This two-story office building, constructed in 2001 and situated on 5.63 acres at the intersection of West Charleston Boulevard and Town Center Drive, has been recently sold for $21.1 million to The Tomchi Group. The property is fully leased by Wyndham Vacation Ownership and Realty One Group since 2001 and 2008 respectively.
The seller, BP Airways was represented by CBRE in this transaction. According to Michael Hsu of CBRE, the asset’s prime location in Summerlin along with its long-term tenancy made it an attractive investment opportunity. With a selling price of $307 per square foot at a CAP rate of 7.52%, this sale further demonstrates the strong demand for Las Vegas market among investors.
