Alex. Brown Realty enters into Joint Venture with Voit Real Estate Services on Class A Business Park in Las Vegas, Nevada

Baltimore, MD – Alex. Brown Realty (ABR), a national real estate investment manager, has partnered with Voit Real Estate Services, a Newport Beach, California-based full service commercial real estate services firm, on the Cheyenne Technology Center in North Las Vegas, Nevada. ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR, invested $4.1 million in the ownership of the property.

Cheyenne Technology Center is a 172,354 sq. ft., six building Class A business park that includes office, flex and mid-bay industrial space. The business park was completed in 2006 and is located adjacent to the North Las Vegas Airport in the North Las Vegas technology corridor.

The business park was acquired in June 2012 from an institutional lender. Since June, through Voit’s leasing and management efforts, occupancy has increased substantially. “We see great potential in this property,” said Robert Voit, CEO and founder of Voit. “The ownership’s attractive cost basis allows the park to offer competitive rents and we believe in the North Las Vegas market’s potential to create value add opportunities.”

Going forward, the business plan is to continue the rebranding of the business park with a new marketing campaign, implementing key strategic capital improvements, and completing speculative tenant improvements for several vacant units.

The acquisition represents the first transaction between ABR and Voit. “We are pleased to be partnering with Voit on this project,” commented Tom Burton, ABR’s chief investment officer. “Their expertise should enable the park to achieve stabilization within four years and generate strong returns for our investors.” Burton further noted that the business park’s mix of product type and size diversifies market risk.

Alex. Brown Realty (ABR) is a privately-owned real estate investment manager organized in 1972 and headquartered in Baltimore, Maryland. ABR co-invests with joint venture partners in a broad spectrum of property types located throughout the United States. www.abrealty.com

Voit Real Estate Services
is now a 10 office commercial real estate firm that, through its brokerage and real estate management professionals working together, provides strategic property solutions tailored to clients’ needs. Combining more than 40 years of expertise, Voit has owned, developed and managed over 53 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.