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7/25/13
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TNP Acquisitions LLC has purchased McCarran Corporate Plaza, an 87k sf business park in Las Vegas, for $10.2 mil ($117/sf). The property, located at 5740 and 5820 S. Eastern Ave, just south of Russell Rd, was sold by P-38 Properties LLC.
The 5740 S. Eastern building was built in 1998 and the 5820 S. Eastern building was built in 2000. The two office buildings were 68 percent leased at the close of escrow, in excellent condition and within close proximity to McCarran International Airport and the I-215 Beltway. Tenants include Carrington College, United Healthcare Services, Inc. and AARP.
The buyer plans to hold the property as an investment. At present, they have a tenant to occupy 6k sf at the 5740 S. Eastern building.
Chuck Witters, SIOR, and Kris Watier, both of the Lee Las Vegas office, represented the seller in the deal. The buyer was repped by Commerce TNP, LLC. According to Watier, the Las Vegas Valley has about a 24 percent vacancy factor in the office market at the moment.
Witters stated that positive net absorption of office space is occurring after approximately four years of negative net absorption but it will be at least three years before the office market reaches 2007 vacancy levels.
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