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LAS VEGAS-The 100,532-sf Tropicana Executive Center here has changed hands for $15.6 million. Argo Corp., a Las Vegas real estate firm sold the 15-building, small-suite development to Koll/PER, the joint venture of the Newport Beach, CA-based Koll Co. and the Public Employee Retirement System of Idaho.

Tropicana Executive Center is a one-story, garden-style office complex covering 8.5 acres at East Tropicana Avenue and Tamarus Street, two miles east of the Strip. Thirteen of the 15 wood-frame buildings were built in 1978 and the other two were built in 1998.

Bill Larkin, acquisition and development manager for Koll says the property has 52 suites and is 95% leased. Chuck Witters of Lee & Associates represented the seller. Dean Willmore of IPG Commercial Real Estate Services represented Koll/PER.

Koll’s strategy is to acquire multi-tenant properties targeted to small- to mid-size space users in key markets in the western US. The company owns 5.2 million sf and has an additional 1.1 million sf under development. PERSI is an $11-billion public pension plan headquartered in Boise, ID.

Tropicana Executive Center is the third Las Vegas-area property acquired by the Koll/PER partnership in the past 14 months. The other two were industrial properties.

The acquisitions began in January 2006 with Brookhollow Business Park, a 29-unit, 99,325-sf light industrial complex in northwest Las Vegas. In July, it acquired East Sahara Commerce Center, a 43-unit, 72,548-sf industrial incubator property in the northeast portion of the city.

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