(To read more on the industrial market, click here.)
LAS VEGAS-CIP Real Estate and Buchanan Street Partners have expanded a development opportunity within Hughes Airport Center by acquiring two parcels contiguous to its existing parcel. The joint venture paid $6.5 million for a 39,995-sf office/flex building on 2.32 acres and an adjacent 1.79-acre land parcel. The seller was Las Vegas-based Windrock Enterprises LLC.
The properties total 4.11 acres and are located on the northeast corner of Bermuda Road and Pamalyne Avenue (6770 Bermuda Rd.) within Hughes Airport Center. The property sits adjacent to a 4.22-acre parcel already owned by the partnership.
"We now own 6.01 acres of undeveloped, prime, high identity land located in the heart of Hughes Airport Center," says Chuck McKenna, principal with CIP Real Estate. "In addition, there is a potential to utilize the entire 8.33-acre site fronting Pilot Road, Bermuda Road and Pamalyne Avenue as a larger redevelopment targeting corporate headquarters in a campus-style environment."
The partnership plans to immediately renovate the existing building's interior and exterior spaces for occupancy by a corporate or industrial user. Built in 1994, the single-story building is currently vacant.
Kevin Higgins of Voit Commercial Brokerage in Las Vegas represented the partnership. Windrock was represented by Jennifer Kilpatrick of Colliers International.
Hughes Airport Center is one of the most sought-after commercial business parks in Las Vegas. Located directly off the I-215 and I-15, the park consists of 3.2 million sf of office and industrial space located on 420 acres in the center of the Las Vegas Valley and the Southwest/Airport submarket.
In January 2005, CIP Real Estate and its joint venture partner, Buchanan Street Partners purchased 18 office/flex/industrial buildings within the center for $145 million. The portfolio included single-tenant and multi-tenant buildings totaling 892,000 sf on 51 acres, as well as two land parcels totaling nearly 10 acres. In early 2005, the partnership acquired six buildings totaling 420,811 sf of office and industrial space on 22 acres. CIP-Buchanan owns about 1.4 million sf of built space within Hughes Airport Center and 12 acres of land.
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