Private equity real estate firm Moonwater Capital has acquired Montecito Tower, a high-rise office building in Las Vegas. The price of the acquisition was $41 million.
LAS VEGAS (PRWEB) MARCH 26, 2018
Moonwater Capital has recently acquired Montecito Tower, a six-story high rise that sits comfortably along the I-215 Beltway, just west of the US-95 Highway in the rapidly expanding Northwest Las Vegas submarket. The Class-A office space projects superior visibility and maximum exposure as the only high-rise in the vicinity.
The emerging firm secured the $41 million capital package to acquire the office building with financing arranged by Dekel Capital, a Los Angeles-based Real Estate Merchant Bank. The remaining balance of the acquisition was funded through a $27.5 million first mortgage loan from Prime Finance, along with a joint-venture equity investment from a large global private equity firm.
Although 90% occupied, Moonwater Capital seeks to further develop Montecito Tower. Not only will it improve overall quality of the property by bringing in a diverse mix of retail and office tenants, but through excess land it will add two 4,000 square foot pad sites. The intent is for the pads to be utilized for medical office, office, or retail development.
As Moonwater Capital continues to shape the greater Las Vegas landscape, its recent developments are only the beginning. The city is in the midst of opportunistic renaissance; cultivated from its gaming and bombastic roots, the city is transitioning into that of a prosperous business destination thanks in part to various state incentives and zero state income taxes.
“We are seeing growth like never before, creating an environment of unlimited business opportunity. I am so excited to be part of this revival.” – Ofir Hagay, President & CEO of Moonwater Capital.
In September, Moonwater Capital closed On A $24.8 million acquisition Of 8912 & 8918 Spanish Ridge, Adjacent Class-A office buildings in the southwest corridor of Las Vegas near Summerlin, Henderson, and Green Valley.
About Moonwater Capital
Founded in 1997, Moonwater Capital is a Las Vegas-based boutique private equity real estate fund headed by Mr. Ofir Hagay. Moonwater Capital specializes in value-add investments, particularly real estate properties in the greater Las Vegas and surrounding metropolitan areas. According to RealPage/MPF Research, “value-add investment is an intriguing and timeless concept with optimum ROI opportunity.” Through years of company-wide success, Moonwater Capital takes this “timeless concept” and creatively applies it to the Las Vegas Marketplace, a market in which they standalone.
The company leverages its deep knowledge, relationships and global experience to identify, secure and profit from strategic real estate projects; real estate projects that also impact the city of Las Vegas by way of job creation and community development.
About Montecito Tower
Built in 2008, Montecito Tower’s current occupancy is above 90% and includes anchor tenant Asurion, the leading provider of insurance & support services for consumer electronics serving 280 Million consumers worldwide. Additionally, the property is also occupied by the law firm Alverson Taylor Mortensen & Sanders. The firm began in 1977 as a partnership between two friends and former schoolmates, Bruce Alverson and Nevada Senator Harry Reid. ATM&S is now one of the largest law firms in the state of Nevada and provides legal services in the fields of civil litigation, medical malpractice, construction defect, and numerous other specialties.