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| Summerlin Development, Las Vegas, NV |
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| Tivon Moffitt |
LAS VEGAS, NV – On behalf of
Moonwater Capital, JLL has completed the $19.9 million sale of a single-tenant
office property in the Summerlin masterplanned community in Las Vegas,
Nevada.
The Class A office
building is leased to an industry leading Fortune 10 company and features
recent, comprehensive renovations – a combination that helped to generate
interest from more than 100 potential investors.
JLL Senior Vice Presidents Tivon
Moffitt and Peter Bauman, and Executive Vice President Bret Davis
represented Moonwater Capital in the transaction. The buyer, a private
investment entity from California, was represented by Kase Abusharkh of
The Kase Group.
“This sale represents an
industry-leading cap rate for a single-tenant office project in the Las Vegas
market,” said Bauman. “The significant interest achieved by the JLL team drove
this sale price to $19.9 million and we are pleased that the property sold for
$338 per square foot.”
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| Peter Bauman |
Located at 1451 Center Crossing
Road in Las Vegas, the building totals 58,950 square feet and is fully
leased by a Fortune 10 company.
It sits within the Summerlin masterplanned
community, surrounded by a desirable residential, retail, office and employment
demographic, and with an attractive geographical position along Summerlin
Parkway, minutes from the Interstate 215 Beltway and US 95.
“Investors across the United
States and globally understand the strength and diversity of the Las Vegas
economy, especially Summerlin,” said Moffitt. “They want to invest in Las Vegas
and there is diverse capital seeking to make long-term real estate investments
in this market.”
The property seller, TSSP –
Moonwater Capital, acquired the building in 2018 as part of a seven-building
office portfolio.
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| Bret Davis |
“Moonwater recognized the
significant value of this building’s long-term lease to a credit tenant,” said
Davis. “That was a driving force in the aggressive offers the JLL team received
from a diverse group of buyers, including direct foreign capital investors.”
About JLL
JLL (NYSE: JLL) is a leading
professional services firm that specializes in real estate and investment
management.
Our vision is to reimagine the world of real estate, creating
rewarding opportunities and amazing spaces where people can achieve their
ambitions.
In doing so, we will build a better tomorrow for our clients, our
people and our communities. JLL is a Fortune 500 company with annual
revenue of $16.3 billion, operations in over 80 countries and a global
workforce of over 90,000 as of December 31, 2018.
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| Kase Abusharkh |
JLL is the brand name, and a
registered trademark, of Jones Lang LaSalle Incorporated. Jones Lang LaSalle
Brokerage Inc. is JLL’s legal brokerage entity in Nevada. For more news, videos and research resources
on JLL, please visit www.jll.com.
About Moonwater Capital
Founded in 1997 by Ofir Hagay,
Moonwater Capital is a Las Vegas-based boutique real estate investment
firm.
Moonwater Capital specializes in value-add investments, particularly real
estate properties in the greater Las Vegas metropolitan area.
Through years of company-wide success, Moonwater Capital
creatively applies its international experience to the Las Vegas
marketplace where it stands as the leader in the commercial office market.
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| Ofir Hagay |
Contact:
Stacey Hershauer
Phone: +1 480 600 0195
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