Contact:
Jen Olewinski/Nick Kopinga
Brower, Miller & Cole
(949) 509-6551
jolewinski@browermillercole.com
CIP REAL ESTATE SELLS 44,631 SQUARE-FOOT LAS VEGAS
INDUSTRIAL BUILDING FOR $10 MILLION
LAS VEGAS, Nevada (May 2, 2007) – CIP Real Estate, an Irvine-based full service real estate investment and management firm in its joint venture with Buchanan Street Investors, has sold a 44,631 square-foot industrial building located at 821 Grier in Las Vegas, Nevada for $10 million.
“The Las Vegas investment market remains incredibly strong, with intense demand for institutional grade investment property like 821 Grier in Las Vegas. The property had been leased for a five-year term by JT3, a specialized defense firm jointly owned by Raytheon and EG&G, offering a secure income stream to the investor,” explained Mike Hefner, senior vice president of Voit Commercial Brokerage’s Anaheim Metro office, who along with fellow Voit brokers Kevin Higgins and Garrett Toft of Voit’s Las Vegas office represented the seller, CIP Real Estate.
This property is located in the Hughes Airport Center, a first-class, 1.2 million square-foot business park situated on 420 acres. CIP Real Estate in a joint venture with Buchanan Street Partners acquired the Hughes Airport Center in 2005.
This project is in close proximity to McCarran International Airport, Interstate-15, Interstate-215 and the Las Vegas Strip.
Mike Marrone of Joel Laub & Associates represented the buyer, 821 Grier, LLC.
Voit Commercial Brokerage, a member of CORFAC International, is a full-service brokerage firm that specializes in the sales and leasing of office, industrial and retail properties, in addition to investment property sales. Since the firm’s inception, it has completed sales and lease transactions valued in excess of $13 billion. A subsidiary of The Voit Companies, Voit Commercial Brokerage has offices in Irvine, Anaheim, Chula Vista, San Diego and Las Vegas.
The Voit Companies can be reached at www.voitco.com.
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