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9075 W Diablo
Creative Finance / Value AddSold
Las Vegas, NVLEED Certified Office$26,000,000
Overview
This asset was acquired via a creative finance deal structured through a purchase option in February of 2019. The landlord had a strike price of $20.5M, but the value wasn't achievable at the time with the current rent roll and the pre-pay on the outstanding debt. WG Group saw the opportunity in the asset's location, LEED certification and strong tenant position. WG was allowed to manage the leasing with Avison Young and brought in SKR Real Estate for property management. WG Group extended several leases bumping the WALT above 5 years and increased occupancy from 85% to 100% at market rate leases. In July of 2022, WG Group exited the project via a double escrow to Kingsbarn Capital for $26M.
Gallery
Project Details
- Status
- Sold
- Type
- Creative Finance / Value Add
- Location
- Las Vegas, NV
- Size
- LEED Certified Office
- Original Strike
- $20.5M
- Sale Price
- $26M
- Capital Outlaid
- ~$250K over 2.5 years
- Occupancy
- 85% → 100%
- Buyer
- Kingsbarn Capital
- Leasing
- Avison Young
- Property Management
- SKR Real Estate