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Roxborough, Bendetti Recapitalize Las Vegas Industrial Campus

4 months ago

The deal also included the assumption of an existing $20 million loan. The post Roxborough, Bendetti Recapitalize Las Vegas Industrial Campus appeared first on Commercial Property Executive.

Valley View Business Park consists of five industrial buildings. Image courtesy of CommercialEdge

The Roxborough Group, together with Bendetti, has closed on a $38.6 million recapitalization for Valley View Business Park, a 195,603-square-foot industrial campus in Las Vegas.

The deal also included the assumption of an existing $20 million loan with an interest rate below the current trends. American Equity Investment Life Insurance Co. originated the five-year note in 2022, according to CommercialEdge information.

Bendetti previously owned the five-building campus in partnership with RGA ReCap Inc. The joint venture had purchased the asset from Morrison Street Capital in 2014, in a $16.3 million deal, the same source shows.

The newly created partnership marks Roxborough’s second industrial investment in metro and its first through Roxborough Fund III LP, a $518 million investment vehicle focused on infill and value-add industrial properties.

A closer look at Valley View Business Park

Valley View Business Park consists of five one-story industrial buildings located at 3859-3871 S. Valley View Blvd. The facilities feature 16-foot clear heights, fire sprinklers, climate control systems, 47,874 square feet of retail spaces located in a freestanding building and a total of 396 car parking spots.

Completed in phases between 1979 and 1981, the properties have undergone significant renovations under Bendetti’s ownership. Improvements included new exterior facades and roofs, a standardized tenant signage program and upgraded landscaping.

The multi-tenant industrial campus has units ranging from 539 square feet to 5,167 square feet, with the capability of hosting approximately 113 tenants. The roster features One Stop Shipping, Italcream, M & M Furniture Inc., Pinnacle Décor and others, according to CommercialEdge.

The 10-acre complex provides easy access to the Las Vegas Strip and the surrounding area via Interstate 15. The location is 4 miles from Harry Reid International Airport, 6 miles from downtown Las Vegas, 9 miles from North Las Vegas Airport and within 21 miles of Henderson, Nev.

The property is also 7 miles from Spanish Ridge Industrial Park, a 230,899-square-foot industrial campus that changed hands in February. EastGroup Properties acquired the three-building asset for nearly $55 million.

The post Roxborough, Bendetti Recapitalize Las Vegas Industrial Campus appeared first on Commercial Property Executive.