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Omninet Capital Buys Westcliff Plaza

Las Vegas, NV – (GlobeSt.com)

Beverly Hills, CA-based Omninet Capital, LLC has purchased Westcliff Plaza, a 134,907-square-foot mixed-use office development here for a total consideration of $9.2 million. Dan Vittone and Alan Pekarcik of Voit Real Estate Services’ Irvine, CA-office, together with Kit Graski of Voit’s Las Vegas office, directed the receivership sale on behalf of the buyer and seller, Trident Pacific Real Estate Group, as receiver for Bank of America for the registered holders of Morgan Stanley CMPC Series 2004-IQ8, serviced by Midland Loan Servicers, in the transaction.

“The Voit team was successful in marketing this property as an excellent opportunity for a buyer to acquire a lender-facilitated, value-add investment property,” says Vittone, a senior vice president at Voit. “The property is located in a submarket that is demonstrating the beginning signs of economic recovery, and we leveraged that momentum to drive interest.”

Vittone continues that “Ultimately, we secured the right buyer and directed a seamless transaction for both parties.” The property is located at 201-401 North Buffalo Dr., less than one mile from Highway 95.

Westcliff Plaza, which was built in 1994 to resemble a French country manor, sits on 3.54 acres. Eleven of the development’s 12 one-story and two-story office/medical buildings were included in this sale, while the remaining building was sold as a condo in 1995.

As GlobeSt.com previously reported, Omninet has been on a buying streak lately. The company recently acquired two foreclosed buildings totaling 127,128 square feet situated in Inverness Commons, a 130-acre, master-planned business park in the Southeast Valley of Gilbert, AZ for $6.5 million. And earlier this year, the investment company paid $6.7 million for a CVS Pharmacy-anchored property known as Rancho Serra Mesa Shopping Center at 3332 Sandrock Dr. in San Diego.