Kingsbarn Realty Capital, a sponsor of non-traded alternative investment offerings, has purchased a three-story, 67,000-square-foot office building located in Las Vegas for a Delaware statutory trust offering.
Formerly known as LaPour Corporate Center, Kingsbarn will rename the property CityWest Commons.
CityWest Commons is a Class A, LEED certified building located at 9075 West Diablo Drive. The property 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.
Jeff Pori, chief executive officer of Kingsbarn, said that CityWest is 96 percent leased to tenants such as The State of Nevada, Chicago Title, and NV Energy.
“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,” said Pori. “[Fifty-one percent] 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.”
Kingsbarn Realty Capital offers investments is private equity, exchange traded funds, traditional investment funds, private placements, and Delaware statutory trusts. Kingsbarn’s management team has experience developing, managing, operating, and sponsoring a portfolio of stabilized properties as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has more than $1.5 billion of assets under management throughout the United States.