3675 West Cheyenne Ave, a few blocks east of I-15, was purchased from an institutional lender.
This transaction by Voit, a firm that has owned and developed more than 24 msf of commercial real estate valued in excess of $2 bil during its 40-year history, demonstrates the company’s confidence in the new opportunities arising from the most recent market cycle.
The property is comprised of six office/flex/industrial buildings, and was 52 percent occupied at the time of sale. Voit intends to add value to the asset by launching an aggressive leasing campaign. The firm will also invest an additional $700k into improvements for the property over the next six months, upgrading the landscaping, parking and exterior, and constructing speculative tenant improvements in some of the property’s units.
Financing for the transaction was provided by Wells Fargo Bank. The loan closed in a 15-day period. Garrett Toft, Eric Larkin and Zac Zaher of Voit’s Las Vegas office have been named the exclusive leasing representatives for the property.
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