LAS VEGAS-GlobeSt.com has exclusively learned that McCarran Corporate Plaza at 5740 and 5820 S. Eastern Ave. here in Las Vegas has changed hands for $10.2 million. Chuck Witters and Kris Watier, both of the Lee & Associates' Las Vegas office, represented the seller P-38 Properties LLC.
Witters tells GlobeSt.com that the seller had owned the two buildings since it built the 5740 building in 1998 and the 5820 Building in 2000. In terms of reasons for selling, the seller “had other investment opportunities and a motivated buyer,” Witters adds.
The buyer, TNP Acquisitions LLC was represented by Commerce TNP LLC. According to Watier, the buyer plans to hold the 87,018-square-foot property as an investment. Additionally the buyer currently has an approximate 6,000-square-foot tenant to occupy the 5740 S. Eastern Ave. building.
“The Las Vegas Valley has an approximate 24% vacancy factor in the office market at the moment,” Watier says. Witters adds that “positive net absorption of office space is occurring after approximately four years of negative net absorption but it will be at least three years before the office market reaches 2007 vacancy levels.”
The two office buildings were 68% leased at the close of escrow, in excellent condition and within close proximity to McCarran International Airport and the I-215 Beltway, according to Lee & Associates. Representative tenants include Carrington College, United Healthcare Services Inc. and AARP.
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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.
