Home News Las Vegas investor snaps up office buildings as market finds footing from pandemic

Las Vegas investor snaps up office buildings as market finds footing from pandemic

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Las Vegas real estate investor Jeff Polly recently bought a ton of office buildings in a market that is still finding a foothold after the upheaval sparked by the pandemic.

His company, Kingsbarn Realty Capital, purchased three office buildings near St. Rose Parkway just south of the 215 Beltway this month. This follows his purchase of three office buildings off the Green Valley Parkway just north of the Beltway in July.

The Henderson buildings will sell for a combined $114.5 million, totaling just over 347,000 square feet, brokerage firm CBRE Group recently announced.

CBRE said it was representing the sellers JMA Ventures and Blue Vista Capital Management in the sale of the portfolio.

Kingsbarn CEO Pori told the Review-Journal that the Las Vegas office market is strong, even though office buildings in general are currently “not in favor.”

Investors often flock to the hottest real estate segments, making overlooked properties “much more attractive,” he added.

The key, he said, is to “buy the right things in unfavorable sectors.”

According to CBRE, Henderson’s portfolio was approximately 94% occupied at the time of the sale.

This summer, Kingsbarn also bought a three-story office building near Russell Road and Beltway in the Southwest Valley for $26 million, real estate records show. When the company announced the purchase of the building, he said 96% of the 67,415-square-foot property was leased.

After the coronavirus pandemic hit, work-from-home arrangements raised questions about how much office space businesses actually needed. I couldn’t work full time in an office.

Las Vegas office market isn’t as quiet as employers rental spacethe developer is launch a new projectand many workers have returned to office buildings.

Nationwide, remote full-time work is expected to decline, but full-time office work is “expected to remain a relic of the past,” pollster Gallup reported last month.

Of the estimated more than 70 million U.S. employees who can work from home, five in ten followed a hybrid office-work-from-home format as of June. According to Gallup, 3 out of 10 are working fully remotely, and he was the only 2 out of 10 working fully onsite.

A study released this month by CBRE cited the “disconnection between employer and employee expectations” surrounding offices.

According to the report, 84% of respondents wanted their employees to be in the office at least two and a half days a week. However, only 25% believe employees will voluntarily come to the office more often than they do today.

Contact Eli Segall [email protected] or 702-383-0342.follow @eli_segall on Twitter.

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