The 4,470-square-foot office property was put on the market in January 2011 when office vacancy rates were near 23 percent. Today, according to the commercial real estate firm NAI Norris, Beggs & Simpson (who represented the buyer and seller in the transaction), rates are just over 11 percent.
“It’s no coincidence,” said NAI Norris, Beggs & Simpson Vice President Tamara Fuller. “Its purchase signals a dramatically improved local market, as well as a trend in owner-occupied buildings. The Arc of Clark County needed an owner that appreciated its prime location, value and potential.”
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