Cheyenne Technology Center (originally called Northport Business Center) is a 172,000 – square foot multi-tenant industrial building, located in the technology corridor of North Las Vegas. The property was originally developed at the height of the market in 2006. As the financial crisis deteriorated values in Las Vegas, the property was ultimately foreclosed upon by Bank of America. Being overwhelmed by the sheer volume of foreclosures, Bank of America allowed the property to deteriorate through inefficient management and leasing, leaving it 52 percent occupied with suites still in shell condition.
After a year of no leasing activity, Bank of America decided to sell the property. The sale process caught the attention of most Las Vegas investors. Through its strong personal relationships with the bank and the selling brokers, the property was acquired at a reduced price with a quick all-cash close of escrow. Through a tremendous re-branding effort, which included changing the property’s name, leasing and management team, landscape, paint, and new capital dollars for shell space, new leasing began to occur almost immediately upon purchase. Currently, four of the 11 vacant suites are leased and the property is a full year ahead of its projected absorption schedule.
- Foreclosure sale
- Newer product at a 50 percent discount to replacement cost
- Distressed asset in need of capital
- Acquired the property at a reduced price through its strong relationships with the bank and the selling brokers
- Re-branded the property, employing multiple tactics including changing the name, leasing team, and image
- Projected to spend $1.6 million in capital improvements, such as paint, landscape, office build-out, etc.
- Efficiently leased space a full year ahead of schedule