12/19/2007

Washington Capital completes $126M Centra Point acquisition

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Centra Point Office Park

Seattle, Wash.-based Washington Capital Management has completed the $126.4 million acquisition of the Centra Point Office Park in Las Vegas, Nev., from Las Vegas developer Centra Properties.

Michael Ross of Colliers International's Los Angeles office represented Centra Properties in the transaction. Bob Watson and Geoff Cantello of R.M. Watson Company represented the buyer.

Centra Point is an eight-building office park that totals 386,264 square feet with buildings ranging in size from 15,000 to 76,000 square feet. Washington Capital initially purchased six of the buildings in September 2007 for $97 million. The remaining two buildings were sold for $29 million, bringing the total offering to $126.4 million.

The park, which is situated on 26 acres, was developed by Centra Point in several phases between 2004 and 2006. It is located at 8311-8363 West Sunset Rd., less than 10 miles from McCarran Airport and the Las Vegas Strip. It was 98 percent leased at the time of sale to tenants such as State Farm Insurance, Stewart Title, Wells Fargo Home Mortgage and Pulte Homes.

Ross, senior VP with Colliers, has been a real estate broker since 1982. Prior to joining the company, he worked for Coldwell Banker Commercial, now CB Richard Ellis. He received his B.A. in Business Administration in 1978.

Address: 8395 West Sunset Rd., Las Vegas, Nev.

Size: 386,264 square feet

Built: 2004-2006

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Filed Under: Office

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