North Las Vegas Logistics Park Trades for $49M
- Nov 11, 2020
A partnership between Huntington Industrial Partners and Polk Street Industrial has completed the $48.6 million disposition of West Craig Industrial Center, a 343,820-square-foot logistics property in North Las Vegas, Nev. Lincoln Property Co. acquired the asset, according to Clark County records.
The property came online in 2019, marking the fifth-largest Las Vegas industrial delivery of that year. The seller and developer financed the speculative project with $18.2 million of construction financing from Texas Capital Bank. Upon full build-out, the property was fully leased.
The logistics park encompasses three single-story buildings which occupy 20 acres at 70-78 W. Craig Road. The warehouses have a total of four drive-in and 87 dock-high doors, 32-foot clear heights, ESFR sprinkler systems and insulated ceilings. The tenant mix includes OSM Worldwide, Tire’s Warehouse and Jack Morton Worldwide Production.
The industrial complex is 2 miles west of Interstate 15 and 6 miles north of downtown Las Vegas. Major companies in the I-15 industrial corridor include Amazon, ETA Transportation and Parker Plastics.
Earlier this month, Lincoln Property Co. completed the $240 million acquisition of an 11-asset portfolio encompassing 474,100 square feet of medical office space in six states. At the time of closing, nine of the properties were fully leased.