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11/27/12
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Decatur Crossings III, a 112.3k sf mixed-use property in Las Vegas, was acquired for $7 mil ($62/sf) by Ready Mix Opportunity Group LLC. The project, which consists of two, two-story office/flex buildings, was approximately 40 percent occupied at the time of purchase. It is located at 4675 and 4775 West Teco Ave.
Kevin Higgins, Garrett Toft and Darren Tappen of Voit Real Estate Services repped the buyer in this “off market” transaction. The seller, Next Gen Fund 5 LLC, represented itself in the deal.
“This property presents an enormous potential to add value. The buyer’s basis will enable them to attract quality tenants faster than the competition. In fact there was significant leasing activity on the shell space prior to the close of escrow,” explained Toft.
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