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1/20/15
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Dornin Investment Group has obtained $18 mil in financing for the acquisition and lease‐up of City Centre Place, a six‐story, Class A office building totaling 104k sf in Downtown Las Vegas. The money was provided by PCCP LP.
Built in 2002, the property is located at 400 South 4th St and is 71 percent occupied. It is well-located between the County Courthouse, the Federal Courthouse, and the US Bankruptcy Courthouse.
“PCCP’s loan not only provides acquisition financing but will also provide funds for capital improvements, tenant improvements, and leasing commissions for the remaining vacancy,” said Mike Johnson, associate vice president with PCCP LLC. The transaction marks the third deal PCCP and Dorning Investment Group have done together.
The Las Vegas economy continues to climb out of the recession with job growth increasing three percent year‐over‐year. The overall 35 msf Las Vegas office market recorded its 11th consecutive quarter of positive net absorption. Class A buildings throughout Las Vegas have seen strong absorption and have increased their asking rents over the past few years as the market recovers. City Centre Place, and the overall Downtown Las Vegas market are anticipated to benefit from stable demand drivers from growing businesses who are seeking quality properties, as well as a lack of new construction.
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