Roxborough, Bendetti Recapitalize Las Vegas Industrial Campus
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.
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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.
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