SN Properties, a Harsch Investment Properties affiliate, has bought the 499,720-square-foot Diablo Business Center at the northwest corner of Arville Avenue and Russell Road in Las Vegas for $59.87-million, or $119.82-per-square-foot, from Diablo Investments LLC. Voit Commercial Brokerage’s Kevin Higgins represented both the buyer and seller.
The six-building light-industrial mid-bay complex is currently 100% occupied with average rents of 70 cents per-square-foot. The 28-acre complex is anchored by MGM Mirage Inc., which occupies 120,000 square feet, along with Klai Juba Architects and Carrier Corp., among others. The 12-year-old center has Russell frontage, and features 39 spaces with divisibility down to 5,000 square feet. Harsch expects to reposition the property to more office users as leases expire.
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