LAS VEGAS-CIP Real Estate of Irvine, CA has sold a 425,000-square-foot industrial portfolio Hughes Airport Center for $36.5 million. CIP had owned the portfolio in a joint venture with an investment fund managed by Buchanan Street Partners, a unit of TCW Group, an international asset manager.
The buyer was a real estate fund managed by TA Associates. The sale price for Class A portfolio was about $85 per square foot.
The 425,000-square-foot transaction is a rare happening in Las Vegas, which has limitations on the supply of industrial land and buildings alike, according to Eric Smyth, Principal of CIP Real Estate. The local market has an inventory of 120 million square feet, which is comparatively slim for a major metro area, according to the Orange County investor.
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