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May 27, 2024
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Patriot Real Estate Holdings Buys 111k sf Class A Office Asset in Vegas


Nashville, TN-based Patriot Real Estate Holdings, in conjunction with Las Vegas-based Moonwater Capital, purchased Marnell Corporate Center V (“MCC5”), a 111k sf, five-story Class A office building in Las Vegas. Built in 2007, the multi-tenant asset, located at 6720 Via Austi Pkwy, was 88% leased at the time of sale.

Cushman & Wakefield’s Marlene Fujita Winkel, CCIM, Rick Reeder, Brad Tecca, Emily Brun and Alex Casingal represented the seller in the disposition.

“Built in 2007, MCC5 is an institutional quality project supported by a strong roster of diversified office tenants with steady lease rollovers and stable income. The asset is part of a desirable, strategically-located campus environment with high visibility, scenic city and mountain views, an abundance of nearby amenities, and convenient regional access,” said Fujita Winkel. “MCC5 is a trophy building with an attractive investment profile and makes a great addition to the buyer’s growing local portfolio. Furthermore, with this recent acquisition, Patriot Real Estate Holdings and Moonwater Capital now control the three Class A buildings in the campus - MCC3, MCC4 and MCC5.”

Patriot Real Estate Holdings and Moonwater Capital recently acquired the MCC3 asset, consisting of a 71.4k sf, three-story Class A office building, this summer and MCC4, a 93.7k sf, four-story Class A office building, in spring 2018, both from Dornin Investment Group.

“We’ve seen growing investor confidence in Las Vegas this year. As overall office leasing fundamentals, driven by tenant activity and demand, look to rebound following the pandemic, properties like MCC5 are poised to capitalize. Las Vegas office sales volume through the third quarter of 2022 reached $604 mil, a 34% increase compared to $451 mil traded through the third quarter of 2021, according to a recent market report from Cushman & Wakefield,” said Tecca.

The Marnell Corporate Center (MCC) is a seven-building, 736k sf, Class A master-planned business campus, widely considered the premier office campus in the central Las Vegas market. MCC is also ideally located adjacent to the Harry Reid International Airport (LAS), one of the busiest airports in the U.S. The property is also near the I-15 and the I-215 Beltway intersection and is proximate to the city’s most exciting amenities as well as the world-famous Las Vegas Strip. The location is within one-half mile of Town Square, a 1.5 msf regional lifestyle center, in addition to numerous retailers and restaurants.

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