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| Decatur Crossings III, Las Vegas, NV |
Las Vegas,
NV– Voit Real Estate Services has procured the $7 million sale of Decatur
Crossings III, a 112,304 square-foot mixed-use property in Las Vegas, Nev.
on behalf of the buyer, Ready Mix Opportunity Group LLC.
This well-located
project, which consists of two, two-story office/flex buildings, was
approximately 40 percent occupied at the time of purchase.
Kevin Higgins
and Garrett Toft of Voit’s Las Vegas office worked closely with Darren
Tappen of Voit’s Phoenix office to represent the buyer, Ready Mix
Opportunity Group LLC in this “off market” transaction. The seller, Next Gen
Fund 5, LLC, represented itself in the transaction.
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| Kevin Higgins |
“The
success of this deal speaks to our ability to locate investment opportunities
for our clients in a supply constrained investment market. Buyers are looking
for strong, value-add investments which can be well-positioned to attract new
tenants,” explains Higgins.
“This
property presents an enormous potential to add value. The buyer’s basis will
enable them to attract quality tenants faster than the competition. In fact
there was significant leasing activity on the shell space prior to the close of
escrow,” explained Toft. “The location,
product type and timing were very appealing to us and we were able to move
quickly to close to meet the seller’s needs.
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| Garrett Toft |
“Voit did a great job for us on this transaction,” according
to Jeff LaPour, a principal of RMOG LLC.
According to Darren Tappen, this transaction was a great
example of the synergies between the regional Voit offices in action. There were a number of individuals that all
brought different skill sets to table and made this deal happen.
The property
is located at 4675 and 4775 West Teco Avenue in Las Vegas, Nev.
Contact:
Judith Brower
Brower, Miller & Cole
(949) 955-7940
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