Category – Industrial-Las Vegas

Exhibit Services Inks Long Term Lease

Exhibit ServicesExhibit Services LLC  signed a lease for 23,675 SF of office/warehouse space located at 6875 Speedway Boulevard, in Las Vegas.  The deal was valued at $693,344.   The Larkin Group with NAI Vegas represented the lessee and Rob Lujan and Jason Simon with Jones Lang LaSalle represented the lessor, Speedway Commerce Center, LLC c/o Harsch Investment Properties.

2017: Year of the Lamb (Technology Center)

Lamb Technology CenterLamb Technology Center starts the 2017 year off strong with 4 Industrial building sales:

  • HEM Holdings Inc. purchased 2773 & 2777 N. Lamb Blvd. for $908,000 or $71.52 psf.
  • Seneca River Trading purchased 2757 N. Lamb Blvd. for $465,000 or $73.26 psf.
  • Osmar Rodriquez purchased 2725 N. Lamb Blvd. for $530,000 or $83.50 psf.

The Higgins/Toft Industrial Logistics represented the MCA Realty (Seller) in these transactions.

MCA Realty Acquires Two New Assets In Las Vegas

GibsonTechmca logoHarmon Warehouse




MCA Realty a full service real estate investment and management company, has acquired two assets in the Las Vegas market, including the Harmon Warehouse Center, a 145,491 square-foot multi-tenant industrial building in Southwest Las Vegas, as well as the Gibson Tech Center, a 29,988 square-foot office building in Henderson, Nevada, for a combined total of $18.3 million.

“In comparison to other markets across the West, Las Vegas continues to offer value and pricing levels that are still well below former peak levels,” says Tyler Mattox, Principal at MCA Realty. “The local industrial market is in its 17th consecutive quarter of positive net absorption, and vacancy in this market dropped to 4.1 percent at the end of last year – the lowest in Southern Nevada since 2006.”

Mattox notes that the office market in Las Vegas and its Henderson submarket is also performing well, posting five consecutive years of healthy net absorption with steadily increasing lease rates.

“We acquired each of these assets well below their replacement cost, giving us the opportunity to increase value over time,” he says. “The attraction of the Gibson Tech Center asset, in particular, was the freestanding nature of the building with an 8:1,000 square feet surface parking ratio, which will allow us to attract tenants with higher parking needs than those that a traditional office building can accommodate.”

MCA Realty now owns 18 assets encompassing nearly one million square feet in Las Vegas.  The firm continues to seek out industrial and office acquisitions in the $2 million to $25 million range.

MCA’s two recent acquisitions include:

Acquisition #1:  Harmon Warehouse Center

MCA Realty acquired Harmon Warehouse Center, a 145,491 square-foot multi-tenant industrial building, from an institutional investor for $15.15 million.

“This is an asset we have been watching carefully for many months,” says Mattox.  “With no new development of multi-tenant industrial product underway in the market, we anticipate strong tenant demand for this property over the next several years.”

The prior owner of Harmon Warehouse Center implemented a $1.2 million renovation program in 2016.  Even as a renovated asset, the property is currently operating at rents that are 18-percent below market value.

“We will immediately increase net operating income by bringing rents up to market levels as leases roll,” says Mattox. “Moving forward, we plan to hold the asset and to capitalize on continued growth and rent appreciation given its superior location and adjacency to the Strip.

Harmon Warehouse Center is located at 4301 and 4325 Valley View Boulevard in Las Vegas, Nevada, approximately one mile from the Las Vegas Strip. The buyer and seller were represented by Kevin Higgins, Garrett Toft, Zac Zaher, Sean Zaher and Jake Higgins of CBRE.


Acquisition #2:  Gibson Tech Center

MCA Realty has also acquired Gibson Tech Center, a 29,988 square-foot vacant office building in Henderson, Nevada. The property was acquired at a significant discount to replacement cost at $3.15 million.

“This building was a former ITT facility that had functionally obsolete improvements,” says Mattox.  “Our business plan is to “whitebox” and reposition the building to appeal to call center and other tenants with significant parking requirements.”

According to the Las Vegas Review Journal, the call center industry is flourishing in Southern Nevada, due in large part to the region’s strong population of multi-lingual residents.

“By removing interior walls and creating a space tailored to this growing industry, we plan to lease the property and increase value,” explains Mattox.

Gibson Tech Center is located at 168 North Gibson Road in Henderson, Nevada less than a mile from the 215 beltway, less than two miles from the US-95 freeway, and 10 miles east of McCarran Airport and the Las Vegas Strip.

MCA was represented by Ryan Martin, Taber Thill, and Patti Dillon of Colliers International.

MCA Completes Three Dispositions in Las Vegas Market

In addition to its recent acquisitions, MCA Realty also recently completed three dispositions in the Las Vegas market, including:

  • Whitney Ranch, a 57,000 square-foot multi-tenant industrial/auto business park in Henderson, Nevada.  MCA acquired the asset in 2013 and sold it recently for $5.05 million.
  • Lamb Technology Center - MCA Realty sold two condo units totaling 12,694 square feet at this 116,302 square-foot mixed-use property for a total of $908,000.
  • Wigwam Jones Industrial Park - MCA Realty sold one of the units totaling 9,652 square feet in this 85,466 square foot industrial park for $1.2 million. Wigwam Jones has two remaining industrial condominiums from the 11 that MCA acquired in 2014.

NAI’s Larkin Team Announces Recent Transactions

4150 N LambCreative Light Source leased 5,099 SF of industrial space located at 4150 N. Lamb Blvd., in Las Vegas.  The total consideration was $66,162.12.  The Larkin Team, NAI Vegas represented the lessee and Colliers International represented the lessor, FJM Northpointe Associates, LLC.




711 Pilot RdLuzon Entertainment, LLC leased 11,615 SF of industrial space located at 711 Pilot Rd., in Las Vegas.  The total consideration was $647,991.24.   The Larkin Team, NAI Vegas represented the lessee and CBRE  represented the lessor, Hughes Airport Realty Owner, LLC.




2875 N Lamb 1VM Innovations, Inc leased industrial units 13-16 at 2875 N. Lamb Blvd., in Las Vegas.  The total consideration was $329,041. The Larkin Team, NAI Vegas represented the lessee.  The lessor was Prologis, LP.





4285 W Post RdBraddon Cornish purchased an industrial building located at 4285 W. Post Rd., in Las Vegas for $495,000.  The Larkin Team, NAI Vegas represented the seller, Pacific Desert, LLC.

BKM Sells 3 Industrial Business Parks

bkm BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has sold the first three multi-tenant industrial business parks in its debut fund. The three dispositions include a 223,009 square-foot multi-tenant industrial building, and a 137,603 square-foot industrial complex in Las Vegas, Nevada, and a 98,516 square-foot business park in Portland, Oregon.

“Creating value in distressed assets is our specialty,” says Brian Malliet, CEO and Co-Founder of BKM Capital Partners. “We acquire light industrial properties that require hands-on management and then implement our proven operational platform to create value, which is exactly what we did here.”

BKM repositioned and leased up all three of the assets, ultimately achieving an IRR of 38.5 percent and 2.1 multiple at the Patrick Commerce Center property, an IRR of 38.5 percent and 2.4 multiple at the Portland property Hayden Island Business Park, and an IRR of 43.3 percent and a 2.3 multiple at Wind River, all within a two-year period.

“These results demonstrate the strength of our investment thesis,” says Malliet, who explains that BKM has maintained a niche focus on value-add multi-tenant industrial assets since its inception.  “Because we understand this property type inside and out, we are consistently able to acquire these properties at a significant discount to replacement cost, providing our team with an opportunity to improve the performance of the asset and generate a return for our investors.”

BKM’s three dispositions include:

Patrick Commerce Center:

            BKM sold Patrick Commerce Center, a 223,009 square-foot industrial business park in Las Vegas.

“The Las Vegas industrial market is rapidly growing, and big-box construction is dominating the region,” says BKM’s Director of Acquisitions Brett Turner, who explains that there is essentially no new development of multi-tenant light industrial product underway in the area.

“This lack of available supply is driving significant investor demand for high-quality renovated industrial buildings such as Patrick Commerce Center, allowing us to achieve a premium price for this asset,” explains Turner.

During its ownership, BKM Capital Partners completely renovated and repositioned the property, integrating a series of capital improvements including modernizing landscaping and paint, providing new roofs, and repairing HVAC units.

“When we initially acquired this asset in 2014, the property was only 55-percent occupied,” says Turner. “Our integrated operating platform, coupled with these strategic renovations allowed us to bring occupancy up to 95-percent at close, stabilizing cash flow and increasing net operating income.”

Turner adds, “We recognized the true value potential of this asset and market very early on, which enabled us to deliver an attractive product to the market, ultimately maximizing yields for our institutional investment partners.”

            Patrick Commerce Center is located at 2875, 2925 E. Patrick, and 6151, 6171, 6231 McLeod in Las Vegas, Nevada. Colliers International represented BKM Capital Partners as the seller in this transaction.

Hayden Island Business Park:

            BKM also sold Hayden Business Park, a 98,516 square-foot business park in Portland Oregon.

BKM initially acquired the asset in 2014. “We strategically repositioned this asset by integrating a series of capital improvements, and stabilized the property through a strategic lease-up,” explains Turner. “This resulted in significant interest among buyers, allowing us to maximize returns for our investors.”

During its ownership, BKM implemented a series of capital improvements including modernizing signage, updating the paint scheme and new landscaping.

“By integrating these cosmetic upgrades, we were able to bring the property up to 98-percent occupancy with rents more in line with market,” says Turner. “We more than doubled rental rates. This created strong stabilized in-place cash flow, further adding to the appeal of the property.”

The property is located at 2400-2422, 2511-2527, 2535-2541 and 2701-2703 N. Hayden Island Drive in Portland, Oregon. David Hill at Newmark Grubb Knight & Frank represented BKM Capital Partners as the seller in this transaction.

Wind River Industrial Complex

BKM also sold Wind River Industrial Complex, a 137,603 square-foot industrial building in Las Vegas, Nevada.

“We acquired the property in 2014 at a deep discount to replacement cost and through our strategic leasing and integrated management, we were able to create significant value for the asset,” explains Turner.

BKM implemented a series of structural and aesthetic improvements to the industrial complex including creative facades, fresh paint, new signage, new roof, HVAC and re-paving of the parking lot.

“These capital improvements allowed us to significantly increase occupancy at the property in an extremely short period of time,” says Turner. “The property was operating a nearly full occupancy with positive NOI quickly after acquisition. Our ability to quickly reposition the property and bring it full cycle demonstrates the success of our niche approach and our continued strategy of creating value in distressed and under managed multi-tenant industrial properties throughout the Western region.”

The property is located at 4301-4325 South Valley View Boulevard in Las Vegas, Nevada. CBRE represented BKM Capital Partners as the seller in this transaction.

ViaWest Group Enters Las Vegas Market

lamb-industrial-revised-drawings-002-1Phoenix-based real estate investment and development firm ViaWest Group has closed on the purchase of 7.29 acres on Lamb Boulevard, just south of E. Craig Road in the North Las Vegas submarket. CBRE’s Kevin Higgins and Zac Zaher assisted with the development analysis and land acquisition.

Via West plans to develop a 121,890-square foot “mid-bay” multi-tenant industrial development, catering to small and mid-sized tenants, an under-served segment of the market. The building will have 28-foot clear height, up to 9 suites (or bays), catering to tenants in the 10,000 to 30,000 square foot range.  The front-loaded building will also be cross-docked, enabling larger tenants additional loading and distribution functionality.  The tentative address is 4305 N. Lamb Boulevard, Las Vegas, Nevada.  The project has not yet been named.

Over the past several years, industrial property vacancy has in Las Vegas has declined from a peak of approximately 15% to a current vacancy of just over 5%.  Most new development has been large warehouse distribution buildings catering to large e-commerce companies.  However, as the entire market has been recovering, small to mid-sized tenants now have very few options if they are looking to either enter the market or move locations, or if they have outgrown their existing space.  ViaWest Group’s goal is to fill this market need.  “We are very excited to enter the Las Vegas industrial market with this project,” noted Gary Linhart, Founding Partner at ViaWest Group.  “We have been looking to either buy or develop mid-bay buildings, but with 5% vacancy and very little competitive product on the horizon, we think it is time to build,” he added. Kevin Higgins stated “We believe there is an excellent opportunity for an entrepreneurial developer like Via West to take advantage of the under-serviced mid-bay market in the North Las Vegas submarket.”

ViaWest is looking to add to its investment in Las Vegas, with a focus on acquiring and building industrial properties.  Kevin Higgins and Zac Zaher of CBRE’s Las Vegas office are leasing this project for ViaWest Group.  Anticipated completion date is early 2018.

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