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5/14/12
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Konami Digital Entertainment has acquired its 114.5k sf building in Las Vegas. The “state-of-the-art” build-to-suit facility, known as the Konami Gaming Building, is located within CIP Real Estate’s portfolio in the Hughes Airport Center, a master-planned business park in Las Vegas.
“We had been working with Konami on this purchase opportunity for some time,” said Eric Smyth, Principal of CIP Real Estate. “Konami is expanding its operations in Las Vegas and the acquisition made sense given the company’s plans for the building.”
This marks the third transaction for CIP in six months. Last December, CIP sold a 425k sf industrial portfolio in Hughes Airport Center to a real estate fund managed by TA Associates. In November of 2011, CIP sold the 110k sf Cox Communications building located in North Las Vegas on Cheyenne Ave to a private buyer. CIP owned the Cox Building and the industrial portfolio in a joint venture with an investment fund managed by Buchanan Street Partners.
These three sales totaled more than $62 mil and reportedly account for the largest transactions in Las Vegas during the past six months. CIP continues to own or manage more than 1.2 msf of office, flex and industrial buildings in Hughes Airport Center valued at over $150 mil.
The Konami Building is located at 585 Trade Center Dr, just south of McCarron airport. The property was sold through a joint venture between CIP Real Estate and Buchanan Street Partners. The seller represented itself in the transaction.
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