The Roxborough Group and Bendetti Close on $38.6 Million Recapitalization of 195,603 Square Foot Multi-Tenant Industrial Park in Las Vegas
03 Julio 2024 - 11:09AM
Business Wire
Affiliates of The Roxborough Group LLC (Roxborough) and Bendetti
announce the recapitalization of Valley View Business Park in Las
Vegas for $38.6 million, including the assumption of an existing
$20 million loan at an interest rate significantly below current
rates. Bendetti previously owned the asset in partnership with RGA
ReCap Incorporated and will now operate the business park in a new
partnership with Roxborough.
The industrial park, built in phases from 1979 to 1981, spans
over 10 acres just minutes from the Las Vegas Strip. It consists of
five buildings totaling 195,603 sf. It hosts 100+ tenants engaged
in warehousing, light manufacturing and retail. Suites range from
539-5,167 square feet, each featuring grade level doors.
Due to the high construction costs associated with this type of
property, competition from new supply is limited, positioning the
asset favorably to capitalize on growing demand from businesses
seeking proximity to downtown Las Vegas.
"The acquisition of Valley View Business Park aligns with
Roxborough’s strategy of acquiring infill industrial properties
with high barriers to entry,” said Matthew McCormick, Managing
Director at Roxborough. “Located adjacent to the Las Vegas Strip
and easily accessible via major regional thoroughfares, this asset
is highly desirable to businesses serving the local economy. Valley
View presents a rare opportunity to acquire an infill industrial
asset off-market, at a significant discount to replacement cost, in
one of the nation’s fastest growing markets.”
Valley View Business Park marks Roxborough’s second industrial
acquisition in Las Vegas and the first within Roxborough Fund III,
L.P., a $518-million discretionary fund focused on opportunistic
and value-add investments.
Bendetti has been active in Nevada for over 20 years, having
acquired over 1.2 million square feet of industrial space in that
market. Now celebrating 60 years of industrial leadership, Bendetti
has successfully carved out a niche in the multi-tenant industrial
space across the West including California, Colorado, Nevada, Texas
and Utah.
“Valley View Business Park has undergone extensive renovations
and improvements, enhancing its appeal as a highly desirable
multi-tenant industrial property in the Las Vegas market,” said
Aaron Weaver, President at Bendetti. “It represents the type of
product we seek out – one that can create tangible value to the
tenants, our partners and the local community. We are eager to
expand our portfolio in Nevada.”
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