Las Vegas’ Summerlin submarket just landed the lowest single-tenant office cap rate in the market. Moonwater Capital sold the former Hines-owned office building at a 5.69% cap rate and a sales price of $19.9 million to a California-based buyer. The sale generated interest from more than 100 investors, and the brokers on the deal say that other office properties in the market could capture similar pricing.

“We received tremendous interest in the project from foreign capital; direct investors; private capital,” Tivon Moffitt, SVP at JLL, tells “There is significant interest in the Summerlin market because there is zero income tax, great growth and a lot of deployment. We received a very aggressive cap rate with the project.” Moffitt represented Moonwater in the deal along with JLL SVP Peter Bauman and EVP Bret Davis.

The brokerage team expected strong pricing, but the final tag exceeded even their expectations. “This was on the emotional pricing side of where we were in our valuation,” Bauman tells “It actually outperformed where we thought it would be, and that was driven by a significant amount of interest. We see that other assets could trade in this aggressive pricing range.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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