LAS VEGAS, Oct. 4, 2019 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Greystone Office Park, a 222,000-square-foot, five-building office and retail pad complex situated on more than 13 acres at 1800-2030 East Flamingo Road in Las Vegas, Nevada. The asset sold for $27 million, or $121 per square foot.
Developed in 1982 and 1986, Greystone Office Park is 2.5 miles from McCarran International Airport and two miles east of the world-famous Las Vegas Strip. Desert Springs Hospital Medical Center is directly south of the property and Kindred Hospital is adjacent. The park has a diverse and loyal base of quality, long-term government, professional, medical and non-profit tenants; the largest being Clark County Family Services. IPA and Tina D. Taylor, first vice president investments in Marcus & Millichap’s Las Vegas office, represented the seller and procured the buyer.
“Greystone Office Park offered investors a value-add opportunity in a submarket that is experiencing an uptick in occupancy this year,” said Taylor. “Understanding the dynamics of both the office property investment community and the owner/user, our team knew exactly who to approach upon securing the assignment. Our broad, yet controlled marketing campaign resulted in multiple offers from investors nationwide. Ultimately purchased by the largest tenant/user, the transaction proved to be a win-win for everyone.”
Clark County will continue to utilize and further expand into this complex, which provides them with a centralized location for additional services. “The final price far exceeded any previous offer presented to the seller, making this an efficacious deal for owners within this submarket and community,” concluded Taylor.
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About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.