LAS VEGAS-Argus Realty Investors has sold a 165,000-sf warehouse-distribution complex here for $12.6 million. The San Juan Capistrano, CA-based firm says the sale topped the projected selling price and generated a 16.8% average annual return for 16 tenant-in-common investors four years sooner than projected. Known as Silverado Business Park, the three-building complex in North Las Vegas sits on about nine acres located one mile south of Highway 15 at Pecos Road. Argus acquired the property in February 2002 with a projected six-year hold. The property is 100% leased. The new owner is Eagle Group of Beverly Hills. “We made an excellent buy two and half years ago by acquiring the property from the developer when it was only 65% leased and were successful in leasing 100% of the remaining space,” said Dick Gee, Argus Realty chairman and chief executive. “Our original due diligence found there was no other facility in Las Vegas at the time with the same quality construction and distinctive design offering tenants 5,000 to 8,000 square foot class A warehouse or distribution bays.”The sale is the second TIC disposition for Argus in the past month. Three weeks ago, it sold the San Diego Distribution Center in Otay Mesa, CA, for $14.3 million. That, too, says Argus, gave investors a “higher than projected 18.11% average annual return … three years faster than planned.”

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