Voit’s Higgins’ Investment and Leasing Team completes a value-add mid bay industrial acquisition on behalf of PROLOGIS, the disposition of a distribution building for CIP Real Estate, and is currently marketing for sale the 172,000 square-foot flex business park, North Port, for an institutional lender.
Las Vegas, NV – April 17, 2012 – (RealEstateRama) — The Higgins’ Investment and Leasing Team of Voit Real Estate Services’ Las Vegas office has recently completed two transactions in Las Vegas totaling 281,000 square feet for a total consideration of $14.49 million.
“These two transactions were quite different from each other, but both demonstrate our team’s ability to perform for our clients in a tough market,” said Kevin Higgins, Senior Vice President and leader of Voit’s Investment and Leasing Team.
In the most recent transaction with PROLOGIS, the Voit team identified an opportunity in an off-market distressed asset – the 2875 N. Lamb Blvd. building, rebranded as the Cheyenne Distribution Center.
“This transaction required in-depth market knowledge, strategic recommendations, quick underwriting requirements and, of course, a buyer like PROLOGIS, that has the capability to perform quickly,” explained Higgins. “Our job is to constantly maintain contact with clients and maintain their specific investment requirements in order to present relevant opportunities as they arise, off-market or otherwise.”
The Cheyenne Distribution Center is a 171,000 square-foot, partially occupied, mid bay industrial building that PROLOGIS acquired for $7 million. Voit Real Estate Services represented PROLOGIS in the transaction. The seller, Kennedy Wilson, was unrepresented at the time of sale.
Voit also represented CIP Real Estate in the sale of a 110,000 square-foot, two-tenant distribution building at 985 Trade Dr. in North Las Vegas. The majority of the building was occupied by Cox Communications on a long term NNN lease, according to Higgins.
“With CIP wanting to deploy capital toward value-add acquisitions, we suggested that the time was appropriate to sell 985 Trade Drive. CIP agreed and we demonstrated our ability to execute a more traditional marketing program with the help of Mike Hefner in Voit’s Irvine office,” explained Higgins. “Selling an asset such as this requires the ability to justify market rents in a tough market, forecast realistic assumptions going forward, and a large enough network to find the appropriate buyer.”
A New Assignment on Behalf of an Institutional Lender
In addition to the recent transactions above, Voit’s Higgins’ Investment and Leasing team in Las Vegas was recently selected to market the North Port Business Center I and II on behalf of an Institutional Lender. The 172,328 square-foot North Port project is comprised of six office/flex/industrial buildings and is available for sale. The project is located at 3355-3675 W. Cheyenne Ave. in North Las Vegas, Nev.
For more information on the property please call (702) 734-4500 or visit the marketing website at https://my.rcm1.com/handler/teaser.aspx?pv=Db5rFBDs2rF_v3NEPRD6CVCfeBkZ0aGHnRD7xdnx8kA.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
Jenn Quader/Judith Brower
Brower, Miller & Cole
JQuader (at) browermillercole (dot) com