{"id":1004112889,"date":"2015-02-05T08:01:41","date_gmt":"2015-02-05T16:01:41","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=323629"},"modified":"2022-12-08T12:58:32","modified_gmt":"2022-12-08T20:58:32","slug":"dornin-snaps-up-downtown-office-building-4","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dornin-snaps-up-downtown-office-building-4\/","title":{"rendered":"Dornin Snaps Up Downtown Office Building"},"content":{"rendered":"<p><em>By Alex Girda, Associate Editor<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/City-Centre-Place.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-323631\" title=\"City Centre Place\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/City-Centre-Place.jpg\" alt=\"\" width=\"300\" height=\"216\" \/><\/a>With the commercial market finding new life in Las Vegas,\u00a0Dornin Investment Group has acquired City Centre Place, a 104,000-square-foot \u00a0Class A office building. Completed in 2002, the six-story building is located downtown at 400 South 4th St. near several county and federal court facilities.<\/p>\n<p>PCCP L.L.C., a Los Angeles-based real estate finance and investment management firm, provided an $18 million senior loan for acquisition and lease-up of the property, which is 29 percent vacant.<\/p>\n<p>The firm \u201cwill also provide funds for capital improvements, tenant improvements, and leasing commissions for the remaining vacancy,\u201d PCCP Associate Vice President Mike Johnson said in a statement. The transaction is the third between PCCP and Dornin.<\/p>\n<p>Las Vegas\u2019 Class A office market has recorded positive net absorption for eleven quarters in a row, and rising rents are reflecting the improvement, PCCP noted in its statement announcing the deal. Investors appear to be ramping up activity before major new projects are announced.<\/p>\n<p>Image courtesy of\u00a0<em>propertyline.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the commercial market finding new life in Las Vegas, the Dornin Investment Group has moved to acquire an office asset in the city&rsquo;s downtown. The investor acquired City Centre Place, with funds for the purchase being provided by real estate finance and investment management firm PCCP, LLC. The buyer was provided with an $18 million senior loan for the acquisition and lease-up of the property. This is the third transaction completed between PCCP and Dornin Investment, according to PCCP Associate Vice President, Mike Johnson.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1593,21742],"tags":[],"class_list":["post-1004112889","post","type-post","status-publish","format-standard","hentry","category-las-vegas","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dornin Snaps Up Downtown Office Building - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/dornin-snaps-up-downtown-office-building-4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dornin Snaps Up Downtown Office Building\" \/>\n<meta property=\"og:description\" content=\"With the commercial market finding new life in Las Vegas, the Dornin Investment Group has moved to acquire an office asset in the city&rsquo;s downtown. The investor acquired City Centre Place, with funds for the purchase being provided by real estate finance and investment management firm PCCP, LLC. The buyer was provided with an $18 million senior loan for the acquisition and lease-up of the property. This is the third transaction completed between PCCP and Dornin Investment, according to PCCP Associate Vice President, Mike Johnson.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/dornin-snaps-up-downtown-office-building-4\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-05T16:01:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:58:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/City-Centre-Place.jpg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dornin-snaps-up-downtown-office-building-4\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dornin-snaps-up-downtown-office-building-4\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"Dornin Snaps Up Downtown Office Building\",\"datePublished\":\"2015-02-05T16:01:41+00:00\",\"dateModified\":\"2022-12-08T20:58:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dornin-snaps-up-downtown-office-building-4\\\/\"},\"wordCount\":172,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dornin-snaps-up-downtown-office-building-4\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/City-Centre-Place.jpg\",\"articleSection\":[\"Las Vegas\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dornin-snaps-up-downtown-office-building-4\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dornin-snaps-up-downtown-office-building-4\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/dornin-snaps-up-downtown-office-building-4\\\/\",\"name\":\"Dornin Snaps Up Downtown Office Building - 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