Washington Capital Buying Centra Point

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.