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On agenda:
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3/18/2025
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Final action:
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3/18/2025
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Title:
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Approve the purchase of the Ashley Campus which includes two (2) buildings addressed as 91 South Martin Luther King Boulevard and 1401 Mineral Avenue, Las Vegas, NV 89106 (Assessor Parcel Numbers 139-33-510-002, 139-33-510-004, 139-33-510-005, 139-33-510-009 and 139-28-810-001) which includes one (1) retail/showroom/warehouse building (?104,931 square feet) and one (1) office building (?41,102 square feet) on ?9.44 acres of fully developed land along with three (3) billboard and two (2) cell tower leases; fund the purchase price of $26,650,000, $15,000 for closing costs; fund $5,000,000 for future tenant improvements; ratify the appraisal dated February 5, 2025 by Colliers International Valuations and Advisory Services; approve and authorize the Director of Real Property Management (Director) or her designee to sign the lease agreement (Lease) between Ashley Real Estate LLC (Ashley) and Clark County for Ashley to lease 91 South Martin Luther King Boulevard after close of escrow; and authorize the Director or her designee to sign escrow documents and any other related documents to complete the purchase transaction and for management of the Lease. (For possible action)
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CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Shauna Bradley, Director of Real Property Management |
Recommendation:
title
Approve the purchase of the Ashley Campus which includes two (2) buildings addressed as 91 South Martin Luther King Boulevard and 1401 Mineral Avenue, Las Vegas, NV 89106 (Assessor Parcel Numbers 139-33-510-002, 139-33-510-004, 139-33-510-005, 139-33-510-009 and 139-28-810-001) which includes one (1) retail/showroom/warehouse building (±104,931 square feet) and one (1) office building (±41,102 square feet) on ±9.44 acres of fully developed land along with three (3) billboard and two (2) cell tower leases; fund the purchase price of $26,650,000, $15,000 for closing costs; fund $5,000,000 for future tenant improvements; ratify the appraisal dated February 5, 2025 by Colliers International Valuations and Advisory Services; approve and authorize the Director of Real Property Management (Director) or her designee to sign the lease agreement (Lease) between Ashley Real Estate LLC (Ashley) and Clark County for Ashley to lease 91 South Martin Luther King Boulevard after close of escrow; and authorize the Director or her designee to sign escrow documents and any other related documents to complete the purchase transaction and for management of the Lease. (For possible action)
body
FISCAL IMPACT:
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Fund #: |
4370.000 |
Fund Name: |
N/A |
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Fund Center: |
1120820001 |
Funded PGM/Grant: |
N/A |
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Amount: |
$18,061,705 purchase price, plus $15,000 closing costs |
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Description: |
Purchase price, tenant improvements, and closing costs |
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Additional Comments: |
N/A |
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Fund #: |
2011.000 |
Fund Name: |
HUD and State Housing Grants |
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Fund Center: |
1080719000 |
Funded PGM/Grant: |
1080.CDBG.2020 - 2025 |
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Amount: |
$6,800,000 |
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Description: |
Purchase price, and closing costs |
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Additional Comments: |
N/A |
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Fund #: |
6880.001 |
Fund Name: |
Enterprise Resource Management |
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Fund Center: |
1020219000 |
Funded PGM/Grant: |
N/A |
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Amount: |
$6,788,295 purchase price, plus $15,000 closing costs |
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Description: |
Purchase price, tenant improvements, and closing costs |
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Additional Comments: |
N/A |
BACKGROUND:
On January 17, 2025, Clark County (County) entered escrow to purchase Assessor Parcel Numbers 139-33-510-002, 139-33-510-004, 139-33-510-005, 139-33-510-009 and 139-28-810-001 with two (2) existing buildings addressed as 91 South Martin Luther King Boulevard and 1401 Mineral Avenue, Las Vegas, NV 89106 which includes one (1) retail/showroom/warehouse building (±104,931 square feet) and one (1) office building (±41,102 square feet) on ±9.44 acres of fully developed land along with three (3) billboard and two (2) cell tower leases, also known as the Ashley Campus, that a Conditional Offer to Purchase was accepted by the seller for a purchase price of $26,650,000.
The Department of Real Property Management has completed due diligence inspections, appraisal and ALTA survey.
County and Seller shall each pay their normal closing costs at the time of escrow closing.
As part of the purchase negotiations, Ashley requested a short-term leaseback after close of escrow on the 91 South MLK building until they complete construction on their new building so they can relocate.
This item was presented to County Long Range Planning Committee on February 26, 2025.
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