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9/08/23
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A joint venture between Los Angeles-based Partners Capital Inc and Las Vegas-based CNR Retail acquired Green Valley Corporate Center South, two Class A office buildings totaling 91.7k sf in Henderson, NV, for $17.250 mil ($188/sf). The deal closed at a 4.6% in-place capitalization rate.
Located at 2500 and 2550 Paseo Verde Pkwy, the single-story office buildings were built in 2000 and 2002 and are part of an eight-building office portfolio located in the master-planned Green Valley corridor within the Henderson submarket. At the time of sale, Green Valley Corporate Center South was 81.6% occupied by GK Properties Real Estate & Management, Thrive Aviation and Village Capital & Investment LLC.
The buyer plans to convert the existing single-story office buildings into a lifestyle retail center with a focus on crafted dining, retail, design, entertainment, health and wellness uses.
CBRE’s Tyler Ecklund, Marc Magliarditi, Travis Landes, Michael Hsu, Brad Peterson, Darren Lemmon and Justin Witt represented the sellers, JMA Ventures LLC and Blue Vista Capital Management LLC, in the transaction. The buyers were repped by Collier’s Chris Clifford, Steve Neiger and Brett Rather.
“This is among the most desirable locations within the region,” said Ecklund. “The lack of vacant land in the area provides protection from future competition and offers a unique advantage for the buyer to redevelop this site. Our team represented the seller in six other transactions featuring properties from this Green Valley office portfolio in September 2022, with this sale completing the disposition of the portfolio.”
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