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5/24/21
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Moonwater Capital and Apex Financial Advisors have acquired Montecito Tower, a 177.3k sf, Class A office building in Las Vegas. The ownership secured $33.3 mil in permanent debt as part of the acquisition and recapitalization of the asset.
Located at 6605 Grand Montecito Pkwy, the property was built in 2009 and is the only true Class A office building located in northwestern Las Vegas. It is strategically located just off I-215, providing an easy commute for office users in Las Vegas.
The property features a two-level parking structure with stalls both above ground and subterranean. The building is parked at a 6.4/1000 square foot that is above market for Las Vegas. It is currently 93% leased, and is anchored by Asurion, a global insurance provider, and Alverson Taylor & Sanders, one of the largest law firms in the state.
Moonwater acquired the building in 2018 in a joint venture with an affiliate of a global private equity investment firm, which exits the investment with this new capitalization. Moonwater will continue as operating partner in the new joint venture with Pennsylvania-based investment management firm Apex.
Shlomi Ronen with Dekel Capital arranged the 10-year CMBS financing, which was provided by a multinational investment bank. The new financing retires the existing debt on the building, helping to facilitate the new partnership with Apex.
“While the Las Vegas office market was impacted by the pandemic, we’re starting to see larger, out-of-state users identify Southern Nevada as a growth location for future expansions and relocations,” Ronen commented. “This is driven by the relative affordability of high-quality office space, a talented local workforce, and a favorable local business environment.”
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