Kingsbarn Acquires Class A, 3-Story Office Building in Las Vegas, Nevada
LAS VEGAS, July 22, 2022 (Newswire.com) - Kingsbarn Realty Capital ("Company" or "Kingsbarn") announced the acquisition of a Class A, three-story office building located at 9075 West Diablo Drive in Las Vegas, Nevada (the "Property"). Formerly known as LaPour Corporate Center, Kingsbarn will rename the property CityWest Commons. CityWest Commons is LEED Certified and consists of approximately 67,415 square feet. CityWest is situated near "the curve" of the Las Vegas Beltway in the Southwest submarket where I-215 connects the Summerlin master-planned community in the West to Henderson and Green Valley Ranch in the Southeast. The Property enjoys superior accessibility and visibility in addition to numerous nearby amenities.
"CityWest is 96% leased to high-quality tenants such as The State of Nevada, Chicago Title, and NV Energy," stated Kingsbarn CEO Jeff Pori. Chicago Title is rated A2 by Moody's, and NV Energy is a subsidiary of Berkshire Hathaway Energy, which is rated A3 by Moody's. "51% of the tenancy is investment-grade credit or government-related. We are pleased to be able to provide our investors with a very solid 1031 exchange replacement property," Pori further stated.
CityWest Commons' desirable location, quality construction, and strong tenancy make this an attractive investment opportunity. Kingsbarn will offer the Property for investment in a Delaware Statutory Trust structure, thereby making the fractional interests eligible as a 1031 exchange replacement property.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate centric investment house that provides institutional and accredited investors access to an array of alternative investments. Kingsbarn offers investments is private equity, exchange traded funds, traditional investment funds, private placements, and Delaware Statutory Trusts (DSTs). Kingsbarn's management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has over $1.5 billion of assets under management throughout the United States.
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Source: Kingsbarn Realty Capital