Hawaii company pays $21.1M for Summerlin office building
An office building located directly across the street from Red Rock Resort & Casino in Summerlin has been sold to a Hawaii-based company for $21.1 million.
Tomchi Group purchased the 2-story 68,346-square-foot property at 10750 W. Charleston Blvd., according to a news release from CBRE Group Inc., which represented the seller, BP Airways LLC, in the deal. The building is 100 percent leased to Wyndham Vacation Ownership and Realty One Group, which have occupied their spaces since 2001 and 2008, respectively.
The building was built in 2001 and sits on 5.6 acres close to the intersection of West Charleston Boulevard and Town Center Drive.
Michael Coxen of The Standard — A Real Estate Agency represented the buyer in the deal.
Commercial real estate activity in the Las Vegas Valley has slowed in 2023 compared with last year but is still performing well despite a lack of new inventory coming onto the market, experts say. Rental rates are on the rise while vacancy rates are dropping.
“Despite market headwinds, our team ran an extensive and thorough marketing and sales process, ultimately securing a successful 1031 buyer (tax deferred exchange purchase) and achieving the seller’s intended goals,” said CBRE’s Marc Magliarditi, one of the brokers on the deal.
A release for the sale from CBRE also noted the “the asset proved an attractive investment opportunity for its superior Summerlin location and long-term tenancy” and “land constraints on new commercial development opportunities in Summerlin ensure significant appreciation potential for existing properties in the market.”
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.