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CIP, Buchanan JV Invests $115M in Vegas Industrial

LAS VEGAS-The duo acquires nine office and industrial buildings here from a joint venture of GoldenTree InSite Partners and Stoltz Real Estate Partners.

By Brian K. Miller | Updated on May 14, 2007

(Read more on the industrial market.)

LAS VEGAS-Nine office and industrial buildings here totaling 600,000 sf have changed hands for $115.25 million (not including the transfer tax), according to Clark County property records. The new owner is a joint venture of CIP Real Estate and Buchanan Street Partners. The seller was a joint venture of GoldenTree InSite Partners and Stoltz Real Estate Partners.

Seven buildings are located at Hughes Airport Center, where Irvine, CA-based CIP already owns 1.3 million sf that is virtually full. The other two buildings are located at Hughes Cheyenne Center in North Las Vegas. “This acquisition was a very important strategic addition to our office and industrial portfolio in Las Vegas,” CIP Real Estate principal Eric Smyth tells GlobeSt.com. “We are optimistic about the business growth in greater Las Vegas and these buildings are exceptionally well-located in Hughes Airport Center and in the prime Cheyenne sub-market in North Las Vegas.”

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