On July 15, 2022, Dornin Investment Group (“DIG”) sold Marnell Corporate Center 3 (“MCC3”), an office asset, to a private investor for $23.3M or $325 PSF with 87% occupancy. DIG had originally purchased the building in early 2014 for $222 PSF as part of a portfolio that consisted of three Class A multi-tenant office buildings (MCC3, MCC4 and MCC6) located within the master planned Marnell Corporate Center totaling 176,960 SF. This was the third and final disposition of the portfolio setting a record total sales price of $58.7M.
MCC3 is a high quality, three-story office building totaling 71,378 SF and features unique architectural designs with strategic setbacks at each corner allowing for six corner offices per floor, as well as decorative trellis accents along the roofline. MCC is also ideally located adjacent to the McCarran International Airport near I-15 and the I-215 Beltway, and is proximate to the city’s most exciting amenities as well as the Las Vegas strip. In addition, MCC offers tenants a desirable campus environment with outstanding visibility, scenic city and mountain views, prominent signage opportunities and convenient access throughout Las Vegas and beyond.
Amy Harris, VP of Asset Management at DIG, stated “MCC3 represented an opportunity to stay involved in a well-located premier A-class building in the vast and growing city of Las Vegas. DIG’s expertise in office was on full display as we successfully leased up the remaining space in the building and renewed several existing tenants despite the challenges of COVID in years past and substantial rate hikes this summer.”
DIG acknowledges the great team behind the successful execution of project including Marlene Fujita, Charles Moore, and Alex Casingal at Cushman Wakefield. Mark Nicoletti of Allen Matkins and Brenda Burns of First American Title were instrumental in closing the transaction.
About Dornin Investment Group
Dornin Investment Group is a real estate investment and asset management firm with offices in Laguna Beach, CA and Las Vegas, NV. The firm invests in commercial and residential real estate throughout the capital stack in partnership with a broad base of institutional and private investors. The firm specializes in distressed, opportunistic, and value-add investments in all major property types with a focus on office, flex, industrial, multifamily and hospitality properties and loans. DIG offers a full-service investment platform providing asset management, property management, leasing, design and construction management through its wholly owned affiliate Dornin Realty Advisors (“DRA”). For more information, visit www.dorningroup.com.