The property sits on six acres at 4000 Cambridge St., which is across the street from Vegas Grand, a planned $425-million, 880-unit luxury residential community, and three miles from McCarran International Airport. The building is comprised of four wings, has an open center atrium and a two-story attached rotunda. The new owner is FKC Flamingo LLC. The seller was Euclid Street LLC.
Alan Pekarcik and Dan Vittone of Voit Commercial's Irvine office represented both buyer and seller. Pekarcik says that given land appreciation and the increased cost of building materials and Las Vegas' high cost of labor, the acquisition price represents a 40% to 50% discount to replacement cost.
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