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February 21, 2024
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Las Vegas Valley Water District Spends $21 Mil on 166k sf Office Building

1/08/24

The Las Vegas Valley Water District (“LVVWD”) purchased a 166.4k sf office building on approximately 10 acres in Las Vega for $21.25 mil. Located at 330 South Valley View Blvd, the two-story building was fully vacant at the time of sale.

Built in 1983, as it currently stands, the existing building offers an impressive atrium, an open floor plan with HVAC control systems, and controlled access at exterior and major interior doorways. The building also features call center quality networking including redundant fiber optics, Cat6 ethernet cabling, and a backup generator servicing the building’s critical systems.

The property has 870 parking spaces on-site for a ratio of 5.24/1,000 SF, a premium amenity for the occupant. The parking lot has also been recently resealed and restriped. The property is also in an Opportunity Zone.

The LVVWD also currently owns 251.5 acres of property situated directly across the street. That acreage consists of a mix of administrative buildings, operations support, utility infrastructure (including wells and water storage tanks), public education buildings, as well as a special land preservation area that is publicly accessible called The Springs Preserve, a 180-acre cultural institution and featuring an educational WaterWorks exhibit, and more.

Cushman & Wakefield’s Marlene Fujita Winkel, CCIM, Emily Brun, and Cody Seager of the firm’s Private Capital Group in Las Vegas represented the private seller in the sale of 330 South Valley View.

“330 South Valley View presented an exceptional acquisition opportunity for an unoccupied premier central Las Vegas Valley location with immediate access to the US-95 and I-15 freeways, plus adjacency to Meadows Mall and The Springs Preserve,” said Fujita Winkel. “The property also resides just a few miles west of downtown Las Vegas and the World Market Center and is proximate to two premier master-planned communities, Summerlin and Green Valley. It is well suited for the real estate and locational needs of the LVVWD and the property(s) it currently owns next door.”

“While official plans for the site have yet to be revealed, given the lack of available land for expansion in the area, this is certainly an optimal site location for any potential future growth for the LVVWD should they choose,” added Fujita Winkel.




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