Company News
Kingsbarn Acquires Class A, 3-Story Office Building in Las Vegas, Nevada
Las Vegas, Nevada, July 21, 2022 – Kingsbarn Realty Capital ("Company" or "Kingsbarn") announced the acquisition of a Class A, three-story office building located at 9075 West Diablo Drive in Las Vegas, Nevada (the "Property"). Formerly known as LaPour Corporate Center, Kingsbarn will rename the property CityWest Commons. CityWest Commons is LEED Certified and consists of approximately 67,415 square feet. CityWest is situated near "the curve" of the Las Vegas Beltway in the Southwest submarket where I-215 connects the Summerlin master-planned community in the West to Henderson and Green Valley Ranch in the Southeast. The Property enjoys superior accessibility and visibility in addition to numerous nearby amenities.
"CityWest is 96% leased to high-quality tenants such as The State of Nevada, Chicago Title, and NV Energy," stated Kingsbarn CEO Jeff Pori. Chicago Title is rated A2 by Moody’s, and NV Energy is a subsidiary of Berkshire Hathaway Energy, which is rated A3 by Moody’s. "51% of the tenancy is investment-grade credit or government-related. We are pleased to be able to provide our investors with a very solid 1031 exchange replacement property," Pori further stated.
CityWest Commons’ desirable location, quality construction, and strong tenancy make this an attractive investment opportunity. Kingsbarn will offer the Property for investment in a Delaware Statutory Trust structure, thereby making the fractional interests eligible as a 1031 exchange replacement property.
About Kingsbarn Realty Capital
Kingsbarn Realty Capital is a real estate centric investment house that provides institutional and accredited investors access to an array of alternative investments. Kingsbarn offers investments is private equity, exchange traded funds, traditional investment funds, private placements, and Delaware Statutory Trusts (DSTs). Kingsbarn’s management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has over $1.5 billion of assets under management throughout the United States.
Media Contact:
Emma Williams / Holly Silvestri
The Ferraro Group / 702-367-7771
emma@theferrarogroup.com / holly@theferrarogroup.com
No Offer
This is not an offer. An offer will only be made pursuant to the delivery of the required offering documents, including the private placement memorandum, as supplemented or amended (the “Memorandum”) and only in states in which the securities offered pursuant to the Memorandum are registered or exempt from registration requirements, and only by broker-dealers authorized to do so. This information discusses general information about the portfolio and is not a guarantee, prediction or projection of future performance. Diversification does not protect against loss or guarantee return. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in DSTs and 1031 exchanges involves significant tax consequences. Please refer to the Memorandum for detailed information about the offering and its associated risks and implications.
Forward-Looking Statements
This press release may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Kingsbarn assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.