KINGSBARN ACQUIRES CLASS-A LAS VEGAS OFFICE COMPLEX
Las Vegas, Nevada (April 6, 2018) – Kingsbarn Realty Capital (“Kingsbarn”) announced the acquisition of an 88,000-square-foot, Class-A, office complex in the Summerlin master-planned community of Las Vegas. The property, The Plaza at Summerlin, is comprised of twin concrete-panel and steel buildings that were originally developed by The Howard Hughes Corporation and utilized as their corporate headquarters. The acquisition price for the property was $20,575,000. The property closed escrow on December 28, 2018, and was subsequently acquired by co-ownership investors on March 26, 2018.
Kingsbarn purchased The Plaza at Summerlin from Hines Global REIT. Hines had acquired the property in 2012, and completed an extensive renovation program on the core sections of the property prior to Kingsbarn’s acquisition. The Plaza at Summerlin is occupied by various financial services firms, including Morgan Stanley, several law firms, and other professional services companies.
Kingsbarn and its affiliates have acquired 34 properties within the past four years for their various 1031 exchange-related programs.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate, private equity firm focused on acquiring commercial property assets throughout the United States. Offering both direct and indirect real estate investments, Kingsbarn provides clients with the opportunity to invest in its various structured real estate private placements. Kingsbarn's management team has extensive experience developing, managing, and sponsoring a diverse array of stabilized core properties and income-driven investment funds. Competitive, risk-adjusted returns are offered to Kingsbarn investors through its diversified investment programs.
Holly Silvestri, The Ferraro Group