JLL completes $19.9 million sale of Summerlin – Las Vegas office asset
JLL has completed the $19.9 million sale of a single-tenant, Class A office property located in Las Vegas leased by Fortune 10 company.
LAS VEGAS, April 17, 2019 – 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.”
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.
“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.”
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. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com