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August 21, 2018
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Office Property in Las Vegas’ Medical District Sells for $17 Mil

7/20/18

Charleston Tower, an 88.7k sf office property in Las Vegas, was sold in a recent transaction valued at $17 mil, or about $192/sf. The buyer was Casa Mia Inc.

Situated in the growing Las Vegas Medical District, the property consists of one six-story office building and one two-story office building along with a two-level parking structure. Charleston Tower is approximately 95% occupied with its largest tenant, Board of Regents of the Nevada System of Higher Education, occupying 65% of the property.

Located on approximately three acres at 1701 West Charleston Blvd, Charleston Tower was built in the 1970s and 1980s and was most recently renovated in 2013. The property is situated on the main thoroughfare of the Las Vegas Medical District.

The Las Vegas Medical District is the only designated medical district in Southern Nevada and has received substantial support from the City of Las Vegas to create the premier medical district in the state. The City has committed to invest $97 mil, add 25,000 jobs and currently provides economic incentives for landlords within the district. Such support has driven vacancy in this coveted submarket to a low 8% among buildings greater than 40k sf.

NKF Capital Markets Executive Managing Director David Scherer out of the Las Vegas office, in cooperation with NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Laura Stumm out of the El Segundo office, represented the seller, Jade Enterprises, one of the leading private commercial real estate investment and development companies in Southern California.

“Charleston Tower offered the buyer the unique opportunity to purchase a high-tenancy office building in the heart of the Las Vegas Medical District, which is anchored by two major hospitals, the Cleveland Clinic, the UNLV School of Dental Medicine and the future UNLV Medical School building,” said Scherer. “Because of the strong anchors in the Medical District and the presence of the UNLV School of Medicine, the district has a higher occupancy level than the Las Vegas market as a whole, which produces an excellent environment for future rent growth.”





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