LAS VEGAS, NV – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Somerset Park, a 51,646 square-foot office property located in Las Vegas, NV, according to Justin C. White, regional manager of the firm’s Las Vegas office. The asset sold for $7,800,000.
Perry White, Vice President Investments, Cesar A. Talavera, and Brett S. Beck, investment specialists in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a tenants in common.The buyer, an individual/personal trust, was also secured and represented by Brett S. Beck and Perry White
Somerset Park is located at 7710 West Sahara Avenue in Las Vegas, NV. Somerset Medical Office Complex is a 51,646 square foot garden-style, one-story office building located in the highly desirable Summerlin submarket. The property is situated on 4.54 acres comprised of 16 office units; the majority of the units are occupied by medical professionals. The units range in size from 650 to 12,540 square feet. Most of the units have great views of the fully landscaped courtyard, and the parking area provides the tenants with reserved covered parking spaces. According to Perry White, “The Las Vegas office market is slowly emerging from the recession doldrums. Well located office buildings are now commanding higher rents and selling for over $150 per square foot.”
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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