LaSalle and Panattoni Plan Industrial Project in Southwest Las Vegas
- Oct 30, 2014
Industrial projects are proliferating in Las Vegas, and a newly completed land deal promises more growth in the local inventory.
A joint venture of LaSalle Investment Management and Panattoni Development Co. has acquired a 21.5-acre parcel at the northwest corner of Sunset Road and Jones Boulevard in Southwest Las Vegas. LaSalle and Panattoni plan two state-of-the-art Class A distribution facilities in a development dubbed Jones Corporate Park.
According to LaSalle Managing Director Paul White, the city’s industrial market has shown an attractive combination of high demand but limited supply. “Panattoni identified the site, which is located in the Southwest Submarket, the largest submarket in Las Vegas, and adjacent to the Las Vegas Strip,” White noted in a statement. He added that the developers are estimating that construction will start in the first quarter of 2015.
LaSalle’s research and strategy team noted that the industrial availability rate has declined 2.2 percent since the fourth quarter of 2012 and 4.2 percent since 2010. Other developers are moving to pick up the slack, such as Prologis Inc., which plans to open Prologis Las Vegas Corporate Center, a spec project, next year.