The assets are Las Vegas Business Park, Buffalo Business Center and Gateway Plaza. The biggest of the trio is Las Vegas Business Park, which includes seven low-rise office and warehouse buildings totaling 273,575 sf. About 25% of the development is being marketed for lease. The street addresses are 6324-6375 Pecos Road.
Buffalo Business Center is a 34,458-sf office building at 2451 S. Buffalo Drive. It was built in 1988 on 2.47 acres and last changed hands in April 2007 for $8.35 million. Approximately 35% of the building is available for lease. Gateway Plaza is a 127,287-sf, 10-year-old retail center at 1306-1318 W. Craig Rd. in North Las Vegas that sits on 2.5 acres. It last changed hands in February 2006 for $6.7 million and is 100% leased.
All three properties are TICs arranged by Joe Mandelbaum, a tax specialist and real estate investor who lives in Manhattan Beach, CA. Mandelbaum's Manhattan Beach-based RMI Investment Holdings and its Las Vegas-based affiliate RMI Investment Services apparently handled the transactions.
Prior to Gatski, the properties were being managed by an affiliate of RMI, which was recently dissolved.The assignment takes Gatski's leasing and management portfolio to 5.8 million sf. Tamara Zboril, senior property manager for Gatski Commercial, will serve as property manager for these properties while Sheila Farrel will serve as assistant manager. Jason Simon, Rob Lujan, Laramie Bracken or Mike Richards of Gatski Commercial's brokerage and leasing department have the leasing assignment.
Lujan tells GlobeSt.com that the high vacancy in the two non-retail assets is likely due to a lack of attention by the prior owner. "We've had great activity since we've taken over," he says. "The fact that we are priced aggressively helps."
The triple net monthly asking rate for Las Vegas Business Park is $0.70-75 per sf for the warehouse space and $0.90-$1.00 per sf for office space. For Buffalo Business Center, the triple-net monthly asking rate is $1.65 per sf.
The management assignment will pay Gatski an undisclosed percentage of gross collections or a minimum total, whichever is greater. The leasing assignment reportedly will pay Gatski between 3% and 6% of new lease values, depending on whether there are outside brokers involved.
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