Sunbelt Enterprises Advances Portfolio Makeover
- Jun 19, 2015
With Sunbelt Enterprises now halfway through its campaign to trim its portfolio, the effects are rippling through the Las Vegas real estate landscape. Since last year, NGKF Capital Markets Executive Managing Directors Rick Sheckter and Robert Griffith have been working to dispose of a 2.1 million-square-foot portfolio.
Over the past six months, half of that portfolio has been sold to a number of investors. The most recent completed transaction, involving a seven-building office and retail property in Yorba Linda, Calif., increased the space sold by Sunbelt past 1.1 million square feet.
As for the company’s Las Vegas assets, Sunbelt has completed the sale of an office building located at 2100 E. Flamingo. Sold to Barak Investment Group, the 92,600-square-foot office asset was 45 percent vacant at the time of the transaction.
The company is also selling a multi-tenant industrial property at 4339, 4345, 4351 and 4357 Corporate Center Drive on the block. The 95,300-square-foot asset is roughly 60 percent occupied.