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8/28/18
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Town Square North, an office asset in Las Vegas consisting of 131k sf of Class A, grey-shell space, was acquired by Moonwater Capital for $22.06 mil ($168/sf) in a recent transaction. The asset, located at 6543 and 6551 Las Vegas Blvd, was sold by Dornin Investment Group, who had acquired Town Square North in January 2018 via Auction.com.
Town Square North consists of two buildings with office space on the property’s 2nd and 3rd floors, above high-end retail stores. The property includes existing finished elevators, lobbies, and restrooms, and offers a range of unique features including large floor plates, a fully constructed attached parking garage with covered parking, balconies, and patios. The office space was vacant at the time of sale, but, we’re told, multiple credit tenants were in negotiations to lease large blocks of space when the sale occurred.
Town Square North is situated at the Town Square mixed-use development, a 1.2 msf shopping, dining and entertainment center located at Las Vegas Blvd South and Sunset Rd, just south of the iconic Las Vegas Strip. The property sits at a highly visible and identifiable regional location and provides tenants a central location between affluent Summerlin and Green Valley areas while providing I-215 Beltway access and proximity to I-15, McCarran International Airport and the Las Vegas Strip. Town Square features more than 120 stores, 23 restaurants, Whole Foods Market, office space and multiple entertainment venues.
According to Chris Dornin, founder and CEO of DIG, the company’s original business plan for Town Square North was to lease up all the vacancy and hold the asset for investment purposes; however, he said “we received an extremely attractive unsolicited offer from a very strong buyer that provided an exceptional opportunity to deliver outsized returns to our investors in a very short period of time.”
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