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Press Release
CIP Real Estate Recapitalizes 703,000 Square Foot Hughes Airport Center Portfolio with Funds Managed by Oaktree Capital Management, L.P.
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Las Vegas, NV - (February 6, 2014) – Irvine, Calif.-based commercial real estate investment and management company, CIP Real Estate, announced today the recapitalization of a
14 building, 703,000 square foot flex industrial portfolio (the “Portfolio”) located in the Hughes Airport Center in Las Vegas, Nevada. The Hughes Airport Center is a 420-acre master-planned business park consisting of 3.3 million square feet of Class-A office space with easy access to Interstate 15, Interstate 215 and Highway 95. The office park is conveniently located near the Las Vegas strip with immediate access to retail, dining and hotels. A newly-formed joint venture between affiliates of CIP Real Estate and funds managed by Oaktree Capital Management, L.P (“Oaktree”) purchased the Portfolio from a joint venture between CIP Real Estate and an investment fund managed by Buchanan Street Partners which had owned the Portfolio since 2006.
“This transaction signifies CIP Real Estate and Oaktree’s long-term commitment to the Las Vegas market,” said Eric Smyth, Principal of CIP Real Estate. “We plan to be an active buyer in this market in 2014 and beyond.”
CIP’s Real Estate Property Services and Voit Real Estate Services will continue managing and leasing the portfolio as both have done since 2006. “Tenants in Las Vegas require flexibility, price, location and service,” said Kevin Higgins, Executive Vice President of Voit Real Estate Services. “The Hughes Airport Center delivers the right combination of these requirements with a prime location, desirable amenities, and aggressive rates with ready-to-occupy office and industrial suites.”
CIP Real Estate is a full service real estate investment and management company focused on the acquisition, development, repositioning and management of office, business and industrial management parks. Founded in 1995, CIP Real Estate owns and manages more than 5 million square feet of quality real estate throughout California, Nevada and North Carolina and has completed an excess of $1 billion in acquisitions and dispositions since its inception. www.ciprealestate.com
Oaktree Capital Management, L.P. is a leader among global investment managers specializing in alternative investments, with $83.6 billion in assets under management as of December 31, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 800 employees and offices in 16 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/ .
14 building, 703,000 square foot flex industrial portfolio (the “Portfolio”) located in the Hughes Airport Center in Las Vegas, Nevada. The Hughes Airport Center is a 420-acre master-planned business park consisting of 3.3 million square feet of Class-A office space with easy access to Interstate 15, Interstate 215 and Highway 95. The office park is conveniently located near the Las Vegas strip with immediate access to retail, dining and hotels. A newly-formed joint venture between affiliates of CIP Real Estate and funds managed by Oaktree Capital Management, L.P (“Oaktree”) purchased the Portfolio from a joint venture between CIP Real Estate and an investment fund managed by Buchanan Street Partners which had owned the Portfolio since 2006.
“This transaction signifies CIP Real Estate and Oaktree’s long-term commitment to the Las Vegas market,” said Eric Smyth, Principal of CIP Real Estate. “We plan to be an active buyer in this market in 2014 and beyond.”
CIP’s Real Estate Property Services and Voit Real Estate Services will continue managing and leasing the portfolio as both have done since 2006. “Tenants in Las Vegas require flexibility, price, location and service,” said Kevin Higgins, Executive Vice President of Voit Real Estate Services. “The Hughes Airport Center delivers the right combination of these requirements with a prime location, desirable amenities, and aggressive rates with ready-to-occupy office and industrial suites.”
CIP Real Estate is a full service real estate investment and management company focused on the acquisition, development, repositioning and management of office, business and industrial management parks. Founded in 1995, CIP Real Estate owns and manages more than 5 million square feet of quality real estate throughout California, Nevada and North Carolina and has completed an excess of $1 billion in acquisitions and dispositions since its inception. www.ciprealestate.com
Oaktree Capital Management, L.P. is a leader among global investment managers specializing in alternative investments, with $83.6 billion in assets under management as of December 31, 2013. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 800 employees and offices in 16 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/ .