The single-story office/flex buildings are located within the420-acre, 3.3-million-sf Hughes Airport Center business park.Michael Hefner of Voit Commercial in Anaheim, CA, and Kevin Higginsof Voit Commercial in Las Vegas represented the buyers, Kraemer IIGlendale LLC and FKC Glendale LLC, and the seller.

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The buildings, one which comprises 57,802 sf on 4.2 acres andone that boasts 40,288 sf on 3.5 acres, are fully occupied byCredit One Bank N.A. and reside along Pilot Road near McCarranInternational Airport, the Las Vegas Strip, Interstate 15 and the215 Beltway.

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According to a report by Applied Analysis, this area's vacancyrates have been tightly tied to product type. Class B officesposted an approximate 14% vacancy rate in the third quarter, whileclass A vacancy remained at 8%. Average asking rents weremaintained at about $2.36 per sf, and average cap rates hovered at6.8%.

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Along with the buildings, the buyers also received twobillboards, which are currently leased to Clear Channel and residein front of the airport connector that feeds McCarran Airport.These are unique additions to the buildings, as Clark County doesnot allow any new billboard sign installation in the area.

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The buildings' sale follows the joint venture's recent sale of a$115.5-million, nine-building industrial, flex and officeportfolio. The portfolio featured 601,691 sf of class A space onmore than 31 acres in Las Vegas that closed in late spring. EricSmyth, a principal with CIP, notes that these recent sales are theresult of an ownership strategy to unload buildings that do not:meet the company's portfolio requirements; capitalize on themarket's favorable conditions; or provide equity that can be usedfor future prospects.

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