Patriot Real Estate Acquires Las Vegas Office Building – Commercial Property Executive
Marnell Corporate Center 5. Image courtesy of Cushman & Wakefield
Patriot Real Estate Holdings has acquired Marnell Corporate Center 5, a five-story, Class A office building in Las Vegas. At the time of the sale, the 110,974-square-foot property was 88 percent leased.
According to Clark County public records, the asset traded for $31.9 million. The same source also reveals that the property is subject to a Wells Fargo bank loan. A Cushman & Wakefield team brokered the transaction on behalf of TA Realtywhich was the previous owner, CommercialEdge data shows.
The five-story Marnell Corporate Center 5 was built in 2007, on a 2.7-acre site. MP Materials, Shoptech Software, CIP Real Estate, Las Vegas Global Economic Alliance and GoldenWest Management are among the tenants at the property.
According to a Cushman & Wakefield report, $604 million in office assets traded this year through the third quarter in Las Vegas, marking a 34 percent increase compared to last year’s same time frame.
The Cushman & Wakefield team that brokered the transaction on behalf of the seller was led by Executive Directors Marlene Fujita Winkel and Brad Tecca, Executive Managing Director Rick Reeder, together with Senior Associate Emily Brun and Brokerage Specialist Alex Casingal.
Patriot Real Estate venturing into the Vegas market
In a prepared statement, Tecca confirmed an increase in investor confidence toward Las Vegas this year. He added that properties such as Marnell Corporate Center 5 are poised to capitalize on the rebound of office leasing fundamentals in the Sun Belt.
Located at 6720 Via Austi Parkway, the office building is part of Marnell Corporate Center, a 736,000-square-foot master-planned business campus, totaling seven buildings. Connected to Interstates 15 and 215, the campus is adjacent to Harry Reid International Airport. The property is also located less than a mile from the 1.5 million-square-foot regional lifestyle center Town Square and close to the Las Vegas Strip, offering proximity to the area’s array of retail, dining and entertainment providers.
Following the 2018 acquisition of the 93,702-square-foot Marnell Corporate Center 4, earlier this year, Patriot also picked up the 71,378-square-foot Marnell Corporate Center 3 office building. Dornin Investment Group was the seller of both assets. Now, the firm owns three assets in the campus.