CORFAC News

• Voit Irvine brokers Dan Vittone and Alan Pekarcik successfully complete the sale of 11 individually-parceled buildings in Westcliff Plaza

LAS VEGAS, NV, (JUNE 28, 2011) – Dan Vittone and Alan Pekarcik of Voit Real Estate Services/CORFAC International’s Irvine office have successfully directed the receivership sale of Westcliff Plaza, a 134,907 square-foot mixed-use office development in Las Vegas, for a total consideration of $9.2 million.Vittone and Pekarcik, together with Kit Graski of Voit’s Las Vegas office, represented both the buyer, Omninet Capital, LLC, and the seller, Trident Pacific Real Estate Group, as receiver for Bank of America for the registered holders of Morgan Stanley CMPC Series 2004-IQ8, serviced by Midland Loan Servicers, in the transaction. “The Voit team was successful in marketing this property as an excellent opportunity for a buyer to acquire a lender-facilitated, value-add investment property,” said Vittone, Senior Vice President in Voit’s Irvine office. “The property is located in a submarket that is demonstrating the beginning signs of economic recovery, and we leveraged that momentum to drive interest. Ultimately, we secured the right buyer and directed a seamless transaction for both parties.”Westcliff Plaza, which was built in 1994 to resemble a French country manor, sits on 3.54 acres. Eleven of the development’s 12 one- and two-story office/medical buildings were included in this sale, while the remaining building was sold as a condo in 1995. The property is located at 201-401 North Buffalo Drive in Las Vegas, NV, less than one mile from Highway 95. Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 39 years of expertise in property management, investment advisory, financial analysis, market research, asset management, tenant advisory and brokerage services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971, and currently employs more than 230 people. A member of CORFAC International, Voit has owned, developed and managed over 45 million square feet of commercial real estate, participated in $1.35 billion of construction projects and completed over $33 billion in brokerage transaction volume. Further information is available at www.voitco.com.