LAS VEGAS-The Business Bank of Nevada Building has changed hands for $8 million. Triple Net Properties LLC of Santa Ana, CA sold the two-story, 26,545-sf office building to the Buckley Trust on behalf of a group of tenant-in-common investors.

Located at the corner of West Twain Avenue and South Jones Boulevard, the building is 100% leased. The anchor tenant is Business Bank of Nevada. Other tenants include Merlin Entertainment and Banker Life and Casualty.

Business Bank of Nevada, which recently merged into City National Bank, leases 75% of the property for both its executive offices and a retail bank branch, but not for long. Bank SVP Paul Stowell tells GlobeSt.com that when Business Bank sold the property to Triple Net in 2003 for $5.7 million, it signed a 36-month leaseback for its executive offices, which occupy 15,000 sf, and a 10-year leaseback for its retail branch, which occupies about 5,000 sf.

The short-term headquarters lease was timed to the completion of its new headquarters building, which is under construction in Summerlin and slated for a fall completion. The development group includes former bank board members. The bank itself held a 20% stake in the development but recently sold it back to the developers at the behest of City National, which only wanted to be a tenant in the building.

Mark Anthony Rua of Realty Executives of Nevada represented the Buckley Trust. Mike Randall and David Scherer of Grubb & Ellis represented Triple Net Properties.

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