Las Vegas Commercial Real Estate Wrap-Up – November 2020
- Dec 02, 2020
With Nevada working on reigning in the health crisis and stimulating the economy at the same time, Governor Sisolak announced stricter restrictions this month: Both private and public gatherings are limited, and businesses must operate at a reduced capacity of 25 percent, down from 50 percent. Meanwhile, the Las Vegas commercial real estate market forged ahead. While industrial assets continue to perform well on the leasing, development and transactions side, investors also poured capital into office and self storage properties. Read our November selection of Las Vegas must-knows:
1. DEAL – Lincoln Property acquires logistics park for $48.6 million.
A joint venture between Huntington Industrial Partners and Polk Street Industrial sold West Craig Industrial Center, according to public records. The three-warehouse complex spans 343,820 square feet and sits on 20 acres at 70-78 W. Craig Road. The property was the fifth-largest Las Vegas industrial delivery of 2019. The buildings have 32-foot clear heights, ESFR sprinklers and a total of four drive-in doors and 87 dock-high loading bays.
2. LEASING – Washington Capital Management lands full-building industrial lease.
Whitebox moved into a 350,528-square-foot, newly constructed warehouse in Golden Triangle Logistics Center. Cushman & Wakefield assisted the tenant, while a team of brokers from Cushman & Wakefield and CBRE represented the owner. The property sits on a 17-acre parcel at 3049 E. Washburn Road and has two grade-level and 53 dock-high doors. Situated within 2 miles of Interstate 15, the property is 3 miles northeast of West Craig Industrial Center.
3. DEVELOPMENT – Majestic Realty starts construction on 330,000-square-foot project.
The next phase of the company’s Beltway Business Park will include the 94,500-square-foot Building 11 and the 235,275-square foot Building 12. Additionally, an undisclosed tenant committed to 78,000 square feet in the larger facility. Upon full build-out, the company’s industrial footprint in the metro will encompass more than 6.1 million square feet. The firm partnered with Thomas & Mack Co. for the 360-acre master-planned campus.
4. DEAL – Strategic Storage Growth II acquires newly developed 950-unit facility.
The SmartStop Self Storage REIT-affiliated fund already owns and manages eight other self storage properties in the metro. StorageOne sold the 99,300-square-foot asset for $13.8 million, according to Clark County records. Located on 2 acres at 5730 S. Durango Drive, the property has video monitoring, individually alarmed doors, drive-up access and climate-controlled units.
5. DEVELOPMENT – CapRock breaks ground on North Las Vegas industrial campus.
In partnership with ARES Management, the company will build CapRock Tropical Logistics, a two-building complex totaling 1.1 million square feet. The developer received a $134.6 million loan from Mesa West Capital for the project, public records show. The industrial park will encompass a 271,262-square-foot facility and an 857,060-square-foot build-to-suit warehouse that is already fully leased to an e-commerce company. Located at 5802 and 5902 E. Tropical Parkway, the properties are expected to deliver in the third quarter of 2021.
6. DEAL – Office asset changes hands for $13.1 million.
Eightfold Real Estate Capital sold the 71,000-square-foot building to a private investor, according to CommercialEdge. The buyer financed the purchase with an $8.4 million loan from Starwood Capital Group. Built in 2002, the property sits on 4 acres at 375 E. Warm Springs Road. Located in the McCarran International Airport submarket, the property is 2 miles from Interstate 215.