Marcus & Millichap Arranges the Sale of Ridgeview Professional Complex, a 19,920-Square Foot Office Building

HENDERSON, Nev., December 5, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Ridgeview Professional Complex, a 19,920-square foot office property located in Henderson, Nevada, according to Frank C. Glinton, regional manager of the firm’s Las Vegas office. The asset sold for $3,900,000.

Candace Bare and Gary L. Frazier II, investment specialists in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, also a limited liability company, is looking forward to owning this prestigious office property for years to come.

The seller, who delicately maintained the asset since 2006 and whose family owns agricultural farmland in the Midwest, sought to divest the property to reallocate capital to their primary area of expertise in agriculture. The property was on the market for just over 120 days, receiving five offers—all of which were all-cash. The all-cash transaction featured a 10-day due diligence period and closed within 30 days.

The buyer plans to renovate the property and upgrade its amenities, taking advantage of below-market rents and its strategic location along Horizon Ridge Parkway. Built in 2005, Ridgeview Professional Complex features a diverse tenant mix of patient-facing dental and mental wellness doctors as well as financial services professionals. “Although there is a good deal of speculation by buyers towards office assets in today’s market, this sale represents the distinction between true client-facing office users and office buildings which have less daily traffic. Good quality office assets with positive underlying fundamentals such as this are an excellent investment option,” said Bare.

“This transaction exemplifies the ‘flight to quality’ trend, where investors seek higher-yield opportunities in well-located, stabilized office assets,” said Frazier. “The Marcus & Millichap platform allowed us to reach exchange buyers from other geographic locations and investors looking to diversify in different product types.”

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.