In conjunction with its venture partners, Oaktree Capital Management and Torchlight Investors, CIP Real Estate purchased in December 2013 a portfolio of office buildings in Hughes Airport Center from a special servicer in a distressed, quick close scenario. The portfolio is located immediately adjacent to McCarron International Airport and consisted of (square footage) in six buildings of one to three stories ranging in size from approximately 11,000 to 88,000 square feet.
Through its extensive ownership and management of properties in Hughes Airport Center, CIP Real Estate was able to provide critical information and knowledge relating to the individual assets which proved essential in purchasing the portfolio at a substantial discount to value.
Since acquisition, CIP Real Estate coordinated the occupancy of MGM Resorts into three of the buildings totaling about 180,000 square feet and subsequently managed the sale of this sub-portfolio to Griffin Capital, a long term institutional buyer. Additionally, a fourth building was renovated and sold to the Wolfgang Puck group for its Las Vegas headquarters. The two remaining buildings in the portfolio had undergone further renovations and were sold to MGM Resorts International in early 2018.
