State buildings sell for $11M | NevadaAppeal.com

State buildings sell for $11M

Northern Nevada Business Weekly

A Maryland investor has purchased two office buildings leased by the state government in Carson City in one of the largest office transactions in Northern Nevada in recent years.

Holly Lakepoint LLC purchased the buildings on Technology Way, which total 102,000 square feet, for $11 million.

Thomas Johnson of Sperry Van Ness, which represented both the buyer and the seller, said the buyer owns a portfolio of buildings leased to state governments and other governmental agencies in Maryland and neighboring areas. The Carson City acquisition was part of a 1031 exchange, a type of transaction that allows deferral of taxes on a capital gain.

The three-story buildings are occupied by the Nevada Department of Health and Human Services.

Two pad sites that could be developed into two additional 51,000-square-foot buildings also were part of the transaction. Johnson said the buyer will hold them for possible development.

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