H.I.G. Capital as sold two Las Vegas office investments, 8912-8918 Spanish Ridge Avenue and 6605 Grand Montecito Parkway, after successfully completing its business plan at each property.
At Spanish Ridge, H.I.G. Realty executed a value-add strategy, leasing the property to 100 percent occupancy (from 56 percent at acquisition) to a diversified roster of high-quality tenants. At Montecito, H.I.G. Realty significantly de-risked its investment prior to acquisition by extending the anchor tenant’s lease by seven years, generating substantial value in the process.
