TIC Buys Pair of Office Buildings for $42M

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LAS VEGAS-Two buildings totaling 101,000 sf in the Siena Office Park here changed hands earlier this month for approximately $42 million, according to Clark County records. Known as Building Three and Building Five, the buildings were developed in 2002 and 2003 by Plise Development and Construction. Major tenants include HQ Global Workplaces Inc., National University and Countrywide Home Loan. Overall occupancy is currently 91%.

Located at 861 Coronado Center Dr. and 2850 W. Horizon Ridge Pkwy., Triple Net Properties acquired the two low-rise buildings on behalf of tenant-in-common investors. Triple Net chief investment officer Jeff Hanson says Triple Net initially took a significant position in the properties but has since sold additional stakes in the assets to additional 1031 exchange investors.