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7/27/22
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A 67.1k sf, Class A LEED-certified office property in Las Vegas sold for $26 mil ($387/sf). Located at 9075 W Diablo Dr, the three-story, the multi-tenant building is 97% leased to several notable credit tenants with strong leasing interest for the lone remaining suite.
Originally constructed in 2008 by a renowned local developer, Jeff LaPour, 9075 W Diablo is strategically located on Interstate 215 with freeway visibility and immediate access to the I-215 Southbound on-ramp. The building boasts views of the world-famous Las Vegas Strip as well as Red Rock Canyon. The property is surrounded by dense housing with over 58,000 households in a three-mile radius, including major master-planned communities.
The property was purchased by KB Acquisitions LLC, known as Kingsbarn Realty Capital LLC, a local Las Vegas company led by Jeff Pori. Cushman & Wakefield’s Marlene Fujita Winkel, Emily Brun and Alex Casingal repped the seller, Greenlite Partners LLC, an affiliate of WG Group that was founded by Benjy Garfinkle, who has been in commercial real estate since 1978 and completed over $250 mil in real estate transactions in the Las Vegas market since 2010. According to C&W, the sales price of $387/sf is one of the highest prices paid per square foot for an arms-length, multi-tenant Class A office sale transaction in more than a decade in Las Vegas.
“Ideally situated in one of Las Vegas’ most desirable locations, known as ‘the curve’, this property was acquired by a private equity firm that was attracted to the building's location in the heart of Las Vegas’ burgeoning Southwest office submarket,” said Fujita Winkel. “Given the overall strength of this Class A asset, we were able to receive multiple offers in less than 30 days from marketing commencement.”
“Additionally, the asset is occupied by nine tenants, four of which have been in place since original construction. The seller retained these tenants, completed tenant improvements for additional tenants, and now the asset remains a key building achieving some of the highest lease rates for like-kind assets in the market,” said Fujita Winkel.
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