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Koll/PER Buys Low-Rise Vegas Office Complex

LAS VEGAS-The JV of Koll Co. and the Public Employee Retirement System of Idaho acquires the 15-building Tropicana Executive Center, its third property here in the past 14 months.

By Brian K. Miller | Updated on March 27, 2007

LAS VEGAS-The 100,532-sf Tropicana Executive Center here has changed hands for $15.6 million. Argo Corp., a Las Vegas real estate firm sold the 15-building, small-suite development to Koll/PER, the joint venture of the Newport Beach, CA-based Koll Co. and the Public Employee Retirement System of Idaho.

Tropicana Executive Center is a one-story, garden-style office complex covering 8.5 acres at East Tropicana Avenue and Tamarus Street, two miles east of the Strip. Thirteen of the 15 wood-frame buildings were built in 1978 and the other two were built in 1998.

Bill Larkin, acquisition and development manager for Koll says the property has 52 suites and is 95% leased. Chuck Witters of Lee & Associates represented the seller. Dean Willmore of IPG Commercial Real Estate Services represented Koll/PER.

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