The Bendetti Company Reports High Gains on Recent Las Vegas Acquisition and Disposition
IRVINE, CA - The Bendetti Company, a Southern California commercial real estate investment company, is pleased to report early gains on its 2014 value-add acquisition of the nearly 200,000-square-foot Valley View Business Park and above projected returns on the disposition of the Class B multi-tenant Arville Industrial Park which are both located in the city of Las Vegas.
Valley View Industrial Park, Las Vegas, Nev. - Bendetti Reports Early Gains
Bendetti reports that the rehabilitation of the Valley View Business Park in Las Vegas is now complete. The 196,318-square-foot Class B multi-tenant park was acquired in December 2014 with the assistance of Holliday Fenoglio Fowler who arranged the debt with Prime Finance and equity with JCR Capital. The park consists of five separate buildings situated in an A location minutes from the strip and the I-15 freeway. It currently boasts 130 units averaging 1,500 square feet.
"We were excited to embark on this value-add transaction," says Bendetti's managing director, Jared Christensen. "We knew we had a sound business plan in place and the market fundamentals were aligning to provide us with some tailwind. Since completing the rehabilitation of the project in April 2016, we have been able to achieve above pro forma rental increases. It's very gratifying to see the value our team has been able to unlock through sound management."
Arville Industrial Park Disposition, Las Vegas, Nev. - Bendetti Realizes High Returns For Its Investors
Bendetti acquired Arville Industrial Park in September 2011 and similar to other acquisitions, the company executed a light rehabilitation of the two buildings and began to move rental rates to market. Nearly five years after the acquisition of the Class B multi-tenant industrial project, The Bendetti Company disposed of the buildings in March 2016 delivering an 18.6 percent project level internal rate of return in the process.
"Bendetti dedicates itself to providing real estate investment solutions that include predictable and reliable returns for clients and investors," Christensen adds. "We like the long-term prospects of Las Vegas and have achieved great success in the market. We are proud of our solid relationships and our reputation with brokers in the community and look forward to more opportunities here."
ABOUT THE BENDETTI COMPANY: The Bendetti Company is a Southern California-based commercial real estate company which focuses on the investment and management of commercial properties in the western U.S. Founded in 1964, The Bendetti Company looks for value-add or Core Plus investment opportunities to achieve superior risk-adjusted returns for clients and investors. For more information, visit www.bendetti.com .