Montecito Tower is the third property added to Moonwater Capital’s rapidly growing real estate portfolio. The six-story property is a true Class A office building boasting fine finishes, high ceilings and an a superb parking ratio of 7 spaces per 1,000 square feet. In addition, the building includes a two-level Parking Structure (above ground and subterranean). The 177,007 square foot property is located within the booming Northwest Las Vegas submarket. Montecito Tower provides an excellent location along the 1-215 Beltway, just west of the US-95 Highway and has superior visibility & maximum exposure as the only high-rise in the vicinity.
Featuring direct access to a large employment base and close proximity to an abundance of services and amenities including retail, medical, schools and professional services makes Montecito Tower the clear choice for today’s sophisticated corporate customer.
Moonwater Capital secured a $41Million capital package to acquire the office building with financing arranged by Los Angeles-based Dekel Capital. A $28,500,000 first mortgage loan was funded by Prime Finance to acquire Montecito Tower. The balance of the capitalization was funded through a joint-venture equity investment between Moonwater Capital and an institutional private equity fund.
Montecito Tower’s current occupancy is above 90% and includes anchor tenant Asurion, the leading provider of insurance & support services for consumer electronics serving 280 Million consumers worldwide.
Moonwater Capital is already in development to utilize the first floor vacant space and upgrade the acquisition, as well as further increase the quality of the property by bringing a diverse mix of retail tenants to the building.
Furthermore, Moonwater Capital is adding two 4,000 square foot pad sites to Montecito Tower. These pads are perfect for medical office, office, or retail development. For more information on the available pads please contact Sun Commercial Real Estate.