LAS VEGAS — The Houston-based Hines real estate firm and Oaktree Capital Management of Los Angeles had purchase 32 buildings in Las Vegas for $120 million or $109 per sf, according to Real Estate Alert.
The buildings are in the Summerlin master-planned community, one of the largest projects in the nation.
Located on 13 separate campuses in Summerlin, the institutional-quality buildings total
1,110,500 sf. The purchase also included two development parcels totaling 19
acres. The buildings are about 60 percent occupied, but the Las Vegas market is viewed with upside potential.
The seller, General Growth Properties, was represented in the transaction by CBRE Vice Chairman Kevin Shannon, Executive Vice President Tom Bohlinger and Senior Vice President Charles Moore.
Tenants in the project include: AT&T, Diamond Resorts, Expedia, Williams-Sonoma and Wyndham Worldwide. Hines has assumed property management responsibilities on behalf of the joint venture. Hines has done six deals with Oaktree in the last two years.