Las Vegas Commercial Real Estate Wrap-Up – April 2020
- May 07, 2020
April was a relatively quiet month for Las Vegas’ commercial real estate, as the novel coronavirus left a mark on the metro’s economy. Although investment faded for most property types, demand for industrial assets drove a healthy deal volume. The city’s infrastructure also got a boost with federal financing approved for Brightline’s high-speed rail project. Here’s our April selection of Las Vegas must-reads:
1. DEAL – Lincoln Property makes $72 million industrial buy.
Brookfield Properties sold six industrial buildings totaling 425,700 square feet within the 3.3 million-square-foot Hughes Airport Center, Yardi Matrix shows. Developed between 1987 and 1991, the assets are located within an Opportunity Zone on more than 25 acres at 890 and 950 Pilot Road, 1151 Grier Drive and 1181 Grier Drive. The business park is near Interstate 215, some 3 miles south of McCarran International Airport.
2. FINANCING – DesertXpress scores federal funding.
Brightline’s high-speed rail project between Las Vegas and Los Angeles received approval for tax-exempt bonds, according to The Real Deal. With financing in place, the company intends to break ground on the 270-mile line by the end of this year, citing no anticipated delays due to the COVID-19 pandemic. DesertXpress is slated for completion in 2023.
3. DEAL – BKM Capital Partners sells airport-area warehouse.
The company traded the 17,047-square-foot asset for $16 million. The buyer, a private investor, received acquisition financing from the seller. The property is located at 1856 E. Pama Lane within the Spencer Airport Center and represents the eastern half of a larger, 31,231-square-foot structure. BKM remains the owner of the western component.
4. DEAL – Clarion Partners buys industrial facility.
Western Devcon sold the 83,125-square-foot asset for $12.1 million, according to Yardi Matrix information. Situated on 3.6 acres at 845 E. Pilot Road, the Class A property delivered in two phases in 1991 and 1997. The building has nine dock-high loading doors and a single drive-in door. McCarran International Airport is less than 3 miles north of the facility.
5. DEAL – Berg Advisory Group arranges retail center sale.
Parkview Plaza, a 25,120-square-foot multi-tenant property anchored by PT’s Pub, traded for $6.5 million, according to CRE Confidential Las Vegas. The buyer assumed an existing CMBS loan from the seller which matures in 2025. Located 10 miles southwest of downtown Las Vegas at 3935-3955 S. Durango Drive, the retail center was 89 percent occupied at the time of sale.