Dermody Properties Inks Full-Building Lease in Las Vegas
- Apr 14, 2021
Dermody Properties has landed a tenant for its newly expanded, 225,937-square-foot Distribution Circle Commerce Center in Las Vegas. One Solution—a sales, marketing, consulting and training organization—committed to the entire warehouse. JLL represented the landlord, while Colliers International arranged the deal for the tenant.
Dermody purchased the asset in mid-2020 from truck manufacturer PACCAR, in a $13.4 million deal. The original structure dates back to 1995 and comprised 120,000 square feet. A nearly 100,000-square-foot expansion was completed in 2021.
Located on some 13 acres at 4141 Distribution Circle within the North Las Vegas submarket, the property is just off Interstate 15. Central Las Vegas is 5 miles south, while McCarran International Airport is within 11 miles of the building. The location offers access to 55,000 workers in logistics and manufacturing and has some of the lowest labor costs in the region, according to John Ramous, partner in Nevada at Dermody.
Distribution Circle Commerce Center has 29-to 32-foot clear heights, 50-by-50-foot column spacing, 37 dock high doors, LED lighting and ESFR fire system.
JLL’s Xavier Wasiak, Rob Lujan and Jason Simon acted as leasing agents for the property, while Eric Molfetta of Colliers represented One Solution. Last month, Dermody chalked up the first lease at its upcoming LogistiCenter at Southport project in West Sacramento, Calif. Developed in partnership with Tom Schaal and Mark Heavey of Schaal Realty Advisors, the property will encompass 380,000 square feet. LKQ Corp.’s prelease agreement brought the project’s occupancy to 40 percent.