(To read more on the industrial market, click here.)
LAS VEGAS-The two-building, 143,000-sf WesTech Business CenterII has changed hands for $18.5 million. The fully leased mid-baydistribution center sits on nine acres at the southeast corner ofDiablo Drive and Edmond Street in the Southwest sub-market of theLas Vegas Valley. About 30% of the space is built out asoffice.
Cable Capital Ventures acquired the property from localdeveloper Jeffrey LaPour, who retains the property managementassignment. LaPour tells GlobeSt.com he developed the center in2002 at a cost of $9 million including the cost of the land, whichcost $5.75 per sf at the time and is now valued at closer to $15per sf. LaPour says he likely will reinvest the profits into a fewhospitality developments he owns in the region.
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