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City Center West Sells for $325 Per SF

LAS VEGAS-JB Matteson acquires the asset from an LLC led by Weston Family Group LLC of Santa Barbara, CA.

By Brian K. Miller | Updated on April 15, 2008

LAS VEGAS-City Center West, a 106,000-sf office building here that is 97% leased has changed hands for $34.5 million or $325 per sf, according to CB Richard Ellis, which listed the multi-tenant building for sale. JB Matteson acquired the asset from WFG III, an LLC led by Weston Family Group LLC of Santa Barbara, CA, according to county and state records.

City Center West is located at 7201 W. Lake Mead Blvd., which is near the master-planned community of Summerlin on the west side of the Las Vegas Valley. The building was built in 1998 by Pauls Corp. of Denver. The building last traded in 2005 for approximately $30 million. An identical neighboring building traded in 2006 for approximately $35 million.

Based on the property’s projected year-one NOI, the latest transaction represents a capitalization rate of approximately 6.5%. The $325 per-sf price is at or just below replacement cost, according to CBRE broker Christina Roush of Las Vegas, who with Kevin Shannon of CBRE in Los Angeles had the disposition assignment.

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