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City Center West
sells for $34.5 million
The five-story steel-and-glass Class A office building near Summerlin is
97 percent leased
April 29, 2008 - JB Matteson has acquired City Center West at 7201 W.
Lake Mead Blvd. in Las Vegas for $34.5 million, or $325 per square foot, from an
investment entity led by the Weston Family Group LLC of Santa Barbara, Calif.
The 105,968-square-foot Class A office building is 97 percent leased. CB Richard
Ellis' Christina Roush and Kevin Shannon handled the transaction, which had a
6.5-percent capitalization rate.
The Pauls Corp. of Denver built the building in 1998. The five-story,
steel-and-glass structure that neighbors Summerlin has a palm-lined entrance.
City Center West was sold three years ago for $30 million or 13 percent less
than its most recent purchase price. The building's anchor tenant is radio
station operator Citadel Broadcasting Corp., which occupies 14,000 square feet.
Other tenants are First American Title, AG Edwards and Safeco, which together
occupy 12,219 square feet.
Class A space had the lowest vacancy rate at 9 percent of all Las Vegas office
types in the first quarter, Applied Analysis, a Las Vegas financial consultancy,
reports. Class A space also had the highest average rents at $2.78 per square
foot.
"The Las Vegas office market continues to be impacted by the favorable
conditions experienced during the 2005 and 2006 time frame," Applied Analysis
principal Brian Gordon said. "Pricing, or effective pricing, will be the release
valve for many building owners as the competitive landscape increases."
JB Matteson is a Redwood City, Calif.-based real estate investment, development
and management company. Its portfolio includes multifamily, office, retail and
mixed-use properties throughout the Western United States. Its Las Vegas assets
include the 326-unit Reflections at the Lakes apartment complex at 2601 S. Grand
Canyon Drive and the 480-unit Entrata Di Paradiso apartments at 2701 N. Rainbow
Blvd. Both properties were acquired in 2007.
PROJECTS
LM Construction completed the $15.5 million, 153,585-square-foot Traverse Point
Distribution Center at 880 Wigwam Parkway in Henderson. The 9.63-acre
development consists of a concrete tilt-wall industrial building with suites
from 24,079 to 76,614 square feet in size. Asking rents are 58 cents to 62 cents
per square foot. Colliers International's Patti Dillon, Daniel Doherty, David
Frear, Jesse Welling, and Jared Werline are leasing agents.
Rafael Construction is performing an $11.4 million upgrade to the 60-acre
Lorenzi Park at 3333 W. Washington Ave. The project calls for renovating tennis
courts and softball fields, improving field lighting, and building a new special
events area, a new playground and additional parking spaces. The project is
expected to finish in April 2009.
Burke & Associates is performing a $6 million, 29,000-square-foot renovation to
the El Cortez, 600 Fremont St. The project will refurbish the property's
five-story, 64-room Ogden House. YWS Architects is designer. The improvements
are expected to be complete later this year.
United Construction is building the $2.7 million, 17,383-square-foot Cactus
Plaza at the southwest corner of Cactus Avenue and Rainbow Boulevard in Las
Vegas. Phase I consists of a 5,353-square-foot tavern. It will be followed by a
12,030-square-foot retail strip center. Tierra Development is the developer, and
Marc Lemoine Architecture is the architect. The center is expected to open in
July.
JVC Architects is designing 8,000-square-foot, 300-person capacity multipurpose
buildings for two elementary schools in Las Vegas, including C.C. Ronnow at 1100
Lena St. and Bertha Ronzone at 5701 Stacey Ave.
MILLION-DOLLAR DEALS
A & W Real Estate Holdings bought a 24,456-square-foot medical office building
at 5761 S. Fort Apache Road in Las Vegas for $5.3 million, or $217 per square
foot, from Venture Corp., Fort Apache Acquisitions LLC, et al. New Growth
Commercial Real Estate's Bridget Richards and Jason Lesley represented the
seller.
SDAN LLC bought 21,953 square feet of light-industrial/flex space at 1850
Whitney Mesa Drive in Henderson for $3.9 million, or $175 per square foot, from
Hedley Henderson 1 LLC. Prudential CRES-IPG's Amy Ogden represented the buyer;
New Growth Commercial Real Estate's Bridget Richards and Jason Lesley
represented the seller.
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