Kingsbarn Acquires Class A, 3-Story Office Building in Las Vegas, Nevada
CityWest Commons, Las Vegas, Nevada
Kingsbarn Realty Capital announced the acquisition of Class A, three-story office building located at 9075 West Diablo Drive in Las Vegas, Nevada (the “Property”). Formerly known as LaPour Corporate Center, Kingsbarn will rename the property CityWest Commons. CityWest Commons is LEED Certified and consists of approximately 67,415 square feet. CityWest is situated near “the curve” of the Las Vegas Beltway in the Southwest submarket, where I-215 connects the Summerlin master-planned community in the West to Henderson and Green Valley Ranch in the Southeast. The Property enjoys superior accessibility and visibility in addition to numerous nearby amenities.
“CityWest is 96% leased to high-quality tenants such as The State of Nevada, Chicago Title, and NV Energy,” stated Kingsbarn CEO Jeff Pori. Chicago Title is rated A2 by Moody’s, and NV Energy is a subsidiary of Berkshire Hathaway Energy, which is rated A3 by Moody’s. “51% of the tenancy is investment-grade credit or government-related. We are pleased to be able to provide our investors with a very solid 1031 exchange replacement property,” Pori further stated.
CityWest Commons’ desirable location, quality construction, and strong tenancy make this an attractive investment opportunity. Kingsbarn will offer the Property for investment in a Delaware Statutory Trust structure, thereby making the fractional interests eligible as a 1031 exchange replacement property.