WesTech Business Center Las Vegas commercial real estate, a 143,000-square-foot midbay distribution center, was built in 2002 at Edmond Street and Diablo Drive. Its second phase was sold to Cable Capital Trust for $129 a square foot.
Las Vegas commercial real estate developer Jeff LaPour has sold the second phase of Las Vegas WesTech Business Center in southwest Las Vegas to Cable Capital Trust for $18.5 million.
The 143,000-square-foot midbay distribution center was built in 2002 on nine acres at Diablo Drive and Edmond Street and Diablo Drive.
LaPour paid $5.75 a square foot for the Las Vegas land with total construction cost of about $9 million.
The Las Vegas commercial sale price represents $129 a square foot, the highest price ever paid for this product type in Las Vegas, he said.
It’s the first holding LaPour has sold since forming LaPour Partners in 2000.
“I am a portfolio builder and generally do not sell, but I received an offer too good to refuse,” he said. “If you look at the income side, this was a winner for the buyer and seller. It was a great number to sell at and a 6.15 percent cap rate. To reproduce that product in that submarket is impossible.”
Tenants at WesTech Las Vegas, which is completely leased, include Adams Bros. Interiors, Hyloft and ImpoGlaze Tile. LaPour will continue to manage the Las Vegas commercial property on the buyer’s behalf.
He plans to reinvest the profits into hospitality real estate developments in Las Vegas, including a 125-room extended-stay hotel at the Beltway and Town Center Drive in Summerlin Las Vegas. He owns two other non gaming Las Vegas hotel sites on Paradise Road.
LaPour also developed Decatur Crossing Las Vegas, which will break ground on the 120,000-square-foot third phase in a couple of weeks, and Holsum Lofts Las Vegas on Charleston Boulevard. He plans to start on a three-story, 70,000-square-foot Las Vegas commercial office building near the Russell Road and the Beltway in December.
Source: LV Review Journal
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WesTech Business Center Las Vegas commercial real estate second phase sold to Cable Capital Trust For $18.5 million.