Newmark Capital Markets has completed the $17 million sale of Charleston Tower, an approximately 88,726-square-foot office property in Las Vegas. Situated in the growing Las Vegas Medical District, the property consists of one six-story office building and one two-story office building along with a two-level parking structure. Charleston Tower is approximately 95 percent occupied with its largest tenant, Board of Regents of the Nevada System of Higher Education, occupying 65 percent of the property.
Newmark Capital Markets Executive Managing Director David Scherer out of the Las Vegas office, in cooperation with Newmark Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Director Ken White and Senior Managing Director Laura Stumm out of the El Segundo office, represented the seller, Jade Enterprises, one of the leading private commercial real estate investment and development companies in Southern California. The buyer was Casa Mia, Inc.
Located on approximately three acres at 1701 West Charleston Blvd., Charleston Tower was built in the 1970s and 1980s and was most recently renovated in 2013. The property is located on the main thoroughfare of the Las Vegas Medical District.
“Charleston Tower offered the buyer the unique opportunity to purchase a high-tenancy office building in the heart of the Las Vegas Medical District, which is anchored by two major hospitals, the Cleveland Clinic, the UNLV School of Dental Medicine and the future UNLV Medical School building,” said Scherer. “Because of the strong anchors in the Medical District and the presence of the UNLV School of Medicine, the district has a higher occupancy level than the Las Vegas market as a whole, which produces an excellent environment for future rent growth.”
The Las Vegas Medical District is the only designated medical district in Southern Nevada and has received substantial support from the City of Las Vegas to create the premier medical district in the state. The City has committed to invest $97 million, add 25,000 jobs and currently provides economic incentives for landlords within the district. Such support has driven vacancy in this coveted submarket to a low 8 percent among buildings greater than 40,000 square feet.
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.