Press Release

CBRE Secures $15.7 Million Loan For The Acquisition And Brokers The $20.5 Million Transaction Of Premier Office Park In Las Vegas, NV

20 11月 2018

PR

CBRE arranged $15.7 million in debt financing for the recent acquisition of Westbay Office Park in Las Vegas, NV.

Bob Ybarra, Bruce Francis, Dana Summers, Shaun Moothart and Doug Birrell of CBRE's Debt and Structured finance team arranged the l0-year loan (with 3-years of interest only) on behalf of the buying partnership, Krausz Companies and WG Group, LLC.

Located at 3010-3016 W. Charleston Boulevard, the 107,931 square-foot office complex benefits from its location in the Las Vegas Medical District within minutes of University Medical Center, Valley Hospital and the UNLV School of Medicine. The property boasts strong credit tenancy with 65% of the rentable area occupied by the Nevada Department of Transportation, Nevada Department of Employment, UNLV (School of Medicine Administration Office) and Stantec Engineering Company. At time of funding, the building was 97% occupied.

"The lack of available developable land within this area has resulted in a tremendous barrier to entry for new construction and an opportunity for redevelopment plays, especially centered around the UMC and Valley Hospitals," said Bob Ybarra. "Expect to see a further decline in vacancies and an increase in lease rates in the area, making this property a great investment."

The Medical District is a defined area by the city of Las Vegas and includes both professional and medical buildings totaling nearly 1.85 million square feet. As demand for the area grows, the average occupancy for comparable buildings with more than 40,000 square feet has increased.

The seller, Omninet Westbay, LP, was represented by CBRE's Charles Moore and Marlene Fujita Winkel in the transaction for total consideration of $20,500,000.

“This transaction is a testament to the full-service capabilities and collaborative nature of CBRE,” said Winkel. “The Debt and Structured finance team worked seamlessly with the buyer to provide competitive financing during a volatile time in the treasury bond market.”

The buyers were WG Group and The Krausz Companies, Inc. WG Group focuses on the acquisition and repositioning of all types of real estate, including distressed and underutilized properties. The Krausz Companies specializes in the acquisition, development and management of high quality, well-located retail, office, industrial and mixed-use properties throughout the United States.

CBRE Debt and Structured Finance is on track to originate more than $ 1 billion in 2018, making this its third year in a row of more than $1 billion in loan originations in Nevada.

 
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.