Las Vegas Sun NewsCalifornia investor picks up $23 million in property – and is looking for more
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The office building at 1401 N. Green Valley Parkway in Henderson, as seen Jan. 29, 2013. Southern California investor Ed Mustafa recently acquired this and six other nearby commercial buildings.
Wednesday
30 January 2013
2 a.m.
A Southern California real estate investor has picked up seven more commercial buildings in the Las Vegas Valley.
Ed Mustafa, managing member of the Brentwood Cos., acquired several properties off Green Valley Parkway near the 215 Beltway last month. He and his partners paid almost $23 million for the buildings, which total 235,000 square feet.
Mustafa more than doubled his holdings in the valley with the deals, and his buying spree may not be over.
His group has another $20 million to $30 million of capital they want to spend on Las Vegas real estate, said his broker and property manager James Wilmot, of JW Commercial Real Estate Services.
Mustafa bought six of the buildings — 1301 and 1401 N. Green Valley Parkway, as well as 2230, 2240, 2250 and 2260 Corporate Circle — from C-III Capital Partners. The seventh one, 901 N. Green Valley Parkway, was acquired from Integrated Properties.
The buildings are in Henderson’s 94-acre Green Valley Corporate Center office park, which was developed by American Nevada Company. The Greenspun family, which owns VEGAS INC and the Las Vegas Sun, owns American Nevada.
Mustafa, who has offices in Victorville, Calif., used to work in banking but has spent the past 20 years in real estate, mostly as an investor, Wilmot said. He owns property in California, Arizona and Nevada.
Locally, Mustafa owns 20 of the 30 buildings at Longford Plaza, an office park on Warm Springs Road near Pecos Road. He also owns Rainbow Sunset Pavilion, a single-story retail center on Rainbow Boulevard near the Beltway, Wilmot said. Those holdings comprise about 220,000 square feet combined.
Across the street from Corporate Center, C-III also recently sold a 94,000-square-foot medical building for nearly $14 million to Odyssey Real Estate Capital, a Las Vegas commercial landlord. That building, at the northeast corner of Green Valley Parkway and the Beltway, was developed by American Nevada, as well.
Odyssey has about $800,000 set aside for upgrades and renovations at the property, CEO Greg Johnson said.
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Home prices went up 24% in the last twelve months, however land price will make the biggest gain over the next few years.
@Warrior: Your 2012 residential numbers are wrong, home values did NOT increase 24% across the Valley. Depending on who you ask, it was 11 or 13%. BUT, some parts of the Valley like outside the 215 Beltway (like where we own in the far Northwest near Providence) home values have been static are static or not increased more than 2-3%.
I think I'm going to buy some property on the strip. I think the strip could use another Casino. I might put thru a package for the unfinished Fountainbleau. Question for this investor what is he going to put into all the empty space? We have a DEPRESSION in the commercial property sect (Obama withstanding) BTW now figures are coming out that we are entering another recession. Hello. Where do these BS artists get there info?