Premier Commercial Real Estate Deal in Las Vegas
$21.1M Sale in Summerlin
We have some big news to share, especially for those keen on the thriving commercial real estate scene in Las Vegas. Right in the heart of bustling Summerlin, Coxen Group has finalized a monumental real estate transaction. We are delighted to announce the successful sale of a fully occupied office building, located at 10750 W. Charleston Blvd., for an impressive $21.1 million to a 1031 buyer with an all-cash offer.
This isn't just any property; it's a substantial 68,346 square-foot, two-story office complex situated on 5.63 acres of prime Las Vegas real estate. The sale was expertly managed by the seasoned professionals at CBRE's Investment Properties, representing the seller, BP Airways, LLC, while the buyer was skillfully represented by Michael Coxen of The Standard. A Real Estate Agency.
Now, let's delve into what makes this real estate deal a significant milestone in the commercial real estate landscape of Las Vegas.
A Resilient Investment Opportunity
Despite market challenges, this trophy property has lasting appeal — not only in its sought-after Summerlin location but also in its long-term tenancy. With Wyndham Vacation Ownership and Realty One Group as long-term occupants, it's evident why this property sold at $307 per square foot, yielding a 7.52% CAP Rate.
Promise of Appreciation
There is exceptional potential of properties like 10750 W. Charleston Blvd. in Summerlin. Limited land availability for new commercial developments in this area ensures substantial appreciation potential for existing properties. In essence, this sale represents an exceptional investment opportunity today and promises fruitful returns in the future.
In summary, this sale is not merely about numbers; it's a testament to the enduring appeal of Las Vegas and its thriving commercial real estate market. If you're contemplating a move within Las Vegas or exploring investment opportunities in this dynamic city, keep a close watch on properties like this one. Summerlin, with its growth prospects and vibrant atmosphere, remains a prime destination for commercial real estate enthusiasts.
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