CIP Real Estate, Buchanan Street Acquire Hughes Airport Center for $145M
CIP Real Estate and Buchanan Street Partners have acquired 892,000 sf at Hughes Airport Center in Las Vegas for $145 million in cash and debt.
The acquired properties were developed in the late 1980s and early 1990s. They include single-tenant and multi-tenant buildings ranging in size from 32,700 sf to 75,866 sf. Occupancy is about 95%. Some of the buildings’ 45 tenants include ClientLogic Corporation, First National Bank, Ikon Office Solutions, Wynn Design & Development, Credit One Bank, KB Homes, Lillian Vernon Corp, Pardee Homes and FCC National Bank.
With this acquisition, the joint venture owns about 1.3 million sf on 83 acres at Hughes Airport Center. A representative for CIP states that the acquisition is part of the company’s strategy to take advantage of economies of scale and the strong Las Vegas real estate market. CIP believes that due to population growth in the Las Vegas area, real estate assets are harder and harder to build due to tight land availability and rising land and construction costs.