Search
 

321,000-SF Suburban Office Park Fetches $77M

LAS VEGAS-Fremont Properties of San Francisco acquires the 27-acre Flynn Gallagher Corporate Centre here from Cheyenne Investments LLC. The park's nine buildings are 99% leased.

By Brian K. Miller | Updated on April 06, 2005

LAS VEGAS-Fremont Properties of San Francisco has acquired Flynn Gallagher Corporate Centre, a 321,000-sf suburban office park on 27 acres in northwest Las Vegas, for about $77 million, an industry source familiar with the transaction tell GlobeSt.com. The seller is listed as Cheyenne Investments LLC. Representatives of parties involved declined to confirm the sale price.Built out from 1999 to 2003, Flynn Gallagher Corporate Centre consists of eight single-story buildings and one two-story building. The property is 99% leased. Approximately 85% of the space is leased out as general office, with another 10% leased out as medical office and 4% as retail. Major tenants include MPower Communications, Allegiant Air, Cardinal Health Services and Bechtel Nevada.For Fremont, the transaction completes a 1031 exchange that began with the recent sale of an asset in Downtown San Francisco. Fremont president David Wall calls the asset “a quality property in a top location within a flourishing submarket in one of the hottest office markets in the country.”"We particularly liked the fact that the commercial office tenant base is attracted to the property’s onsite medical services and food court,” he says. “It’s an extremely well planned project.” Charles Moore and Christina Roush of CB Richard Ellis’ Las Vegas office represented Cheyenne Investments in the transaction. LJ Melody arranged acquisition financing. CBRE has been retained by Fremont Properties to manage and lease the property.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.