Irvine, California / August 2018
Over the last four months, CIP Real Estate has closed escrow on three transactions in Las Vegas totaling more than $26.7 million. In May 2018, CIP Real Estate and its investment partners, Oaktree Capital Management and Torchlight Investors, sold two office buildings totaling approximately 65,000 square feet located in Hughes Airport Center to MGM Resorts for $14.8 million. MGM Resorts purchased the two buildings as an expansion to its corporate campus immediately south of McCarran International Airport. The Las Vegas office of CBRE represented both parties in the transaction.
This sale concluded $112 million in dispositions in Hughes Airport Center by this partnership group in late 2017 and 2018.
To satisfy an exchange requirement, CIP Real Estate separately acquired Rincon Industrial Park from a private seller in March 2018 for $5.1 million and will be completing significant capital improvements to the project in 2018. The Rincon asset is located on East Sahara Avenue just east of Lamb Boulevard along the 95 Freeway corridor. Colliers International was the listing team for the seller while CIP Real Estate represented itself in the transaction.
In an effort to expand its presence in the sub-market, CIP Real Estate purchased in August 2018 the East Sahara Commerce Center industrial park for $6.8 million from Sperry Equities. The East Sahara project is the “sister” property to Rincon Industrial Park, both developed by The Ribiero Companies. This transaction provides CIP Real Estate with improved leasing and management economies of scale in this part of the valley.
About CIP Real Estate
CIP Real Estate was founded in 1995 as a real estate investment company specializing in the acquisition, development, repositioning and management of office, business and industrial parks. CIP Real Estate and its institutional partners have purchased approximately 9.5 million square feet of office, business and industrial parks with an acquisition value in excess of $1.1 Billion. Headquartered in Irvine, California, CIP Real Estate also has full service real estate offices in Riverside, California, Upland, California, Ontario, California; Hayward, California, Las Vegas, Nevada; and Charlotte, North Carolina.