West Las Vegas Office Building Sells for $15M
Real Estate Services Group traded the nearly 90,000-square-foot suburban asset for more than double the price it paid in 2013.
A private investor has paid $15 million for Rainbow Corporate Center, an 87,771-square-foot Class B office property in Las Vegas, according to Clark County records. The seller, Real Estate Services Group, had acquired the asset from U.S. Bank in a $6.9 million deal in late 2013, Yardi Matrix shows.
Rainbow Corporate Center is located on 3.4 acres in a primarily residential area at 500 N. Rainbow Blvd., adjacent to the intersection of Summerlin Parkway and U.S. Highway 95. The property is some 7 miles west of downtown Las Vegas.
The three-story building was delivered in 1997 and is home to a mix of tenants, including traditional office users like Fidelity National Title, medical practices and a Regus shared space. The property boasts a parking ratio of 6 spaces per 1,000 square feet, housed in an adjacent structure with electric vehicle-charging stations.
Las Vegas took a massive hit from the COVID-19 pandemic early on and overall investment in the metro’s real estate has dropped sharply. However, parts of Nevada’s economy may be poised to reopen as soon as mid-May, under guidelines announced by Governor Steve Sisolak last week.