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December 15, 2017
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Clark County Department of Aviation Collects $28.3 Mil from the Sale of Two Commercial Assets

9/26/17

Clark County Department of Aviation recently sold two commercial properties in Las Vegas for a combined price of $28.3 mil. The assets were sold through Ten-X Commercial’s Live Bid transaction platform.

5915 S. Rainbow Blvd, Las Vegas
5915 S. Rainbow Blvd, Las Vegas
One of the sales was for the leased-fee interest in Arroyo Market Square retail center, a 919.2k sf retail property at 7200 Arroyo Crossing Pkwy. The asset, which has 38 years remaining on a 50-year ground lease, sold for $24.9 mil. The center was built in 2009 and is occupied by anchor tenants Home Depot, Sam’s Club and Walmart. Other national and regional tenants include Bed Bath & Beyond, Best Buy, Toys ‘R’ Us, Pet Smart, GNC and Chili’s.

The other asset, located at 5915 S. Rainbow Blvd, includes the leased-fee interest in two medical office buildings totaling 40.8k sf on 6.4 acres, and two vacant fee-simple lots totaling 4.3 acres. The ground lease for the medical office buildings has 36 years remaining on a 50-year term. They sold for $3.4 mil.

“In addition to the challenge of ensuring that we were in compliance with all regulations associated with selling land for the government, we helped make a market for assets that were structured in a way that was novel to many investors,” said Ten-X Commercial General Manager Steve Jacobs. “Our team worked diligently with the county to ensure that we were in compliance with all legal requirements, while helping educate interested investors about the structure of these participatory ground leases. Working closely with all parties, we were able to solicit numerous strong bids, helping the county monetize these assets.”

To meet all of Clark County’s regulations, the Live Bid online auction took place in conjunction with a public meeting at the Clark County commission chambers. Offers that were made in person were also input online, while bids from online participants were read aloud in the commission chambers.

“One of the benefits of a data-driven marketplace like Ten-X, is the expanded investor pool it creates, by removing the geographic boundaries traditionally associated with CRE transactions, and curating relevant investment opportunities for each individual investor,” added Jacobs.





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