Two recent transactions suggest that the Las Vegas office space market may be improving.
Griffin Capital Essential Asset REIT II, launched last year by Griffin Capital Corp., completed the $30.3 million purchase of MGM Corporate Park, according to Commercial Property Executive.
It is the seventh addition to the Los Angeles-based investment and management company’s portfolio and is the first in Nevada.
The three-building, 168,250-square-foot campus is fully occupied by MGM Resorts International under a long-term lease. According to Griffin Capital, MGM is committed to the property for the next nine years.
The property was previously owned by a venture between CIP Real Estate and funds managed by Oaktree Capital Management. It’s near the Hughes Airport Center and McCarran International Airport.
The three buildings accommodate several corporate functions, including human resources and training, while the company maintains its executive offices at the Bellagio resort on the Strip.
Commercial Property Executive also reported that Sunbelt Enterprises has completed the sale of an office building at 2100 E. Flamingo Road to Barak Investment Group. The 92,600-square-foot office was 45 percent vacant at the time of the transaction.
The deal’s terms weren’t disclosed.
The company is also selling a multitenant industrial property at 4339, 4345, 4351 and 4357 Corporate Center Drive on the block. The 95,300-square-foot property is roughly 60 percent occupied.
Sunbelt Enterprises is halfway through its campaign to trim its portfolio.