Newmark Capital Markets has announced the $39.7 million sale of a Class A office tower and adjacent parking structure, totaling 161,924 square feet in downtown Las Vegas located at 302 and 304 East Carson Avenue, Las Vegas, NV.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Ken White, David Scherer and Bryan Loewen, and Managing Director Rick Stumm, represented the seller, Highbrook Investors.
“We continue to see increased buyer depth in secondary markets as capital looks for significantly better yield compared to the coastal markets. This more attractive yield is being augmented by a deep and very competitive debt market,” said Shannon.
“302 Carson is a fully repositioned, creative and tech focused office environment that is truly unique and differentiated in the downtown Las Vegas marketplace,” stated Howard. “The new ownership is acquiring 302 Carson at a pivotal time with downtown Las Vegas experiencing a renaissance due to high growth technology tenants, and net in-migration and business expansion that is positioning the city for long term, sustained growth. Having two major sports franchises poised to locate to Las Vegas has also bolstered this momentum.”
Built in 1965 and substantially renovated between 2010-2015, 302 Carson is situated on roughly 1.2 acres and is occupied by a diverse mix of tenants including Take Two Interactive Software, GSA (Housing and Urban Development), and the Amazon subsidiary, Zappos. Additionally, as the premier interconnection hub in downtown Las Vegas, Flexential (formerly ViaWest) operates a significant and mission critical data center on-site. The project is twelve stories and is served by an adjacent five-level parking structure.
Downtown Las Vegas is both an emerging technology hub and home to the new Innovation District. As such, 302 East Carson functions as a hub and incubator to high-growth tech companies who desire a downtown Las Vegas location. “302 E. Carson is positioned as a transformative office and data center project, offering stability and good cash flow to the new ownership, while also providing opportunities for an aggressive, value-add lease up program,” added Howard.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.