Cirque du Soleil was the largest of the signed deals by deal value. The well-known entertainment group renewed and expanded its lease to 31,049 square feet of office space at 980 Kelly Johnson Drive. Based on a reported deal value of "more than $6.6 million," the length of the commitment is believed to be at least seven years, which would equate to a lease rate of $2.53 per square-foot per month. CIP tells GlobeSt.com Cirque's existing lease has not yet expired. The expansion, along with improvements to Cirque's existing leasehold, will reportedly begin in the next couple of months.
The CIP-Buchanan partnership was represented in-house by CIP senior vice president Scott Flemer. Patric Ouelett of Devencore Itee in Montréal represented Cirque du Soleil, which will open a new Elvis-themed show at the new 18-million-square-foot CityCenter development, which opens in December. Neither broker was immediately available Friday for comment.
Hughes Airport Center covers 420 acres immediately south of McCarran International Airport and includes office, industrial, and R&D properties. CIP and Buchanan acquired the bulk of their 1.8 million square-foot portfolio within the park in two pieces. In January 2005, it paid $145 million for 51 acres holding 18 buildings totaling 892,000 square feet. In May 2007, the partnership acquired several buildings totaling 420,811 square feet of office and industrial space on 22 acres as part of a larger, 600,000 square foot acquisition valued at $115.25 million that included buildings at Hughes Cheyenne Center in North Las Vegas.
CIP's website lists approximately 300,000 square feet as currently available, which would equate to a vacancy rate of approximately 16.5%. Two years ago, its portfolio was virtually fully leased.
CIP says activity in the past 90 days includes six new leases, two expansions and 12 lease renewals totaling 350,000 square feet, or approximately 20% of its space within the park. CIP tells GlobeSt.com that all of the leases will commence within the next 60 days if they have not already, and all have a minimum term of 3 years.In addition to the Cirque du Soleil deal, recently signed leases at CIP's properties within Hughes Airport Center include:
- American Home Mortgage Servicing renewed its lease for 20,019 square feet at 823 Pilot Road in a transaction totaling over $360,000. AHMS utilizes this location for its Western US data center. AHMS was presented by Anita Turner of Jones Lang LaSalle.
- Transact Technologies, which develops software for gaming machines, renewed its lease at 6700 Paradise Road in a transaction totaling close to $1 million in a space totaling 13,662 square feet. Transact was represented by Sholanda Hughes of CBRE and the ownership was represented by Scott Flemer of CIP Real Estate Property Services.
- United Coin Machine Corp., a slot machine services company, has signed a 33,843-square-foot lease renewal valued at more than $3.3 million at 600 and 711 Pilot Rd. CIP represented both parties in the transaction.
- Franklin Machine Products, a manufacturer of parts and accessories for the food service industry, has signed at 36,243-square-foot lease renewal and expansion for $1.4 million at 839 Pilot Road. CIP Real Estate Property Services represented both parties in the transaction.
- Peeq Media/Blue Ocean, a provider of digital production and technology services, signed a 24,665-sqaure-foot lease expansion valued at more than $1 million at 831 Pilot Road. The ownership was represented by Garret Toft of Voit Real Estate Services.
- CH Robinson 3PL, a third party logistics (3PL) provider has signed a 3,085-square-foot lease for $442,089 at 980 Kelly Johnson Drive. CIP was represented by Kevin Higgins and Garret Toft of Voit Real Estate Services and CH Robinson 3PL was represented by Jason Molcolm of Mohr Partners.
- Bally's, a major gaming company in Las Vegas, has signed a 16,773-square-foot lease valued at $213,352 at 1151 Grier Drive. The ownership was represented by CIP Real Estate Property Services and Bally's was represented by Steven J. Santana of Prudential/IPG Commercial Real Estate.
- Additional leases were signed by: Grand Products, FAMSA, Laird Plastics, Wolf & Wyman, Gill's Printing & Business Forms, Inc., William Lyon Homes, Pardee Homes, Diamond Distributors, American Video Electronics, Inc., NAI Global and Lucchesi, Galati, Architects, Inc.
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