On August 22, 2018 Dornin Investment Group (“DIG”) sold its Town Square North (“TSN”) office asset to a local Las Vegas real estate owner and operator. DIG acquired TSN just seven months earlier in January 2018 via Auction.com. TSN is comprised of 131,000 square feet of class A grey-shell office space at the Town Square mixed-use development located at Las Vegas Blvd South and Sunset Road in Las Vegas, Nevada. The office space is located on the 2nd and 3rd floors of two buildings, above high-end retail stores. The office space was vacant at both the time of acquisition and sale, but multiple credit tenants were in negotiations to lease large blocks of space when the most recent transaction occurred.
Town Square is an exceptional class A mixed use development that continues to be a draw for residents and visitors alike. Chris Dornin, founder and CEO of DIG noted that “although our association with this property was brief, we are proud to be a part of its legacy and are confident the new ownership group will successfully lease the buildings to extremely high-quality tenants in very short order and drive even further value in the properties.” Chris notes that DIG’s original business plan for TSN was to lease up all the vacancy and hold the asset for investment purposes; however, he said “we received an extremely attractive unsolicited offer from a very strong buyer that provided an exceptional opportunity to deliver outsized returns to our investors in a very short period of time. We are strong believers in the long-term investment horizon of Las Vegas and were extremely fortunate to acquire these assets at a ridiculously low basis leaving significant room to deliver incredible returns for our investors and still leave upside for the new buyer to realize solid returns.”
The property sits at a highly visible and identifiable regional location and provides tenants a central location between affluent Summerlin and Green Valley areas while providing I-215 Beltway access and proximity to I-15, McCarran International Airport and the Las Vegas Strip. The property includes existing finished elevators, lobbies, and restrooms, and offers a range of unique features including large floor plates, a fully constructed attached parking garage with covered parking, balconies, and patios.
Town Square is a 1.2 million square-foot shopping, dining and entertainment center located just south of the iconic Las Vegas Strip. Town Square features more than 120 stores, 23 restaurants, Whole Foods Market, office space and multiple entertainment venues. Guests can visit a variety of stores including Saks Fifth Avenue OFF 5th, Apple, H&M, Banana Republic, The Raider Image, The Container Store, Sephora and M.A.C Cosmetics. Town Square’s dining venues include Fleming’s Prime Steakhouse & Wine Bar, Yard House, Texas de Brazil, Brio Tuscan Grille, Tommy Bahama’s Restaurant & Bar, Kabuki Japanese Restaurant, Miller’s Ale House, Bonefish Grill and more. Town Square offers a variety of entertainment options for the whole family to enjoy including GameWorks, which boasts a 37,000-square-foot arcade game floor, an eight-lane bowling alley and an eSports Arena. Patrons can catch a movie at AMC Town Square 18 or bring the family to the Children’s Park located right in the center of Town Square.
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 financing through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit www.dorningroup.com.