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May 22, 2019
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NV Office Portfolio Trades for $52 Mil


San Francisco-based JMA Ventures has acquired a five-building office portfolio totaling 271.1k sf in Henderson, NV for $51.75 mil ($190/sf). The buildings are located at 2275, 2285 & 2370 Corporate Circle (Corporate Center III, IV and V) and 2500 & 2550 Paseo Verde Parkway (Paseo Verde), within the master planned community of Green Valley Corporate Center.

2500 Paseo Verde Pkwy
2500 Paseo Verde Pkwy
The buildings were sold by American Nevada Company as part of a disposition strategy of a larger 1.1 msf master portfolio. American Nevada was represented by Rick Reeder, Brad Tecca, Geoffrey West, Jayne Cayton, and Michael Dunn of Cushman & Wakefield. The team is in the process of selling the remaining assets, which they expect to close during the second half of 2018.

According to Reeder, “This collection of properties was a rare opportunity for JMA to acquire a critical mass of institutional quality real estate and establish a significant presence in one of the most prestigious submarkets in Southern Nevada.” He added, “The acquisition includes a combination of stabilized and value add assets, and also offers impressive corporate environments, exceptional access to an efficient network of freeways, densely populated and desirable master-planned residential communities, as well as a wealth of walkable amenities.”

Notably, nearly a year ago in August 2017, JMA Ventures acquired a 54.4k sf, Class B office building known as Plaza 8 also carved from American Nevada Company’s master portfolio for $13.15 mil. Located at 2270 Corporate Circle, Plaza 8 is a classically-designed, two-story multi-tenant building and was 100% leased to five tenants at the time of sale.

Within Henderson’s central business district, Green Valley Corporate Center features a total of approximately 1.5 msf of office plus an extensive mass of retail, restaurant and entertainment space. The center benefits from being located along the I-215 Beltway, within minutes to executive and workforce housing and a short distance to McCarran International Airport.

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