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Marnell Properties recently sold three buildings inside its 37-acre Marnell Corporate Center office and retail development at Sunset Road and Gillespie Street in Las Vegas. Odyssey Real Estate Capital LLC and Crow Holdings acquired a trio of Class-A office buildings totaling 176,960 square feet for $54.05 million or $305 per square foot.
"The Marnell Corporate Center is one of the highest quality assets in the city," said Graham Nelson, partner of Odyssey Real Estate Capital. "The office buildings are well-designed and immaculately constructed. This was an obvious choice for us."
Odyssey Real Estate Capital LLC is a newly-formed Henderson-based group of former Centra Properties executives, while Crow Holdings is the Dallas-based investment manager for the Trammell Crow family and its investment partners.
"It was an unsolicited offer," said Brad Schnef, president of Marvell Properties. "We always had an exit plan, but it came to us sooner than we intended."
The three buildings that changed hands include the three-story, 68,454-square-foot MCC-3; the four-story, 93,675-square-foot MCC-4; and the single-level 14,831-square-foot MCC-6. Rents average $2.50 to $2.70 per square-foot, triple-net. MMG-3 and MCC-4 are both steel-framed, glass sheathed buildings that were fully leased with such tenants...