On August 23, 2018 Dornin Investment Group (“DIG”) sold its Marnell Corporate Center 3 (“MCC3”) office asset to a new investor group managed by DIG. This was the third and final disposition of the portfolio purchased in early 2014 for $39.35mm, which also included MCC6 (14,831 SF sold in 2017) and MCC4 (93,675 SF sold in early 2018). DIG sold each building separately for a total sales price of $53.5mm.
The sale of MCC3 completed DIG’s original business plan of purchasing, repositioning and selling a well-located class A office building in Las Vegas, Nevada. DIG completed significant interior renovations and aggressively pursued new leasing activity to stabilize the occupancy of these Marnell Corporate Center buildings. DIG signed leases with high quality tenants such as Cushman & Wakefield, HDR Engineering, Machine Zone, and Pacific Stock Transfer to name a few. The sale of MCC4 set a record as the highest per-square-foot sale of a multi-tenant non-medical office building in the metro area at $328 per square foot. This round-trip investment produced a 1.92x project level multiple for DIG’s partners, resulting in another extremely successful investment for DIG and its investor base.
DIG is excited to continue its ownership in MCC3 as we believe in the long-term strength of the Las Vegas market, especially for class A office space located in strategic submarkets. DIG will continue to improve, lease, and manage MCC3 for the long-term.
MCC3 is a high quality, three-story office building totaling 68,286 SF and features unique architectural designs with strategic setbacks at each corner allowing for six corner offices per floor, as well as decorative trellis accents along the roofline. MCC is also ideally located adjacent to the McCarran International Airport near I-15 and the I-215 Beltway, and is proximate to the city’s most exciting amenities as well as the Las Vegas strip. In addition, MCC offers tenants a desirable campus environment with outstanding visibility, scenic city and mountain views, prominent signage opportunities and convenient access throughout Las Vegas and beyond.
About Dornin Investment Group
Dornin Investment Group is a real estate investment and asset management firm that invests in commercial and residential real estate in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add real estate investments in all major property types with a focus on office, flex, industrial, multifamily and hospitality properties. The company offers a full-service investment platform providing property management, leasing, construction management, and finance through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit www.dorningroup.com.