Las Vegas Office Asset Changes Hands for $20M

The 58,950-square-foot Crossing Business Center VII previously traded less than a year ago, when Moonwater Capital purchased it as part of an $82.8 million, seven-building portfolio transaction.
 

Moonwater Capital has sold Crossing Business Center VII, a 58,950-square-foot office property in Las Vegas for $19.9 million, according to Yardi Matrix data. The property previously traded last year as part of a $82.8 million portfolio transaction, which included six other properties. The new owner, a private investor, financed the acquisition with an $11 million loan from Wells Fargo Bank.

Situated at 1451 Center Crossing Road, the one-story building was completed in 2004 on a 6.3-acre site and includes 295 parking spaces. Adjacent to Summerlin Parkway, the asset is 11 miles from downtown Las Vegas and 23 miles from McCarran International Airport, surrounded by both residential and office properties. Per Yardi Matrix, Crossing Business Center VII underwent cosmetic renovations in 2018.

Executive Vice President Bret Davis, Senior Vice Presidents Tivon Moffitt and Peter Bauman of JLL represented the seller. The buyer worked with The Kase Group Principal Kase Abusharkh. Last year, Moonwater Capital acquired Montecito Tower for $41 million in Las Vegas’ Bruce Woodbury Beltway.

 

By Lucia Morosanu
cpexecutive.com