Newmark has completed the $78.3 million sale of a nine-building, Class A office campus totaling 383,701 square feet located at 8311-8395 W. Sunset Road and 6655 S. Cimarron Road in Las Vegas, NV. Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, and Senior Managing Director Brunson Howard represented the seller, Washington Capital Management, Inc. on behalf of its clients. The buyers, PCCP, LLC and The Brookhollow Group, were self-represented.
“Centra Point is an institutionally maintained, Class A suburban office campus with scale, flexibility, and tremendous asset quality situated between the communities of Summerlin and Green Valley,” said Shannon. “The new ownership is acquiring Centra Point at a very opportune time with Las Vegas experiencing continued in-migration and business expansion that is positioning the city for long term, sustained growth. Having two major sports franchises locate to Las Vegas has also augmented this momentum.”
Built between 2004 and 2006, Centra Point is situated on over 25 acres and is 72 percent occupied by diverse mix of tenants including Ticor Title, Tropicana Entertainment, Valley Health Systems and Dickinson Wright. The campus is composed of seven multi-tenant office buildings, two retail buildings and is served by ample onsite parking.
Located between the master planned communities of Summerlin to the northwest and Green Valley to the east, the Southwest submarket is one of the most sought after Las Vegas office environments. This central location provides Centra Point with proximity to both executive and workforce housing, making it the preferred destination for high growth businesses seeking to locate in the Southwest market.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., 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 (NASDAQ: 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 (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.