JLL completes $ 18.3M sale of Las Vegas office building
The building serves as a mission-critical location for Shift4
LAS VEGAS, December 11, 2019 – JLL announced today that it has closed the $18.3 million sale of a 66,780-square-foot single-tenant office building triple net leased to Shift4 in Las Vegas.
JLL marketed the property on behalf of the seller, Las Vegas-based Moonwater Capital. A private capital investor purchased the asset.
Completed in 1993, the office building recently underwent a complete overall and renovation between 2018 and 2019 for Shift4, a leading payment processing and technology company. The property serves as a mission-critical location for the tenant, which merged with Lighthouse Network in 2018 and expanded its Las Vegas presence. As part of the consolidation and expansion efforts, the company recently executed a long-term lease with the seller. Situated on 4.55 acres at 1551 Hillshire Drive, the office is in the in the Northwest Las Vegas submarket and has excellent access to the Interstate 215 Beltway and the Summerlin Parkway. Additionally, the office is within the affluent Summerlin master-planned community, providing local amenities that include retail, restaurants, parks, outdoor trails, golf courses and sporting events.
The JLL Capital Markets team representing the seller was led by Senior Vice Presidents Tivon Moffitt and Peter Bauman and Executive Vice President Bret Davis.
“This sale is the third single-tenant office property we have sold in Las Vegas and, specifically, the Summerlin area this year,” Bauman said. “Investors are eager to invest in the Las Vegas marketplace.”
“Long-term leased single-tenant office properties are in strong demand,” Moffitt added. “This project benefits from a growing tenant in a critical business sector combined with a high-quality office building located in an infill Summerlin location.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Moonwater Capital
Moonwater Capital is a boutique real estate investment firm with a global view highly focused on returns. Moonwater Capital was founded in 1997, and, since its inception, has leveraged its deep knowledge of real estate, strong relationships in the investor and real estate communities and global experience to identify, secure and profit from real estate projects. Moonwater Capital is a company that is intimately involved in its projects, values transparency with its investor partners, committed to its relationships and has a track record of successful project-based returns. Constantly in motion, Moonwater Capital continues to seek unique projects and investment capital to deliver extraordinary results. Visit moonwatercapital.com to learn more.