Moonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.
The 177,007-square-foot Montecito Tower is located at 6605 Grand Montecito Parkway. Completed in 2009, the six-story building features leases ranging from 3,890 square feet of divisible space to 15,440 square feet of contiguous space. The tenant mix includes Asurion, Alverson Taylor Mortensen & Sanders, among others. At the time of the sale, the building was 90 percent occupied. The property is LEED certified.
Montecito Tower is situated in a highly dense area, with routes 215 and 95 in the vicinity. Plenty of shops, restaurants and a few parks are nearby. Yardi Matrix reports a total of more than 100,000 people living in a three-mile radius, with a median household income of approximately $72,800.
Moonwater Capital has plans to develop the asset further, with the first-floor vacancy to be occupied by a varied mix of retail tenants. Two, 4,000-square-foot pad sites will also be added on adjacent land, intended to be used for medical office, office or retail development.
Image courtesy of Yardi Matrix