CORFAC News

Las Vegas, NV (July 9, 2012) -- Voit Real Estate Services/CORFAC International has just completed its first investment acquisition in more than five years, according to Robert D. Voit, CEO and Founder of Newport Beach, Calif.-based Voit Real Estate Services. 

The firm has acquired Cheyenne Technology Center (formerly called North Port Business Center), a 172,328 square-foot industrial business park in North Las Vegas, Nev., for $11.9 million from an institutional lender.

This transaction by Voit, a firm that has owned and developed more than 24 million square feet of commercial real estate valued in excess of $2 billion during its 40-year history, demonstrates confidence in the new opportunities arising from the most recent market cycle, according to Voit. 

“We have confidence in the Las Vegas market and we believe that the market has reached its bottom, creating the right timing for this acquisition,” noted Mr. Voit. 

The property is comprised of six office/flex/industrial buildings, and was 52 percent occupied at the time of sale. 

Voit will add value to the asset by launching an aggressive leasing campaign.  The firm will also invest an additional $700,000 into improvements for the property over the next six months, upgrading the landscaping, parking and exterior, and constructing speculative tenant improvements in some of the property’s units.

“Because part of the business park is currently in shell condition, we will build out several units in order to provide prospective tenants with an opportunity to see the potential in the space,” explained Voit.  “We will be aggressively marketing the property for lease.”

Financing for the transaction was provided by Wells Fargo Bank.  The loan closed in a 15-day period. 

“Wells Fargo has been our valued partner for more than 30 years, and the speed of this closing is reflective of the excellent level of service the bank consistently provides to us, as well as the trust that has been built between our firms,” Voit added.

Garrett Toft, Eric Larkin and Zac Zaher of Voit’s Las Vegas office have been named the exclusive leasing representatives for Cheyenne Technology Center, which is located at 3355-3675 West Cheyenne Avenue in North Las Vegas, Nev. 

Information on leasing the property is available from Garrett Toft at (702) 734-4503 or gtoft@voitco.com.

About Voit Real Estate Services
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.  An affiliate of CORFAC International, Voit combines 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management 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 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.