Value add investment will include new capital infusion for property
upgrades and leasing expenses
Newport Beach, Calif. and Las Vegas (June 14, 2018) – Buchanan Street Partners, a real estate investment management firm, has extended its value add investment strategy with the purchase of Tech Park V and VI, four office buildings totaling 158,341 square feet that are part of a larger master-planned office park in the Las Vegas area of Henderson, Nev. Buchanan Street acquired the buildings off-market for an undisclosed amount from American Nevada Company, who was represented by Cushman and Wakefield in the transaction.
The buildings were a collective 64 percent leased at the time of sale. Buchanan Street plans to infuse new capital into the buildings’ common areas and restrooms and provide funds for leasing costs.
“With two large blocks of vacancy that can accommodate tenants ranging in size from 10,000-40,000 square feet, an above standard parking ratio of 7 spaces per 1,000 square feet and available building signage along I-215, we believe that these buildings will generate great interest from large national and regional companies,” said Matt Haugen, vice president at Buchanan Street Partners.
Buchanan Street was also attracted to the investment due to the ongoing economic impact of the business-friendly nature of Las Vegas, where robust regional economic growth has been marked by increases in employment that exceed the national average.
“The favorable job growth and strong office market fundamentals in Las Vegas bode well for the achievement of stabilized occupancy for these assets,” added Haugen.
Tech Park V and VI are located at 2300, 2310, 2340 and 2350 Corporate Circle Drive and benefit from excellent freeway access at the nearby intersection of Interstate 215 at North Green Valley Parkway. Numerous retail stores and restaurants are located nearby and McCarran International Airport and University of Nevada, Las Vegas are a short drive away.
Buchanan Street invests in value add and core plus commercial and multifamily real estate in select markets throughout the Western U.S.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment management firm based in Newport Beach, Calif. that invests debt and equity capital on behalf of institutional and private investors. Since its inception, Buchanan Street has completed approximately $6.5 billion of real estate debt and equity investments, focused in the Western United States. The company is comprised of a highly skilled team that has invested through multiple real estate cycles, enabling them to identify opportunities and maximize value while prioritizing principal preservation. www.www.buchananstreet.com.