Las Vegas Valley Water District Purchases Vacant Office Building for $21.2 Million
LAS VEGAS, NV – A vacant office building in the city of Las Vegas has been purchased by the Las Vegas Valley Water District (LVVWD) for $21.3 million from the Class B asset’s previous owner, Meadow View Associates and BoydT2.
Located at 330 South Valley View Boulevard, the two-story, 166,409-square-foot building – which was fully vacant at the time of the sale – is located on approximately 10 acres of land. It was originally built in 1983 and has 870 parking spots.
The sellers were represented by Cushman & Wakefield and two other brokers, according to property records.
The building had been previously used by Centel/Sprint and, according to LVVWD spokesperson Bronson Mack, will now serve a number of different and useful purposes, including enhancing water utility operations and the district’s communications infrastructure. In addition, Mack noted that the property would also make an excellent location for a new groundwater well.
As the LVVWD replaces existing operational wells that are reaching the end of the service lifecycle, it is necessary to replace them and this site provides a good location for production wells to access the groundwater system,” he said.
Marlene Fujita Winkel of Cushman & Wakefield said in a statement announcing the sale that the building and its property should be very useful for the LVVWD, as it will add to the district’s already impressive portfolio of land ownership in Southern Nevada.
The property also resides just a few miles west of downtown Las Vegas and the World Market Center and is proximate to two premier master-planned communities, Summerlin and Green Valley,” he said. “It is well-suited for the real estate and locational needs of the LVVWD and the property it currently owns next door.”
The purchase goes along with the LVVWD’s ownership of 251 acres right across the street, which is comprised of administrative buildings, operation support, utility infrastructure, public education buildings, wells, watered storage tanks, and Springs Preserve, a 180-acre land preserve that is open to the public.
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