VanTrust Sells Las Vegas Warehouse for $89M
- Sep 23, 2020
VanTrust Real Estate has closed the $88.5 million disposition of Tropical Distribution Center 2, a 715,000-square-foot industrial building in Las Vegas. The buyer is an entity affiliated with DWS Group and RREEF Property Trust. The new owner received an acquisition loan from Massachusetts Mutual Life Insurance Co., according to Clark County records.
Located on 39 acres at 6260 E. Ann Road, the single-story facility delivered in May 2019 following 10 months of construction. The property has 36-foot clear heights and a moment-resisting frame structural system. The distribution center, fully leased to Sephora, is the beauty product retailer’s fifth warehouse in the U.S. The building can accommodate up to 1,000 employees.
The building, just west of the Las Vegas Motor Speedway, is 2 miles from Interstate 15 and 18 miles northeast of McCarran International Airport. The immediate area has seen an abundance of industrial development in recent years: Yardi Matrix shows more than 7.3 million square feet of modern, Class A logistics space within 1.5 miles of the property.
The property is next door to Tropical Distribution Center 1, the largest Amazon-leased warehouse in Nevada. In May, Preylock Holdings paid $110 million to acquire the 855,000-square-foot asset from VanTrust.