Vegas Water Agency Picks Up Office Building

January 8, 2024

Investment Las Vegas News OfficeMoreWest

Cushman & Wakefield represented the seller of this vacant property.

Meadowview Corporate Center is some 3 miles from downtown Las Vegas. *Image courtesy of Cushman & Wakefield*

The Las Vegas Valley Water District has completed its $21.3 million purchase of Meadowview Corporate Center, a 166,409-square-foot office building in Las Vegas. The Class B asset’s previous owner was J.A. Tiberti Construction, according to CommercialEdge information.

The Las Vegas office of Cushman & Wakefield’s Private Capital Group represented the seller. Brokers included Executive Director Marlene Fujita Winkel, alongside Senior Associates Emily Brun and Cody Seager.

What are the buyer’s plans?

Located at 330 S. Valley View Blvd., in an Opportunity Zone, Meadowview Corporate Center came online in 1983. Rising two stories on a 10-acre parcel, the building includes an open atrium, controlled access doorways, fiber optics and ethernet cabling, as well as a backup generator. The property is 3 miles west of downtown Las Vegas and roughly 4 miles north of The Strip.

Fully vacant at the time of sale, Meadowview Corporate Center previously hosted offices and communications infrastructure used by Sprint, the Las Vegas Review-Journal reported. The LVVWD’s plans for the site are unknown, but the same article speculates that the site will either be used to house communications operations or may be demolished to allow for the digging of new groundwater wells. The company owns more than 250 acres of property further south along Valley View Boulevard, where its headquarters are.

Suburban successes

Las Vegas’ office market remains stable, with a vacancy rate of 10.9 percent and 102,505 square feet of year-to-date net absorption as of October 2023, according to a report from CBRE. Meanwhile, sales amounted to some $406 million, at an average $267 per square foot.

Class B properties in suburban markets accounted for roughly 60 percent of the metro’s leasing activity, with more than 1.3 million square feet coming under occupancy over the same period. Health services, software and utility companies had the largest share of leases.

Early in 2023, Barton Associates committed to 45,257 square feet at The Boulevard Mall, a 1.2 million-square-foot mixed-use property. The space can accommodate up to 360 employees.