HENDERSON, NV – Civitas Capital Group, a Dallas-based alternative investment manager offering niche opportunities in U.S. real estate, has entered into a sale-leaseback with Credit Union 1 for a 43,000-square-foot Class “A” office building in the Las Vegas MSA.
The property, located within the highly desirable city of Henderson, serves as the regional headquarters for Credit Union 1, a credit union with close to $1.2B in assets, as well as Dignity Health, the largest not-for-profit hospital provider in California.
“Our transaction with Credit Union 1 demonstrates our value proposition to the credit union community across the U.S.,” says Austin Khan, Managing Director of Investments for Civitas, who led the transaction along with colleague Jorge Adler. “It highlights our commitment to be the leading provider of sale-leaseback services to the industry as the unique opportunities brought about by changing regulatory and work environments becomes clear.”
For Credit Union 1, the transaction unlocked balance sheet capital that can be used towards increasing Credit Union 1’s net worth ratio, enhancing its lending capacity or expanding its products and services available to members, all while retaining the ability to use the space over the long term.
“Civitas Capital Group’s creativity and flexibility allowed us to maximize the gain on sale and close the transaction within our desired timeframe. Civitas understood the unique aspects of working with credit unions and we are thrilled to have them be a partner to us for years to come,” says Todd Gunderson, CEO/President for Credit Union 1.
Henderson, the second-largest city in Nevada, grew by more than 20% from 2010 to 2020. Amazon recently opened a 60,000-square-foot distribution facility in Hendreson, and Google opened a $600-million data center expansion in the area. The Las Vegas MSA has rebounded since the early days of the COVID-19 pandemic, showing 9.7% year-over-year employment growth in Q3 2021.
Eric Celeste, Director of Communications
For specific information about the sale-leaseback program
Civitas Capital Group is a nimble alternative investment manager, founded in 2009, offering compelling, niche opportunities in U.S. real estate. Civitas exists to create opportunities that enrich our communities, investors, and employees alike. Driven by relentless creativity, Civitas digs deeper to uncover opportunities that others miss. Follow Civitas Capital Group on LinkedIn.