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12/12/11
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In a recent Vegas-area industrial buy, an affiliate of Pacifica Real Estate Group purchased a 109.5k sf building located at 985 Trade Dr in the Hughes Cheyenne Center in North Las Vegas for $7.48 mil ($68/sf). The Class A distribution building is occupied by two tenants, Cox Communications and Creative Light Source, both on long-term leases. It was sold by Irvine-based CIP Real Estate.
“We are very pleased with this sale given the challenging market environment,” said Chuck McKenna, Principal of CIP Real Estate. “We stabilized the building in 2010 with the lease to Cox Communications, therefore positioning the property for sale in accordance with our business plan.”
CIP owned the building in partnership with an affiliate of Buchanan Street Partners, a Newport Beach-based real estate investment company. The building was part of a larger portfolio of office, flex, and industrial assets purchased from 2005 to 2007 by CIP and Buchanan Street. The total portfolio consisted of over 2.2 msf of office, industrial and flex space, plus approximately 10 acres of improved land parcels. Over the past four years, CIP and Buchanan Street have strategically sold 1 msf of property and over five acres of land in seven separate transactions.
Kevin Higgins, senior vice president, and Mike Hefner, executive vice president, of Voit Real Estate Services’ Las Vegas office, represented the seller. Pacifica represented itself in the transaction.
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