|By Marketwired .||
|August 14, 2014 12:40 PM EDT||
LAS VEGAS, NV and IRVINE, CA -- (Marketwired) -- 08/14/14 -- CIP Real Estate, an Irvine, California-based commercial real estate investment and management company, is announcing its sale of Escondido Industrial Park in Las Vegas for $7.3 million. The 153,000-square-foot distribution and warehouse facility is located immediately south of McCarran International Airport and has a marquee tenant list that includes Konami Gaming, G-Tech and Absolute Exhibits.
CIP Real Estate, in a joint venture with Chicago-based institutional investor Blue Vista Capital Management, purchased the property in 2012 for $4.2 million from a private trust and immediately implemented a major renovation program, including installation of ESFR sprinkler systems and cosmetic upgrades.
"This project was a classic turnaround story," said Eric Smyth, principal of CIP Real Estate. "We look for industrial and office properties that have 'good bones,' but require physical renovation and have leasing challenges. Opportunities like this are harder to find in Las Vegas as fewer projects trade hands and more out-of-state capital is searching for value-added deals in the valley."
The buyer, a private partnership, was represented by Las Vegas Realty, and CIP Real Estate was represented by Brian Riffel of Colliers International in the transaction.
CIP Real Estate has been very active in Las Vegas with acquisitions totaling more than $115 million in three separate transactions with Oaktree Capital Management since December 2013. The acquisitions included six office assets, 14 flex and industrial buildings, and a 4.2-acre land parcel, all located in the Hughes Airport Center, adjacent to McCarran International Airport. This premier portfolio of nearly 1,000,000 square feet is home to some of the iconic names in Las Vegas, including Sitel, Bally's, Cirque du Soleil, and MGM Resorts International. MGM recently leased 165,000 square feet of office space in the project on a long-term basis, after vacating its former buildings that were demolished to make way for the new $350 million MGM-AEG arena.
"We are very pleased with our acquisition activity in 2013/14 and plan to remain an aggressive buyer in Las Vegas," said Smyth. "Our recent leasing activity in Hughes Airport Center has been very positive and reaffirms our commitment to Las Vegas on a long-term basis."
CIP Real Estate is a full-service real estate investment and management company focused on the acquisition, development, repositioning and management of office, business and industrial parks. Founded in 1995, CIP Real Estate owns and manages more than five million square feet of quality real estate throughout California, Nevada and North Carolina, and has completed more than $1 billion in acquisitions and dispositions since its inception. www.ciprealestate.com
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 31, 2015 02:30 PM EDT Reads: 450
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Aug. 31, 2015 02:30 PM EDT Reads: 402
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Aug. 31, 2015 02:30 PM EDT Reads: 138
The web app is agile. The REST API is agile. The testing and planning are agile. But alas, data infrastructures certainly are not. Once an application matures, changing the shape or indexing scheme of data often forces at best a top down planning exercise and at worst includes schema changes that force downtime. The time has come for a new approach that fundamentally advances the agility of distributed data infrastructures. Come learn about a new solution to the problems faced by software organ...
Aug. 31, 2015 02:13 PM EDT
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Aug. 31, 2015 02:00 PM EDT Reads: 176
Aug. 31, 2015 01:45 PM EDT Reads: 411
Aug. 31, 2015 01:05 PM EDT
Aug. 31, 2015 12:30 PM EDT Reads: 353
Aug. 31, 2015 12:16 PM EDT
Aug. 31, 2015 12:15 PM EDT
Aug. 31, 2015 12:00 PM EDT
Aug. 31, 2015 12:00 PM EDT Reads: 200
Aug. 31, 2015 11:30 AM EDT Reads: 888
Aug. 31, 2015 11:15 AM EDT Reads: 226
Aug. 31, 2015 11:00 AM EDT Reads: 160