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106,000-SF Office Building Fetches $30M-Plus

LAS VEGAS-Pacifica Real Estate Group acquires City Center West "A" from a group of tenant-in-common-investors including T REIT, which owned an 89.1% interest. The property was previously under contract for $27.6 million, but that deal was terminated at the end of May.

By Brian K. Miller | Updated on August 04, 2005

LAS VEGAS-Pacifica Real Estate Group of Santa Barbara, CA has acquired the City Center West “A” office building here for $30.8 million. The seller was a group of tenant-in-common investors led by Santa Ana, CA-based T REIT, which owned a 89.1% share. City Center West “A” is a 106,00-sf office building located in Northwest Las Vegas. The property was built in 1998 and is nearly fully leased. Major tenants include A.G. Edwards & Sons, Inc., Government Employees Insurance Company, Sprint Communications and United Title of Nevada.Triple Net Properties of Santa Ana acquired the property on behalf of T REIT and other TIC investors in March 2002 for $21.67 million. The property currently generated an annual rent of $2.71 million. The average rent in the building is $26.45 per sf per year, according to SEC filings.T REIT says the property was previously under contract to be sold to the United Insurance Company of America for $27.6 million, but that deal was terminated at the end of May, according to SEC filings. Subsequent to that but prior to the new sale, Triple Net Properties refinanced its loan on the property, making it assumable and dropping the interest rate fro 6.5% to 5.0% fixed. Kevin Shannon and Jeff Hanson of Grubb & Ellis and Darryll Goodman of Triple Net Properties represented the tenant-in-common sellers. Pacifica Real Estate Group was represented in-house by Bob Gibbs.

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