Las Vegas, NV

CBRE Arranges $17.250 Million Sale of Two Class A Office Buildings in Southeast Las Vegas Suburb

September 7, 2023

2500  2550 Paseo VerdeGreen Valley Corporate Center South

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Derek Paumen

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CBRE has arranged the sale of Green Valley Corporate Center South, two Class A office buildings totaling 91,742 square feet in Henderson, Nevada. The property was sold to a joint venture between Los Angeles-based Partners Capital Inc. and Las Vegas-based CNR Retail for $17.250 million ($188 per square foot), or 4.6% in-place capitalization rate.

CBRE’s Tyler Ecklund, Marc Magliarditi, Travis Landes, Michael Hsu, Brad Peterson, Darren Lemmon and Justin Witt represented the sellers, JMA Ventures LLC and Blue Vista Capital Management LLC, in the transaction. The buyers were represented by Collier’s Chris Clifford, Steve Neiger and Brett Rather.

Located at 2500 and 2550 Paseo Verde Parkway, the single-story office buildings were built in 2000 and 2002 and are part of an eight-building office portfolio located in the master-planned Green Valley corridor within the Henderson submarket. Green Valley Corporate Center South was 81.6% occupied at the time of sale to GK Properties Real Estate & Management, Thrive Aviation and Village Capital & Investment, LLC.

“This is among the most desirable locations within the region,” said Ecklund. “The lack of vacant land in the area provides protection from future competition and offers a unique advantage for the buyer to redevelop this site. Our team represented the seller in six other transactions featuring properties from this Green Valley office portfolio in September 2022, with this sale completing the disposition of the portfolio.”

The buyer plans to convert the existing single-story office buildings into a lifestyle retail center with a focus on crafted dining, retail, design, entertainment, health and wellness uses.

"The project has experienced overwhelming leasing demand through word of mouth only, which reflects the low market vacancy and the demand for this type of product," said Bobby Khorshidi, President of Partners Capital Inc. "There will be outdoor spaces featuring art installations, greenery, walkability, and seating areas that will serve as meeting spaces for the community. The conversion of office to retail is unprecedented in the ongoing discourse of addressing the surplus of office space. We are excited to be on the forefront of re-imagining this property and bringing it to life in a way that will redefine the way people experience it for years to come.”

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.