The online property description says the building was originally constructed as an indoor, eight court tennis center but that the highest and best use going forward is likely as an industrial warehouse and distribution center. The building has ceilings high enough to support the addition of a second floor.
The new owner is ITC LAS VEGAS LLC, whose managing members are James Ahearn of West Palm Beach, FL, and ITCLV MM LLC of New York City. The seller was AWOL LLC, whose managing member are James V. Lovett and Kenneth M. Bauer of Henderson, NV.
Tom Hedgecock and Robert Butler with the Las Vegas office of Marcus & Millichap represented the seller. According to M&M, the new owner will occupy the building.
A year-end industrial market report by locally based Applied Analysis showed that vacancy in the 96 million-sf industrial market here ended 2007 at 6%, up from 3.5% at the end of 2006. The 10 million-sf Airport/East submarket posted a year-end vacancy of 4.4%.
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