Moonwater Capital Expands in Vegas With $41M Office Buy
ByMoonwater Capital has acquired its third property, Montecito Tower, a Class A office building in Las Vegas’ Bruce Woodbury Beltway, for $41 million. The capital package was arranged by Dekel Capital. Part of the funds were secured through a $28.5 million first mortgage loan with Prime Capital, while the balance of the capitalization was funded through a joint venture equity investment between Moonwater and a private equity fund.
The 177,007-square-foot Montecito Tower is located at 6605 Grand Montecito Parkway. Completed in 2009, the six-story building features leases ranging from 3,890 square feet of divisible space to 15,440 square feet of contiguous space. The tenant mix includes Asurion, Alverson Taylor Mortensen & Sanders, among others. At the time of the sale, the building was 90 percent occupied. The property is LEED certified…
