Las Vegas, NV | Office | Closed on RealINSIGHT Marketplace

  • Jan 14, 2020
  • Marketplace Closings

South Rainbow Business Park Closes At 106 Percent Of Reserve

The RealINSIGHT Marketplace team and Newmark Knight Frank are pleased to announce the closing of South Rainbow Business Park in Las Vegas, NV.

This stabilized, high occupancy office property closed in December 2019 at 106 percent of Reserve.

The two-building property proved popular for those seeking to invest in the fast-growing submarket of southwest Las Vegas. The diversified tenant base and a secure cash flow proved enticing to many investors who came from 16 different states and Canada.

RealINSIGHT Marketplace partnered with Newmark Knight Frank to develop a custom marketing plan that targeted potential national buyers. These targeted efforts resulted in 83 signed confidentiality agreements, 11 Registered Bidders and 12 bids over a two-day online auction event.

“The targeted marketing campaign coupled with the lead intelligence and tracking tools that RealINSIGHT Marketplace provided were impressive and effective. By leveraging our internal platform with RealINSIGHT’s technology and transaction expertise, we were able to uncover an out-of-state, first-time buyer for Las Vegas. The ability to dramatically promote our listing and achieve peak pricing left us and our client very satisfied.” said Mark Schuessler of Newmark Knight Frank

Key Investment Highlights Included:

•  Secure Income Stream: 100% leased to a diverse rent roll of 7 tenants with an average remaining lease term of 4.57 years
•  Quickly Growing Southwest Submarket: The Property is located in the extremely attractive southwest submarket where the majority of new construction is occurring
•  Staggered Lease Expirations: Smooth cash flow stream with no more than 15% of total square footage expiring each year until 2024
•  Below Replacement Cost: The Property is expected to trade well-below replacement cost 

To learn more about the South Rainbow Business Park sale, please click here or reach out to the RealINSIGHT Marketplace team at marketplace-cs@realinsight.com for more details.