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November 20, 2019
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Vegas Industrial Properties Sold for $117 Mil

9/04/19

In major industrial investment news out of Las Vegas, 10 fully leased industrial buildings were sold by a private family trust for a total price of $117 mil. The buildings were acquired by Invesco Real Estate and TA Realty Advisors.

Invesco, the Atlanta-based global investment firm, purchased four of the trust’s buildings totaling 651.2k sf in North Las Vegas, which is the largest industrial market in the region, and has been targeted by institutional investment firms and developers as a premium growth market, attracting both domestic and foreign investment capital over the last several years. With a total base of more than 48.1 msf, developers have some 2.9 msf under construction and another 8.2 msf on the drawing boards.

“Over the past 12-18 months, Las Vegas has become one of the more highly sought-after industrial investment markets in the Western United States,” said Colliers Capital Markets Executive Managing Director Michael Kendall, one of the lead brokers on the two transactions. “These two sales to Blue Chip investors such as Invesco and TA Realty are strong indicators that this trend will continue.”

Boston-based TA Realty, meantime, purchased the remainder of the portfolio, acquiring six of the trust’s fully occupied buildings totaling approximately 350k sf in the Southwest Las Vegas submarket, which has become even more desirable since the NFL’s Raiders, formerly of Oakland, have started construction on a new standium there. It is slated for completion in 2021.

Colliers’ Kendall and Associate Gian Carlo Bruno, both based in the firm’s Irvine office, partnered with a team of industrial brokers from the brokerage firm’s Las Vegas office, to complete the mega-deal. The Vegas team included Spencer Pinter, Dan Doherty, SIOR, Paul Sweetlands, SIOR, Chris Lane, CCIM, and Jerry Doty.






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