The single-story office/flex buildings are located within the 420-acre, 3.3-million-sf Hughes Airport Center business park. Michael Hefner of Voit Commercial in Anaheim, CA, and Kevin Higgins of Voit Commercial in Las Vegas represented the buyers, Kraemer II Glendale LLC and FKC Glendale LLC, and the seller.
The buildings, one which comprises 57,802 sf on 4.2 acres and one that boasts 40,288 sf on 3.5 acres, are fully occupied by Credit One Bank N.A. and reside along Pilot Road near McCarran International Airport, the Las Vegas Strip, Interstate 15 and the 215 Beltway.
According to a report by Applied Analysis, this area's vacancy rates have been tightly tied to product type. Class B offices posted an approximate 14% vacancy rate in the third quarter, while class A vacancy remained at 8%. Average asking rents were maintained at about $2.36 per sf, and average cap rates hovered at 6.8%.
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