October 23, 2007

Voit Commercial directs $30 million sale of Las Vegas office properties
by Drew Smith

A joint venture between Irvine, Calif.-based CIP Real Estate and Newport Beach, Calif.-based Buchanan Street Partners has sold two office/flex properties in Las Vegas to another joint venture between two Delaware limited liability companies - Kraemer II Glendale LLC and FKC Glendale LLC - for $30.2 million.

Michael Hefner and Kevin Higgins of Voit Commercial Brokerage represented both parties in the transaction.

The first building is located at 585 Pilot Rd. and contains 57,802 square feet on 4.2 acres. The second property contains 40,288 square feet on 3.5 acres and is located at 625 Pilot Rd.

Both facilities are fully occupied by national banking association Credit One Bank N.A. and are located within the 420-acre Hughes Airport Center business park.

The CIP/Buchanan Street joint venture purchases the buildings as part of a $145 million, 20-building portfolio in 2005.

Hefner has been with Voit Commercial since its founding in 1988. He leads Voit's Hefner Team, which focuses on commercial real estate investments in Southern California. He was a top five producer for Daum Commercial before joining Voit and is a graduate of California State University-Fullerton.

Higgins is a senior vice president with Voit Commercial and heads the company's Las Vegas-based Higgins Team. He was named NAIOP's Broker of the Year in 2006 and was president of the Society of Industrial and Office Realtors in 2004.

Address: 585 Pilot Rd. and 625 Pilot Rd., Las Vegas, Nev.

Size: 98,090 square feet