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CIP, Buchanan Pick Up 421,000 SF at Hughes Airport Center

LAS VEGAS-The Irvine, CA-based real estate investment company purchases six buildings within the 3.2-million-sf industrial and office development adjacent to McCarran International Airport.

By Brian K. Miller | Updated on March 22, 2005

LAS VEGAS-CIP Real Estate of Irvine, CA and Buchanan Street Advisors LP of Newport Beach, CA have acquired six buildings within Hughes Airport Center, a 420-acre, 3.2-million-sf office and industrial park here that sits adjacent to McCarran International Airport. The duo paid an affiliate of Stoltz Management Co. $36.15 million for the 421,000-sf portfolio. The six buildings were built between 1986 and 1990 and contain both office and industrial space. The combined occupancy of the buildings is 90%. Tenants include Iron Mountain, Get Fresh Sales, Ninyo & Moore, U.S. Telepacific and the United States Postal Office.Kevin Higgins of Voit Commercial Brokerage in Las Vegas and Michael Hefner of Voit Commercial Brokerage in Anaheim, Calif. represented CIP Real Estate in the acquisition. A principal with CIP was not available Tuesday for comment.”The Las Vegas industrial market continues to show signs of strength with vacancy declining for the third consecutive quarter,” says Higgins. Higgins predicts increasing lease rates throughout 2005 due to escalating demand from expanding businesses and limited supply, with little new construction.

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