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LAS VEGAS-The Mammoth Airport Business Park here has changed hands for $32.1 million. The 273,400-sf industrial and office park covers 14.6 acres at the intersection of Sunset Avenue and South Pecos Road.
The 135-tenant business park is comprised of three two-story office buildings and four single-story industrial buildings. The buildings are broken into 165 separate units ranging in size from 945 sf to 7,857 sf. Occupancy at the time of sale was 87%.
The Las Vegas Valley saw 1.5 million sf of new industrial deliveries offset by 2.1 million sf of absorption during the third quarter, pushing vacancy down to 3.4% from 4.1% at the start of the quarter, according to locally based Applied Analysis. The market's lowest recorded vacancy rate, 3.3%, came earlier this year at the end of the first quarter.
The seller of Mammoth Airport Business Park was Mammoth Equities Capital Group LLC of San Juan Capistrano, CA, which was acting on behalf of 29 individual investors that owned the asset as tenants-in-common. RMI Investment Services LLC of Las Vegas was the buyer.
Mel Koich and Scott Owens of Lee & Associates represented the buyer. Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage's Irvine office represented Mammoth.
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