LAS VEGAS, NV, October 30, 2009
/24-7PressRelease/ -- CIP Real Estate, an Irvine-based commercial real estate investment and management company, has secured 21 leases within the Hughes Airport Center in Las Vegas with a value of more than $17 million and over 350,000 square feet. Hughes Airport Center is a 3.3 million-square-foot, master-planned office and industrial park strategically located adjacent to Sunset Road in the Airport sub-market. CIP Real Estate, in partnership with an investment fund sponsored by Buchanan Street Partners, owns over 1.8 million square feet in the Hughes Airport Center.
"Amid a challenging economic climate, businesses in Las Vegas are looking for well-located properties that provide a high level of value to their operations," said Scott Flemer, senior vice president of marketing for CIP Real Estate Property Services. "The breadth of properties and prime location of Hughes Airport Center has created a high demand for space within the project."
The Hughes Airport Center offers a sizable range of office, industrial, and R&D properties on 420 acres of land adjacent to McCarran International Airport.
"Tenants in the Las Vegas market are looking for a combination of price, location, flexibility, and service," said Kevin Higgins, senior vice president of Voit Real Estate Services, who represented several tenants signing leases at the project. "This has helped to drive leasing demand and generated signed deals at Hughes Airport Center."
Recent leasing activity within the Hughes Airport Center encompasses six new leases, two expansions and 12 lease renewals. Featured transactions include:
• Cirque du Soleil, a globally acclaimed dramatic mix of circus art and street entertainment, has renewed its lease of 31,049 square feet for more than $6.6 million at 980 Kelly Johnson Drive. The ownership was represented by Scott Flemer of CIP Real Estate Property Services and Cirque du Soleil was represented on a co-brokerage basis by Larry Singer of Grubb & Ellis.
• American Home Mortgage Servicing renewed its lease for 20,019 square feet at 823 Pilot Road in a transaction totaling over $360,000. AHMS utilizes this location for its Western US data center. AHMS was presented by Anita Turner of Jones Lang LaSalle.
• Transact Technologies, a leading innovator of software for gaming machines, renewed its lease at 6700 Paradise Road in a transaction totaling close to $1 million in a space totaling 13,662 square feet. Transact was represented by Sholanda Hughes of CBRE and the ownership was represented by Scott Flemer of CIP Real Estate Property Services.
• United Coin Machine Corp., best known for its leading innovation with a Game Management System that introduced automated cash dispensers for most Las Vegas slot machines, has signed a 33,843-square-foot lease renewal valued at more than $3.3 million at 600 and 711 Pilot Road. CIP Real Estate Property Services represented both parties in the transaction.
• Franklin Machine Products, a leading manufacturer of parts and accessories for the food service industry, has signed at 36,243-square-foot lease renewal and expansion for $1.4 million at 839 Pilot Road. CIP Real Estate Property Services represented both parties in the transaction.
• Peeq Media/Blue Ocean, a provider of highly specialized digital production and technology services, signed a 24,665-sqaure-foot lease expansion valued at more than $1 million at 831 Pilot Road. The ownership was represented by Garret Toft of Voit Real Estate Services.
• CH Robinson 3PL, one of the world's largest third party logistics (3PL) providers offering freight transportation logistics and fresh produce sourcing, has signed a 3,085-square-foot lease for $442,089 at 980 Kelly Johnson Drive. The ownership was represented by Kevin Higgins and Garret Toft of Voit Real Estate Services and CH Robinson 3PL was represented by Jason Molcolm of Mohr Partners.
• Bally's, a major gaming company in Las Vegas, has signed a 16,773-square-foot lease valued at $213,352 at 1151 Grier Drive. The ownership was represented by CIP Real Estate Property Services and Bally's was represented by Steven J. Santana of Prudential/IPG Commercial Real Estate.
Additional leases were signed by: Grand Products, FAMSA, Laird Plastics, Wolf & Wyman, Gill's Printing & Business Forms, Inc., William Lyon Homes, Pardee Homes, Diamond Distributors, American Video Electronics, Inc., NAI Global and Lucchesi, Galati, Architects, Inc.
The master-planned Hughes Airport Center features Class-A design and construction elements and offers proximity to the region's major highway system, including direct access to Highway 95, I-215 and I-15. Positioned immediately to the south of McCarran International Airport, the office park boasts several conveniently located amenities including local retail, restaurants and hotels, as well as immediate access to the Las Vegas Strip.
About CIP Real Estate
CIP Real Estate, headquartered in Irvine, Calif., is a full service real estate investment and management company, specializing in the acquisition, development, repositioning and management of office, business and industrial space throughout Southern California, Nevada and North Carolina. Since 1995, CIP Real Estate has completed in excess of $1 billion in acquisitions and dispositions. For more information, please visit http://www.ciprealestate.com.
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