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October 23, 2018
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Trio of Nevada Office Assts Trade in Two Deals Totaling $37 Mil


Three high quality office buildings totaling 172.5k sf that comprise the Green Valley Corporate Center—North complex in Henderson, NV were sold in two separate investment transactions totaling $37.05 mil. The assets, which consisted of Plaza 8, 9 and 10, are part of a larger, regional real estate portfolio currently in the process of being sold by American Nevada Company.

Sold as a single asset of 54.4k sf, Plaza 8 was acquired by real estate investment firm JMA Ventures for a price of $13.15 mil, or $242/sf. Situated on 3.68 acres, Plaza 8 is a classically-designed, two-story office building that was 100% leased at the time of sale with tenants including Atkins, Barrick Gold and Signature Gallery of Homes.

Developed in 2002, the building’s high-quality construction is highlighted by a dramatic entry flanked with soaring palm trees, reflective glass providing abundant natural light, an inviting lobby with polished granite accents, large and flexible floor plates and modern interior finishes. Extensive window lines also provide tenants with views of the surrounding area and the attractive, tree-lined landscaping.

Sold as a joint asset, Plaza 9 and Plaza 10 total a combined 118.1k sf and were acquired by Strategic Office Partners, a joint venture between Gramercy Property Trust and TPG Real Estate, for a price of $23.9 mil, or $202/sf. The acquisition marked the Buyer’s first entry into the Las Vegas metro market.

The buildings were 100% leased at the time of sale to long-term tenant Barclays Services Corporation, a multinational banking and financial services company. Completed in 2000, Plaza 9 is a two-story structure totaling 64k sf on 5.62 acres that features striking architectural designs, tenant balconies, prominent signage and expansive floor designs that accommodate a variety of needs. Plaza 9 also offers a desirable business setting complete with large windows framing scenic views, meticulous landscaping, and generous parking.

Developed in 1999, Plaza 10 consists of a two-story 54.1k sf building on 5.06 acres featuring similar architectural designs to the neighboring Plaza buildings. Plaza 10 offers high-end construction with extensive dual-glazed reflective glass and extensive window lines producing picturesque views, spacious floor plates, high-end commercial finishes, multiple tenant entries, and an ample parking ratio. Further enhancing the corporate environment of these two properties are pedestrian walkways linking them to one another as well as to Plaza 8.

The seller was represented by Rick Reeder, Brad Tecca, Geoffrey West, Jayne Cayton and Michael Dunn with Cushman & Wakefield.

Reeder noted, “Green Valley Corporate Center—North represents premier stable assets that are well leased to credit tenants and desirably located within the Las Vegas Metro area, internationally recognized as one of the most exciting tourist destinations in the world. The Metro is coextensive with Clark County, the heartbeat of Southern Nevada, which encompasses nearly 8,000 square miles, five cities and a growing population.”

He added, “An appealing incentive for these properties is Nevada attracts numerous companies from a diverse range of industries that relocate here for the state’s pro-business/non-restrictive tax structure, no personal state income tax, lower cost of living, and expanding labor pool.”

In September, the Cushman & Wakefield listing team had sold the Green Valley Town Center in Henderson, also as part of the larger American Nevada portfolio. Henderson Town Center LLC had acquired the 194.8k sf, mixed-use center consisting of Green Valley Town Center II & III (4300 and 4500 E. Sunset Rd) and Athenian Shops (4350 E. Sunset Rd) for $21.5 mil.

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