Out-of-state investors buy Las Vegas industrial building for $40.5M
Nearly four years after buying a suburban Las Vegas office park, California real estate investors have teamed up to purchase a big industrial building nearby.
Brookhollow and PCCP partnered to acquire the industrial property at 7900 W. Sunset Road, off Buffalo Drive, for $40.5 million. Listing brokerage Colliers International announced the deal this month.
The southwest valley building — next to slot-machine maker International Game Technology’s local offices — spans 331,471 square feet and was fully leased at the time of sale, Colliers said.
Jeff Kaplan, executive vice president of Brookhollow, told the Review-Journal that his firm liked the building’s location, citing its proximity to the Strip, McCarran International Airport, communities such as Summerlin and Green Valley, and office park Centra Point, which his firm acquired with PCCP in fall 2017.
His company wasn’t deterred from doing another deal in Las Vegas after the coronavirus pandemic sparked huge job losses in the casino-heavy region, he said, adding the valley is “coming back strong.”
“We see growing our portfolio in Las Vegas as much as we can,” Kaplan said.
Brookhollow and PCCP acquired the building from Panattoni Development Co.
Panattoni partner Doug Roberts, who oversees the firm’s projects in Nevada, did not respond to a request for comment.
PCCP, which boasts more than $13 billion in assets under management, did not respond to a request for comment either.
Kaplan said this was his company’s first purchase in Las Vegas since its acquisition of Centra Point, a multibuilding complex off Sunset just east of Durango Drive.
Kaplan said that the park is 82 percent leased and that he figures the majority of employees there are are working full-time in their offices again, after the pandemic sent waves of office staffers home in Southern Nevada and across the country.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
