LAS VEGAS-An affiliate of New York City-based investment firm KTR Capital Partners has closed on the acquisition of a 1.6 million square foot portfolio of shallow bay distribution space. The deal included a 1.1 million-square-foot class A business park in Las Vegas and five assets totaling 475,000 square feet in Southern California.

Financial terms of the deal were not disclosed, but industry sources peg the deal at about $115 million. The sale was negotiated by vice chairman Darla Longo of the Ontario office of CB Richard Ellis, who represented both the buyer and the seller, who was undisclosed.

The portfolio, which is approximately 85% occupied, attracted multiple offers. Longo noted that it is KTR’s first acquisition in Las Vegas. She cited the “uniqueness of the opportunity to buy such a large property in Vegas, a market with historically very little investment sales activity due to long-term existing ownership.”