{"id":1004214126,"date":"2018-03-27T14:20:16","date_gmt":"2018-03-27T22:20:16","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004214126"},"modified":"2022-12-08T02:32:05","modified_gmt":"2022-12-08T10:32:05","slug":"moonwater-capital-expands-in-vegas-with-41m-office-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/moonwater-capital-expands-in-vegas-with-41m-office-buy\/","title":{"rendered":"Moonwater Capital Expands in Vegas With $41M Office Buy"},"content":{"rendered":"<p>By Tudor Scolca<\/p>\n<div id=\"attachment_1004214132\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004214132\" data-attachment-id=\"1004214132\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/moonwater-capital-expands-in-vegas-with-41m-office-buy\/montecito-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Montecito-Tower.jpg\" data-orig-size=\"640,512\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Montecito Tower\" data-image-description=\"&lt;p&gt;Montecito Tower, at 6605 Grand Montecito Parkway&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Montecito Tower, at 6605 Grand Montecito Parkway&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Montecito-Tower.jpg?w=640\" class=\"wp-image-1004214132 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Montecito-Tower.jpg\" alt=\"Montecito Tower, at 6605 Grand Montecito Parkway\" width=\"300\" height=\"240\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Montecito-Tower.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Montecito-Tower.jpg?resize=300,240 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004214132\" class=\"wp-caption-text\">Montecito Tower, 6605 Grand Montecito Parkway<\/p><\/div>\n<p>Moonwater Capital has acquired its third property, Montecito Tower, a Class A <a href=\"https:\/\/www.commercialsearch.com\/news\/moonwater-capital-snags-las-vegas-office-campus\/\">office building in Las Vegas<\/a>\u2019 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.<\/p>\n<p>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 &amp; Sanders, among others. At the time of the sale, the building was 90 percent occupied. The property is LEED certified.<\/p>\n<h2>Growth plans<\/h2>\n<p>Montecito Tower is situated in a highly dense area, with routes 215 and 95 in the vicinity. Plenty of shops, restaurants and a few parks are nearby. Yardi Matrix reports a total of more than 100,000 people living in a three-mile radius, with a median household income of approximately $72,800.<\/p>\n<p>Moonwater Capital has plans to develop the asset further, with the first-floor vacancy to be occupied by a varied mix of retail tenants. Two, 4,000-square-foot pad sites will also be added on adjacent land, intended to be used for medical office, office or retail development.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company plans on filling the vacant first-floor with retailers. Two, 4,000-square-foot pad sites will be added on adjacent land, intended for medical offices, office or retail development.<\/p>\n","protected":false},"author":1284,"featured_media":1004214132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1593,21742,21747,15],"tags":[36700,32779,38280],"class_list":["post-1004214126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-las-vegas","category-latest","category-office","category-west","tag-dekel-capital-inc","tag-leed","tag-moonwater-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Moonwater Capital Expands in Vegas With $41M Office Buy - 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\/moonwater-capital-expands-in-vegas-with-41m-office-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Moonwater Capital Expands in Vegas With $41M Office Buy\" \/>\n<meta property=\"og:description\" content=\"The company plans on filling the vacant first-floor with retailers. 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