SAN FRANCISCO--(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.”
