Tag Archives: lnr partners

Cotton Corporate Center I

LNR Partners completes sale of properties at Cotton Center

DTZ announced that LNR Partners, LLC has closed two investment sale transactions involving a total of ±264,000 square feet of office and flex office space within the prestigious Cotton Center business park.

The purchaser was a joint venture formed by True North Management Group (White Plains, NY) and Crown West Realty, LLC (a Phoenix-based subsidiary of New York-based Petrus Partners). The acquisition included Corporate Cotton Center I, II & III, located at 4645, 4625 and 4675 E. Cotton Center Parkway.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover of DTZ‚s Phoenix office represented LNR Partners in both transactions. Additional members of the sale transaction team for the two flex office buildings included DTZ Executive Managing Directors Mike Haenel and Andy Markham, SIOR, and Vice President Will Strong. Additional members of the sale transaction team for the corporate office building included DTZ Executive Managing Director Jeff Wentworth and Vice President Sean Spellman.

“The acquisition of Cotton Corporate Center I, II & III was unique in that it offered a rare combination of stability and upside potential, involving two of the most sought after property types in a highly coveted location,” said Mr. Wichterman. “The buyer was able to purchase a vacant, Class A corporate office facility within the Valley‚s hottest single-tenant and large-tenant leasing market while, at the same time, acquiring a well performing Class A multi-tenant flex complex in a trade area where competitive properties are averaging single-digit vacancies.”

Cotton Corporate Center I is a two-story Class A office property totaling approximately 116,858 square feet. The building features a spacious two-story lobby; large fitness center, with full men‚s and women‚s bathrooms with locker rooms; a cafeteria/restaurant; and an oversized break room. The building was constructed in 2001 as a build-to-suit for Aetna, Inc., and is presently unoccupied. The buyer plans to immediately construct a parking structure to boost parking ratios to over six spaces per 1,000 square feet.

Cotton Corporate Center II & III is a Class A flex office complex that consists of two single-story buildings built in 2000. The complex totals ±147,627 square feet and was 87% occupied at the time of sale.

Vestar Development Investment

Vestar Development, Rockwood Capital Acquire LV Retail Center for $79M

Phoenix-based Vestar Development, in a joint venture with New York-based Rockwood Capital, is acquiring The District at Green Valley Ranch, a 384,107 SF landmark retail property located outside of Las Vegas, for $79M, the firms announced.

The all-cash deal, the city’s second largest commercial real estate investment transaction in three years, closed Friday, October 21.

“Now is a great time to invest in the Las Vegas retail real estate market, particularly in projects like this one,” says Rick Kuhle, president of Vestar Development. “This center has recently struggled, but we are confident and excited about stabilizing it over the coming year. We’re very bullish about these types of value-added investment opportunities and are aggressively seeking more properties like it in Las Vegas and throughout the West.”

We believe this is a compelling opportunity based upon the high quality of the center and the solid in-place cash flow,” says Joel Mayer, managing director at Rockwood Capital. “We have a longstanding relationship with Vestar and their extensive knowledge of this asset and market make them the ideal partner for this project.” 

Richard Walter, president, and Donald MacLellan, senior managing director, out of Faris Lee’s Irvine, Calif., headquarters, and Rob Moore, senior managing director in Faris Lee’s Las Vegas office represented the seller, LNR Partners, LLC. 

The District is located within Green Valley Ranch, a leading master-planned community located in the Black Mountain foothills, about 10 miles southeast of the Las Vegas Strip.

Phase one of The District was developed in 2004 and encompasses 212,622 SF of retail and office space on the west side of Green Valley Parkway. The 21.54-acre property is comprised of 50 national and regional stores and restaurants; 88 luxury condominiums; and complementary office users. The shopping, dining, entertainment, residences and office space are joined via a pedestrian-friendly main street plaza and a central park. Phase one is 85% leased to several high-profile tenants including REI, Pottery Barn, Anthropologie, Williams-Sonoma, Ann Taylor Loft, White House/Black Market, King’s Fish House and P.F. Chang’s.

Phase two of The District was developed in 2006 and totals 171,485 SF on 16.02 acres. The property consists of six buildings with a retail and office tenant mix. Phase two is 82% leased, anchored by Whole Foods and also including tenants such as West Elm and The Cheesecake Factory.

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For more information about Vestar Development, Rockwood Capital or The District at Green Valley Ranch, visit: