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Vegas Office Complex Sold

CIP Real Estate and Buchanan Street Partners have sold a pair of office/flex buildings in Las Vegas for $30.2 million. Both office/flex properties are located within the 3.3 million sq. ft. Hughes Airport Center business park. The properties consist of two one-story office/flex buildings with roughly 100,000 sq. ft. of combined space. Credit One Bank occupies both properties. Kraemer II Glendale LLC and FKC Glendale LLC purchased both facilities.

“We are extremely bullish about Las Vegas’ office and industrial markets,” says Eric Smyth, principal with CIP. “Ownership’s strategy in selling the two properties was to release those buildings within our portfolio that don’t coincide with our current portfolio requirements, capitalize on the favorable local market conditions and provide additional equity for future prospects.”

The sale of the two properties also includes two billboards located in front of the airport connector that feeds into McCarran International Airport. Clear Channel currently leases the billboard.

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