LAS VEGAS – Odyssey Realty, a subsidiary of Las Vegas-based Odyssey Real Estate Capital, announced that during the first quarter of 2014, the realty group completed over $56.3 million in commercial real estate transactions, including the sale of Las Vegas retail, office and industrial properties with an average cap rate of approximately 7.0 percent.
“Our first quarter results continued the momentum we saw during the final quarter of 2013. Odyssey delivered offers on more than $33 million in local assets in Las Vegas, and $21 million in Kansas City, MO during the first quarter of 2014,” said Dave Sundaram, partner, Odyssey Real Estate Capital. “Odyssey’s solid track record, management team’s direct project involvement and and co-investment with customers, positions us to continue growth as an operating entity and brokerage firm.”
Highlights of Odyssey Realty’s recent Las Vegas transactions:
Retail Asset Sales: 835 and 855 Seven Hills Drive
On April 22, 2014, Odyssey Realty completed the sale of two suburban retail buildings at 835 and 855 Seven Hills Drive to DM Partners LLC, a San Diego-based investment fund for a total purchase price of $5.95 million representing a 7.3% cap rate. Dave Sundaram, partner, Odyssey Real Estate Capital represented the seller, a Dallas-based private equity group, and procured the buyer in the transaction. Odyssey performed the leasing, TI construction management and sales transaction service. The property consists of 26,426-square-feet, which at the time of the sale was 95% leased.
Industrial Asset Sale: 5480 Valley View
In March 2014, Odyssey Realty completed the sale of an industrial building at 5480 Valley View to Dunn- Edwards Corporation, a manufacturer and supplier of architectural and industrial coatings, painting supplies, represented by Lee and Associated of Irvine, California for a total purchase price of $2.2 million, or $65.25 per square-foot. The property consists of 33,724-square-feet, which at the time of sale was 50% leased. The price represents a 3.9% cap rate on current operating income. The seller, a Dallas-based private equity group, was represented by Odyssey’s Dave Sundaram.
Class A Office Park Sale Marnell Corporate Center (Buildings 3, 4 and 6)
In March 2014, Odyssey Realty, along with Cassidy Turley, completed the sale of three Class A office buildings totaling 176,000-square-feet at Marnell Corporate Center (Buildings 2, 3 and 6) to The Dornin Investment Group of Newport Beach, CA for a total purchase price of $39.5 million. At the time of the sale, the property was approximately 80% leased and sold at approximately a 7.5% cap rate. Buildings three and four are four-story Class A products. Building six is a single- story office building. All are part of the seven-building campus in the McCarran Airport sub-market. Odyssey performed the leasing, TI construction management and sales transaction service. The seller, a Dallas-based private equity group controlled by Crow Holdings Capital Partners, was represented by Odyssey’s Dave Sundaram and Greg Johnson, and Cassidy Turley’s Rick Reeder.
Industrial Asset Sale: 5770 AND 5770A Valley View Drive
In February 2014, Odyssey Realty sold two industrial buildings at 5770 and 5770A Valley View Drive a local user, Best Blinds, Inc. for $1.0 million. The price represented a 7.8% cap rate. The properties encompass 16,000 square-feet, which were 100% leased at the time of sale. Odyssey performed the leasing and sales advisory service for the former owner, a Dallas-based private equity group. Dave Sundaram, partner, Odyssey Real Estate Capital represented the seller.
Office Investment Sale: 7207 W. Sahara Blvd.
In January 2014, Odyssey Realty completed the sale of a 10,040-square-foot, Class B office building at 7202 W. Sahara Blvd. to Sahara International Investments LLC of southern California for a total sale price of $1.79 million, which represents an 8.0% cap rate. The seller, a Las Vegas-based investor, was represented by Odyssey’s Dave Sundaram.
About Odyssey Real Estate Capital
Odyssey Real Estate Capital, headquartered in Las Vegas, is a commercial real estate services and investment firm. The Company provides investment advisory services, property management, leasing, and market research and analysis. . Odyssey was founded in 2007 by Gregory N. Johnson, CEO; Graham Nelson, partner, and David Sundaram, partner. Together the founding partners bring to Odyssey Real Estate 34 years of diversified expertise in real estate acquisitions, dispositions, underwriting, capital raising, structured financing, portfolio management and development. Please visit our website at www.odysseyrealestatecapital.com.