(LAS VEGAS) – Hines, the international real estate firm, along with a subsidiary of real estate funds managed by Oaktree Capital Management, L.P. (“Oaktree”), announced today that they have sold two buildings within the firm’s Summerlin Office Portfolio – 10000 W. Charleston and 10550 W. Charleston. Financials on the deal were not disclosed.
The two-story, 74,000-square-foot 10000 W. Charleston and the one-story, 72,000-square-foot 10550 W. Charleston are located in Summerlin, a premier master-planned community, home to some of the largest and fastest growing companies and most desirable and affluent housing communities in Las Vegas.
The Summerlin portfolio now consists of 16 institutional-quality buildings totaling 750,000 square feet located across 10 campuses. Hines and Oaktree have completed extensive capital improvements at the projects, and during their ownership period the portfolio occupancy has increased from 53 percent to 94 percent. The portfolio is currently leased to a number of well-known tenants including: Devry, Diamond Resorts, Expedia, Shift 4, Williams-Sonoma and Wyndham Worldwide.
Hines Managing Director Doug Metzler, who heads the firm’s Los Angeles and Las Vegas offices, said, “This sale underscores the strength and stability of the Las Vegas office market. We plan to actively market the remaining assets in this portfolio over time, and are pleased with the performance to date.”
The Seller was represented by Charles Moore and Marlene Fujita of CBRE in Las Vegas.
Oaktree is a leader among global investment managers specializing in alternative investments, with $97 billion in assets under management as of March 31, 2016. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.