CBRE Arranges Sale of 109,189 SF Office Building in Downtown Las Vegas for $15.25 Million

CBRE has arranged the $15.25 million sale of City Centre Place, a 109,189 sq. ft. office building in Downtown Las Vegas to California-based Ally Investments Inc. 

Marc Magliarditi and Travis Landes of CBRE represented the seller, Dornin Investment Group (DIG). This transaction marks the duo’s third time representing DIG in the past five years, for a combined transaction total of over $75 million in consideration.

Located at 400 S. Fourth Street, City Centre Place is a class A, six-story, multi-tenant building in the heart of the government and legal trade area in the Downtown Las Vegas submarket. The building was 36% occupied at the time of the sale. Amenities in the building include an atrium, parking in an attached garage, controlled access, monument signage, and on-site security.

“Through our extensive marketing process, our team generated multiple offers despite a backdrop of macro-economic challenges,” said Magliarditi, a First Vice President with CBRE. “We identified a buyer who expeditiously and successfully closed on the transaction, allowing the seller to exit the asset. We appreciate Dornin Investment Group’s continued trust and confidence in our team.”

City Centre Place is near Clark County Regional Justice Center, Foley Federal Building, Las Vegas Justice Court as well as many restaurant, retail and entertainment areas. The office building is less than one mile from the Interstate 15 and Interstate 95 interchanges, allowing access to the greater Las Vegas Valley.

Las Vegas added nearly 50,000 jobs year-over-year, illustrating a growth of 4.8%, higher than both the Nevada and national growth rates at 4.0% and 3.2.%, respectively, according to CBRE Research. The professional/business services and financial activities sectors had the greatest incremental growth since 2012, with annual growth rates of 3.5% and 3.4% in 2022. Companies are interested in the Las Vegas Valley to relocate or expand their business due in part to its business-friendly and favorable tax environment.