Las Vegas Office Building Sells for $307/Foot

Located at 10750 W. Charleston Blvd., the two-story building, built in 2001, sits on 5.63 acres near the intersection of West Charleston Boulevard and Town Center Drive. The two-tenant property is fully leased by Wyndham Vacation Ownership and Realty One Group, which have occupied the property since 2001 and 2008, respectively. The Tomchi Group, who paid $21.1 million for the property, was a 1031 buyer.

CBRE represented the seller, BP Airways. CBRE’s Michael Hsu added, “The asset proved an attractive investment opportunity for its superior Summerlin location and long-term tenancy. The asset sold for $307 per sq. ft. at a 7.52% CAP Rate, which further demonstrates the resilience of and investor demand for the Las Vegas market.”