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12/16/11
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TA Associates has acquired a Class A portfolio of industrial and flex buildings totaling 425k sf located at Hughes Airport Center, a premier master-planned business park in Las Vegas, on behalf of a real estate fund. The buildings were sold for $36.25 mil ($85/sf) by a joint venture of CIP real Estate and an investment fund managed by Buchanan Street Partners.
“This transaction is strong evidence of the continued interest by institutional investors for core industrial assets in Las Vegas,” said Eric Smyth, Principal of Irvine-based CIP Real Estate. “Portfolio sales of significant square footage and industrial quality seldom occur in Las Vegas. Therefore, the opportunity to purchase the Hughes Airport Center portfolio represents a unique event.”
The buildings are located at 6700 Paradise, 1111 Grier Dr, 1151 Grier Dr, 1181 Grier Dr, 890 Pilot Rd and 950 Pilot Rd. Major tenants in the acquired portfolio include Iron Mountain, Telepacific, Cirque du Soleil, Ninyo and Moore, and MEI. TA Associates has retained CIP to continue managing the assets for the real estate fund’s account.
The CIP and Buchanan Street Partners’ joint venture continues to own approximately 1.2 msf of office, flex, and industrial buildings in Hughes Airport Center valued at over $120 mil. In the past several years, the joint venture has sold over 1 msf of properties in Las Vegas totaling more than $105 mil, including the November sale of the 985 Trade Dr building in North Las Vegas, leased to Cox Communications for $7.48 mil.
Darla Longo and Barbara Emmons of CBRE (Ontario) and Kevin Higgins of Voit Real Estate Services (Las Vegas) represented the seller, while TA Associates represented itself in the transaction.
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