Water District buys vacant Vegas office building
The Las Vegas Valley Water District has purchased a vacant office building in the city of Las Vegas for $21.2 million, county property records show.
The 166,409-square-foot building, which sits on roughly 10 acres, is located at 330 South Valley View Blvd.
Cushman & Wakefield represented the sellers, Las Vegas-based Meadow View Associates and BoydT2, in the deal, according to the brokerage and property records. The 2-story building was vacant at the time of the sale.
Bronson Mack with the Water District said the building used to house Centel/Sprint and will help the district enhance water utility operations through already in place communications infrastructure, and is ideally located for a new groundwater well.
“As the LVVWD (Water District) replaces existing operational wells that are reaching the end of the service lifecycle, it is necessary to replace them and this site provides a good location for production wells to access the groundwater system.”
“The property also resides just a few miles west of downtown Las Vegas and the World Market Center and is proximate to two premier master-planned communities, Summerlin and Green Valley,” Cushman & Wakefield’s Marlene Fujita Winkel, one of three brokers on the deal, said in a statement. “It is well-suited for the real estate and locational needs of the LVVWD and the property it currently owns next door.”
The Water District owns 251 acres across the street, which house a mix of administrative buildings and operations support, utility infrastructure, wells and water storage tanks, public education buildings and a 180-acre land preserve called Springs Preserve
The South Valley View office building was originally built in 1983 and has 870 parking spots. It is in an Opportunity Zone, which means it can offer tax benefits to developers.
Clark County had several high-profile, big money commercial real estate deals over the past year, including a North Las Vegas land deal in October for $115 million. Commercial real estate, industrial in particular, continued to chug along last year in the Las Vegas Valley despite market headwinds, according to a third-quarter CBRE Group Inc. report.
“Overall activity in the market was steady, with continued tenant interest,” the report said. “Amid a still unpredictable economy, occupiers were more hesitant to sign for larger distribution space.”
The office market in the Las Vegas Valley stalled, however, as no new completions of product came online in the second or third quarter of last year.
This report was updated to include statement from the Las Vegas Valley Water District.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.