The residential sector and Downtown Project may have grabbed headlines in Las Vegas’ real estate market of late, but the area’s office sector is also showing signs of life.
A recent case in point is MIG Real Estate’s $13 million acquisition of Colonial Plaza, a 110,738-square-foot asset located at 4670 and 4730 South Fort Apache Road.
In a statement, Greg Merage, CEO of Newport Beach, Calif.-based MIG, cited “the property’s desirable location, high-quality construction and leasing flexibility, enhanced by a variety of suite sizes.”
The location offers ready access to McCarran International Airport and the residential communities of Summerlin. Colonial Plaza marks MIG’s sixth acquisition in the Las Vegas area.
The seller, whose identity was not immediately available, was represented in the transaction by Rockwood Real Estate Advisors. Rockwood notes that fundamentals in the local submarket have surged recently. Average asking rents and net absorption ranked first in metropolitan Las Vegas during the fourth quarter of last year; the submarket’s vacancy rate ranked second.
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