The building was originally constructed in 1989 for the Internal Revenue Service. Amenities include a security system, a computer room with pressurized floors and fiber optics. According to an SEC filing, the building was 88.3% occupied at the end of 2004 and the annual rent per sf was $34.60.The length of the Vegas Police lease was not immediately available, but a statement by the sellers' advisor, Triple Net Properties of Santa Ana, CA, says the police department will fully occupy its leased space in 2007.
The seller--a joint venture of 2003 Value Fund LLC, T REIT Inc. and private investors--paid $8.1 million for the property in 2004. Their respective interests in the asset were 75.4%, 9.8% and 14.8%. During their hold period, the sellers built a four-story parking structure to improve the building's parking.
Mark Anthony Rua of Realty Executives represented the buyer. Mike Randall and David Scherer of Grubb & Ellis and Darryll Goodman of Triple Net Properties represented the sellers.
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