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LAS VEGAS-Marnell Properties LLC has sold three buildings at Marnell Corporate Center for $54.05 million or $312 per sf, according to county property records. The new owner is a partnership of Odyssey Real Estate Capital LLC and Crow Holdings.

Odyssey Real Estate Capital LLC is a newly formed Henderson-based group of former Centra Properties executives. Crow Holdings is the Dallas-based investment manager for the Trammell Crow family and its investment partners. Marnell Properties is the real estate division of locally based Marnell Corrao Associates.

Marnell Corporate Center is located adjacent to the intersection of Interstate 15 and I-215 and to McCarran International Airport. The three buildings that changed hands are MCC-3, a three-story, 68,454-sf building that is 100% leased; MCC-4, a four-story, 93,675-sf building that also is 100% leased; and MCC-6, a 14,831-sf building that is 85% leased.

The buildings were all built in the past several years, the latest two years ago. The largest tenant is Lennar Homes, which leases nearly all of the largest building and has several years left on its lease.

Created in 2007, Odyssey managed the operation and disposition of Centra Point and currently manages shopping centers and raw land in Southern Nevada. Marnell Properties president Brad Schnepf tells GlobeSt.com that the buildings were not being marketed for sale when Odyssey made its offer. An Odyssey executive did not return a phone call seeking comment.

In October, Marnell completed MCC-5, a five-story, 117,000-sf office building that is still in lease-up. The building is about 40% leased, Schnepf says, and leases currently in negotiation would fill another 25% of the building.

There’s land at Marnell Corporate Center for one additional building, he says, but there are no near-term plans for developing the site. “There’s been a tremendous amount of inventory coming on line that we don’t want to compete with,” he says. “We’re a little overbuilt but demand and absorption is still there so we expect new construction will slow while we absorb this new space. I’m still fairly bullish on the market.”

Also adjacent to the airport, Marnell Properties is developing Marnell Airport Center, a 250,000-sf mid-rise development. The first building is going vertical, an 81,000-sf building that has been 100% preleased by the planning and construction division of the Clark County Department of Aviation, which operates the airport. At build-out, the property will contain three 81,000-sf buildings and a fourth, much smaller building that could house commercial tenants such as an insurance company, an engineering firm or a residential real estate office.

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