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Washington Capital Buying Centra Point

LAS VEGAS-The Seattle, WA-based firm closes on seven of nine buildings for $97 million, with the remainder to close before the end of the year.

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

LAS VEGAS-Centra Properties is selling its crown jewel, Centra Point, to Washington Capital Management, for approximately $130 million. Centra Properties is a prolific local developer. Washington Capital is a Seattle-based manager of labor union-sponsored, multi-employer pension funds, formally known as Taft-Hartley pension funds.

Located at the northeast corner of Durango Dr. and the I-215 Beltway, the class A office development includes 10 two- and three-story, concrete-and-glass buildings with very little vacancy, a market-leading rental rate of $2.10 per sf per month, and a high-profile list of tenants. WCM, which is acquiring nine of the assets, recently closed on seven of them aggregating 317,398 sf for approximately $97 million for $305 per sf, according to Clark County records.

WCM’s Cory Carlson, portfolio manager for the commingled, open-end real estate equities fund that made the acquisition tells GlobeSt.com it will close on the other two before the end of the year. Those buildings had a different lender and “had to be dealt with differently,” says Carlson. The one Centra Point asset WCM will not acquire was sold to another party late last year.

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