Skip to content

ANC Portfolio

Henderson, NV

Acquisition and repositioning of a 439,000 SF class A & B office portfolio located in the Green Valley master-planned community of Henderson, NV.

Asset Type





439,000+/- SF (8 buildings)


  • 6 buildings sold: 2022
  • 2 buildings sold: 2023

Key Investment Thesis

  • Off-market acquisition at attractive basis given previously failed disposition process and challenging CMBS debt encumbering a portion of the portfolio.
  • Significant value creation possible through leasing of existing vacant space as well as lease rolls of existing tenancy.
  • Extremely desirable location and robust submarket within broader Las Vegas MSA poised for significant growth during hold period.
  • Strategic capital improvements to modernize the dated assets, including common areas and landscaping in conjunction with new tenant buildouts.
  • Strong continued market growth of the overall Las Vegas area given sustained in-migration driven by affordability and high quality of life.

JMA Value Creation

Off-market transaction sourced through JMA’s relationship with the owner and original developer.
Implemented $2.0 million of strategic capital improvements and $5.4 million in tenant improvements including strategic speculative leasing initiatives such as a complete interior demolition and rebuilding of a 33,000 SF former trade school space.
Successful leasing strategy, bringing portfolio from 73% leased at time of acquisition to 92% leased at the time of sale, despite 286k SF of lease roll between 2019 and 2022, and, despite Covid-19 impacts to the office market, successfully executing on more than 160k SF of new and renewal leasing in 2021 alone on the heels of the shut-down.
Leasing highlights included a 47k sf lease to public healthcare company as well as the re-tenanting of former trade school space to three credit tenants in the insurance and financial services sectors.
Assumed challenging CMBS loan while navigating to a favorable exit ending with defeasance of CMBS debt.
Facilitated a successful sale process while achieving attractive exit pricing of $329/SF (vs. acquisition basis of $200/SF) during a time of significant disruption to capital markets in the office sector.