LAS VEGAS-GlobeSt.com exclusively learns that Newport Beach, CA-based Voit Real Estate Services has just completed its first investment acquisition in more than five years. The firm has acquired Cheyenne Technology Center, formerly called North Port Business Center, for $11.9 million.
“An institutional lender” was the seller of the 172,328-square-foot industrial business park here in North Las Vegas. Robert Voit, CEO and founder of Voit, (who will receive the lifetime achievement award in August at RealShare Orange County) says that the firm will invest an additional $700,000 in the property over the next six months and “market it aggressively.”
Over the years, Voit has owned and developed more than 24 million square feet of commercial real estate valued in excess of $2 billion during its 40-year history. “This purchase demonstrates confidence in the new opportunities arising from the most recent market cycle,” according to Voit.
Garrett Toft, Eric Larkin and Zac Zaher of Voit’s Las Vegas office have been named the exclusive leasing representatives for Cheyenne Technology Center, which is located at 3355-3675 W. Cheyenne Ave. in North Las Vegas.
The purchase also shows confidence in the Las Vegas market. “We believe that the market has reached its bottom, creating the right timing for this acquisition,” Voit says.
The property is comprised of six office/flex/industrial buildings, and was 52% occupied at the time of sale. According to the firm, Voit will add value to the asset by “launching an aggressive leasing campaign.”
The firm will also upgrade the landscaping, parking and exterior, and constructing speculative tenant improvements in some of the property’s units. “Because part of the business park is currently in shell condition, we will build out several units in order to provide prospective tenants with an opportunity to see the potential in the space,” explains Voit.
Financing for the transaction was provided by Wells Fargo Bank, which has worked with Voit for more than 30 years. The loan closed in a 15-day period. “The speed of this closing is reflective of the excellent level of service the bank consistently provides to us, as well as the trust that has been built between our firms,” Voit adds.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
