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LAS VEGAS-Seattle-based pension fund advisor Washington Capital Management has closed on its acquisition of the eight-building Centra Point Office Park, which totals 386,264 sf. WCM paid $126 million for the center, where the buildings range from 15,000 sf to 76,000 sf.

The purchase came in two pieces. In September, WCM paid $97 million for six of the buildings. The pension advisor paid $29 million for the remaining two buildings this month, according to Michael Ross, an SVP of Colliers International’s Downtown Los Angeles office and a broker on the deal.

Ross says the office park is located in an expanding area within the Las Vegas Valley. The “project has been met with great demand with tenants ranging from Subway to Pulte Homes,” Ross adds.

The area’s office market has held up reasonably well, considering the hit some property types have taken of late. According to Colliers International’s Las Vegas third-quarter market report, the office market experienced a 1% dip in vacancy rates and a slight increase in rental rates.

Centra Point, with a 98.6% vacancy rate at the time of sale, is indicative of the bullish office market in the region. Tenants at the park include State Farm Insurance, Stewart Title, Wells Fargo Home Mortgage and Pulte Homes.

Located at the northeast corner of Durango Drive and the I-215 Beltway, the class A office development includes two- and three-story, concrete-and-glass buildings and a market-leading rental rate of $2.10 per sf per month.

Ross and Thomas Stilley of Colliers International’s Las Vegas office represented the seller, Las Vegas-based developer Centra Properties. Other brokers representing the seller were Fred Cordova and Steve Nanino of Colliers International’s Downtown Los Angeles office and Thomas Powers of Colliers International’s Cincinnati office. Bob Watson and Geoff Cantello of R.M. Watson Co. represented WCM.

In an article last month, Ross said that despite “uncertainty in the credit markets, fundamentals remain strong, particularly in the Las Vegas market.” Ross added that “deals are turning” in the area with properties getting interest from “investors who wish to both enter the market and expand their presence in both Las Vegas and the West Coast as a whole.”

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