Acquisition of 129,000 SF Class A Office Buildings

Dornin Investment Group (“DIG”) has acquired 129,000 square feet of grey-shell office buildings at Town Square located at Las Vegas Blvd. South and Sunset Road in the Town Square mixed-use shopping, dining, entertainment, and Class A office development in Las Vegas, NV.  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 North Office was offered via an auction process by Ten-X and Cushman and Wakefield.  DIG was the winning bidder and closed 30 days after submitting its bid.  DIG saw this as an opportunity to acquire Class A office space significantly below replacement cost in a market and submarket that continues to tighten, has no new significant supply being developed, and where rents are trending upwards.  DIG believes its basis and local market presence allows it to be aggressive in attracting national and regional tenants to the property.  “We intend to make a significant investment into the property in order to attract and retain best in class tenants to this unique, large floorplate, mixed-use regional retail, entertainment and office destination” said Eric Entringer, VP of Capital Markets and Investor Relations.

 

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, BCBGMAXAZRIA, 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.

 

Cushman and Wakefield represented the seller in the transaction and DIG represented itself. 

 

DIG continues to seek well located value add multifamily, office, flex and industrial acquisition opportunities and is currently targeting investments in Las Vegas, Southern California, Denver, Phoenix, Houston and San Antonio.

 

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.