PCCP, LLC Provides $18 Million Senior Loan for the Acquisition and Lease-Up of a Class A Office Building in Downtown Las Vegas, NV

City Centre Place, 400 South 4th Street, Downtown Las Vegas, NV

Mike Johnson

Los Angeles, CA, Jan.  19, 2015 – PCCP, LLC announced today that it has provided an $18 million senior loan to Dornin Investment Group for the acquisition and lease‐up of City Centre Place, a six‐story Class A office building totaling 104,000 square feet in Downtown Las Vegas.

“PCCP’s loan not only provides acquisition financing but will also provide funds for capital improvements, tenant improvements, and leasing commissions for the remaining vacancy,” said Mike Johnson, associate vice president with PCCP, LLC. “Dornin Investment Group is an experienced and knowledgeable owner and we are excited to close our third transaction together.”

Built in 2002, the property is located at 400 South 4th Street and is 71 percent occupied. It is well-located between the County Courthouse, the Federal Courthouse, and the US Bankruptcy Courthouse.

Downtown Las Vegas, NV

The Las Vegas economy continues to climb out of the recession with job growth increasing three percent year‐over‐year. 

The overall 35 million-square-foot Las Vegas office market recorded its 11th consecutive quarter of positive net absorption.

 Class A buildings throughout Las Vegas have seen strong absorption and have increased their asking rents over the past few years as the market recovers. City Centre Place, and the overall Downtown Las Vegas market are anticipated to benefit from stable demand drivers from growing businesses who are seeking quality properties, as well as a lack of new construction.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224