Torrance, CA – July 25, 2013 – (RealEstateRama) — Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has closed the $10.2 million sale of McCarran Corporate Plaza at 5740 and 5820 S. Eastern Ave., Las Vegas, Nev.
Chuck Witters, SIOR and Kris Watier, both of the Lee Las Vegas office, represented the seller P-38 Properties, LLC.
“The Las Vegas Valley has an approximate 24 percent vacancy factor in the office market at the moment,” said Watier.
Witters stated that positive net absorption of office space is occurring after approximately four years of negative net absorption but it will be at least three years before the office market reaches 2007 vacancy levels.
According to Watier, the buyer plans to hold the 87,018-square-foot property as an investment. Additionally the buyer currently has an approximate 6,000-square-foot tenant to occupy the 5740 S. Eastern Ave. building.
The 5740 S. Eastern Ave. building was built in 1998 and the 5820 S. Eastern Ave. building was built in 2000. The two office buildings were 68 percent leased at the close of escrow, in excellent condition and within close proximity to McCarran International Airport and the I-215 Beltway.
Representative tenants include Carrington College, United Healthcare Services, Inc. and AARP.
The buyer, TNP Acquisitions, LLC was represented by Commerce TNP, LLC.
About Lee & Associates
Celebrating more than 34 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the nation, with 48 locations across the nation including Arizona, California, Georgia, Idaho, Indiana, Illinois, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. With a roster of nearly 750 expert brokers, Lee & Associates provides a wide range of specialized commercial real estate services. Additional information is available at www.lee-associates.com.