Technibilt, LTD leased 38,400 SF of industrial space at 4030 Industrial Center Dr., Suite 500 in North Las Vegas valued at $1,100,902.32. The Larkin Group with NAI Vegas represented the lessee. The lessor was Prologis.
Category – Industrial North Las Vegas
Scannell Properties a privately owned real estate development and investment company focused on build-to-suit and speculative development projects throughout the U.S. and Canada announced today that it reached a construction milestone with the pouring of the concrete slab and preparation of wall panels for its 338,520 SF industrial facility at 3910 Alto Ave. near Cheyenne Ave. and Walnut Road. The building will be completed in August of this year.
“We’re excited seeing the progress Arco Construction has made and appreciate our new relationship with Clark County,” said Daniel Madrigal, Development Manager, Scannell Properties Minneapolis Office. “North Las Vegas is an ideal location for growing companies looking for efficient western operations. Its two-day delivery time to major markets, access to labor, and Nevada’s competitive tax abatement programs makes it prime real estate for distribution or manufacturing facilities.”
Lincoln Business Center will feature 32-foot clear height, 70 trailer parking spaces, 62 dock doors and 4 drive in doors. The facility is ideal for manufacturing, distribution, and warehouse operations. Lincoln Business Center is suitable for one or multiple tenants. The Larkin Industrial Group at NAI Vegas has been retained by Scannell Properties to market the property for lease.
“Scannell Properties has a reputation for delivering state-of-the-art facilities for many well-known users nationally. This building will be built with the same expectations demanded by similar corporate users with regard to both functionality and aesthetics. ,” said Eric J. Larkin, CCIM Partner at NAI Vegas and lead broker with the Larkin Industrial Group.
Salazar Management Group V LLC purchased the 8,060 SF industrial building located at 2485 Marco St. in North Las Vegas for $1,050,000 or $130.72 PSF. Weichert Realtors – Aspire represented the buyer and Sean Zaher of CBRE represented the seller.
Vern Padgett purchased the 6,347 SF industrial building located at 2733 N. Lamb Blvd in the Lamb Technology Center for $456,984 North Las Vegas. Sean Zaher of CBRE represented the Seller.
MCA Realty, a full service real estate investment and management company, has acquired Walnut Business Park, a 92,056 square-foot value-add industrial business park in the northern submarket of Las Vegas. The firm acquired the property at a significant discount to its replacement cost, and plans to strategically reposition the asset to create long term value, according to Tyler Mattox, Principal at MCA Realty.
“Select value-add opportunities still exist in the Las Vegas market,” says Mattox. “The industrial market in north Las Vegas has demonstrated a tremendous recovery over the last several years and continues to absorb space. In fact, 2016 marked the region’s strongest year since 2008. This consistent economic growth, coupled with increasing demand for small and mid-bay industrial product throughout the region, makes this acquisition a logical addition to our existing portfolio.”
Mattox notes that new construction for “big box” industrial product has increased dramatically over the last two years, while demand for smaller spaces continues to outpace supply. At the end of the second quarter of 2016, approximately three million square feet of “big box” product was under construction in Las Vegas, while new construction for smaller industrial product remains relatively nonexistent.
“This lack of available supply for smaller multi-tenant industrial buildings is placing upward pressure on rental rates and is driving demand for assets such as Walnut Business Park,” says Mattox.
MCA Realty acquired an asset from the same seller in 2014 and has been actively monitoring Walnut Business Park for more than a year. “Our firm owns fifteen industrial assets in the Las Vegas market, and the portfolio is operating with strong in-place occupancy,” explains Mattox. “This experience allows us to understand these properties and provides a unique insight into how to increase net operating income and maximize yield.”
MCA Realty expects to achieve similar results in Walnut Business Park, which was developed in 2008 and is currently 87.5 percent occupied. “Our strategy is to stabilize the asset by bringing current rents to market value and renovating the building’s exterior with a new color scheme and revised project signage,” Mattox explains.
MCA will also perform interior improvements on select units and will renovate some of the project’s landscaping. “This asset is in need of a facelift, providing an opportunity for an improved aesthetic,” says Mattox. “By integrating a series of capital improvements, we will be able to lease up remaining vacant space, garner higher rents, and ideally increase value over time.”
In addition to this acquisition, MCA Realty remains extremely active throughout Las Vegas, according to Mattox, who notes that the firm also recently sold five industrial units totaling 39,717 square feet at its Wigwam Jones Industrial Park, which consists of 12 industrial buildings ranging from 6,704 – 9,729 square feet. The industrial units were sold in five separate transactions totaling $4.85 million. MCA Realty also recently sold a 30,000 square-foot building for $3.5 million located at 3280 W. Sunset in Las Vegas.
Walnut Business Park is located at 3020 – 3060 N. Walnut Road in Las Vegas, Nevada. The property was acquired for $5.1 million. Cathy Jones, Roy Fritz, and David Livingston Jr. of Sun Commercial Real Estate and Dan Doherty, Chris Lane, and Jerry Doty of Colliers assisted in this transaction.
Lisa Hauger and Tim Behrendt of Sun Commercial Real Estate, Inc. represented Vegas Rigg in the lease of 6,050 square feet of industrial space at 2665 Cheyenne Avenue, North Las Vegas, NV 89032. The tenant will occupy the entire property. The total transaction value of this lease is $157,079.92.
Based on comparable properties and a 36 month term the approximate aggregate value of the transaction is $0.72 per square foot.
ATTAP Company Inc purchased an approximately 72,164 square foot industrial property located at 1841 E. Craig Rd. in North Las Vegas. The transaction was valued at $7,150,000 or $99.07/SF. Greg Pancirov, SIOR and Mike DeLew SIOR of Colliers International represented the seller, 1031 Services Inc. as QI for CJP.
VanTrust Real Estate, LLC, announces the groundbreaking of Northgate Distribution Center, a 120-acre industrial project located at the intersection of Interstate 15 and Lamb Boulevard in North Las Vegas. Northgate Distribution Center is one of the largest speculative development projects in the history of Nevada, with a 558,000 square foot distribution building and 247,750 square foot warehouse planned in Phase 1 alone. Anticipated completion of Phase I construction is late 2016.
North Las Vegas Mayor, John Lee, will join representatives of VanTrust Real Estate, LLC, Las Vegas-based Martin-Harris Construction, the general contractor on the project, and other officials for the 3:00 p.m. groundbreaking ceremony signaling the start of Phase 1 construction.
Leasing information is available from Kevin Higgins and Garrett Toft of CBRE’s Las Vegas office.