July 18, 2018 – American Nevada Company has sold a five-building office portfolio totaling 271,114 square feet (sf) in Henderson, Nevada to San Francisco-based JMA Ventures for $51.75 million. Situated within the prestigious master planned community of Green Valley Corporate Center, the transaction included 2275, 2285 & 2370 Corporate Circle (Corporate Center III, IV and V) and 2500 & 2550 Paseo Verde Parkway (Paseo Verde).
Representing American Nevada Company in the disposition were Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego who both primarily focus on larger, best in class, institutional office and industrial investment sales throughout the Pacific Southwest. Cushman & Wakefield’s Geoffrey West, Jayne Cayton, and Michael Dunn based in Las Vegas provided local expert advisory.
Mr. Reeder, Executive Managing Director, said, “This sale is part of a disposition strategy of a larger 1.1 million-square-foot master portfolio which we have been advising American Nevada Company on since 2016, and we are in the process of selling the remaining assets which we expect to close during the second half of 2018. This 271,100-square-foot transaction represents the largest and highest valued single-acquisition sold from the original master portfolio.”
He added, “This collection of properties was a rare opportunity for JMA to acquire a critical mass of institutional quality real estate and establish a significant presence in one of the most prestigious submarkets in Southern Nevada.” He added, “The acquisition includes a combination of stabilized and value add assets, and also offers impressive corporate environments, exceptional access to an efficient network of freeways, densely populated and desirable master-planned residential communities, as well as a wealth of walkable amenities.”
Notably, nearly a year ago in August 2017, JMA Ventures also acquired a 54,365-sf Class B office building known as Plaza 8 also carved from American Nevada Company’s master portfolio for $13.15 million. Located at 2270 Corporate Circle, Plaza 8 is a classically-designed, two-story multi-tenant building and was 100% leased to five tenants at the time of sale.
Universally known as Henderson’s central business district, Green Valley Corporate Center features a total of approximately 1.5 million square feet of office plus an extensive mass of retail, restaurant and entertainment space. The center benefits from being located along the I-215 Beltway, within minutes to executive and workforce housing and a short distance to McCarran International Airport.