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Dornin Acquires 129,000 SF of Town Square Office Space for $11.3 Million

Three Class A Office Condos Sold at Auction
January 22, 2018
Dornin Investment Group, a real estate investment firm based in Laguna Beach, CA that partners with a variety of institutional and private investors to acquire commercial and residential real estate, recently bought a three-condo office portfolio located in the Town Square mixed-use complex in Las Vegas for $11.25 million, or approximately $91 per square foot.

Located at Las Vegas Blvd. South and Sunset Road, the acquired space totaled 129,000 square feet at 6543-6551 Las Vegas Blvd. South and sold at auction. Dornin closed 30 days after submitting its winning bid. Geoffrey West, senior director of Cushman & Wakefield, represented the seller in the transaction while Dornin negotiated on its own behalf.

Eric Entringer, who joined Dornin last year as vice president of capital markets and investor relations, said his firm saw the purchase as an opportunity to acquire Class A office space significantly below replacement cost in a submarket with no new significant supply being developed and where rents are trending up.

"We intend to make a significant investment into the property in order to attract and retain best in class tenants to this unique, large floorplate, mixed-use regional retail, entertainment and office destination," said Entringer, who previously was a senior vice president with Ernst & Young Capital Advisors before joining the firm in its Las Vegas office.

Please see CoStar COMPS #4110685 for more information on this transaction.
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