MARNELL CORPORATE CENTER
EQUITY MULTIPLE 1.93x
LEVERAGED IRR 17.71%
Marnell Corporate was a 3 building combined Class A office portfolio built between 2004-2006 located immediately adjacent to McCarran International Airport. The opportunity represented a significant investment in the Las Vegas office market that preceded institutional capital returning to the area after the Great Financial Crisis. Existing occupancy at 76% combined with increasing market rents and decreasing vacancies allowed for a viable value-add business plan.
DIG repositioned the assets within the momentum of increasing office demand in the submarket and sold building 4 & 6 individually, and recapitalized Building 3. Building 4 achieved record price per square foot within the metro area for multitenant non-medical buildings in August of 2018.