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September 22, 2020
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Lincoln Property Company Buys 425k sf Vegas Industrial Asset

5/22/20

Lincoln Property Company (LPC) has purchased Hughes Airport Center, an industrial portfolio consisting of six buildings totaling 425.8k sf of space within the desirable Las Vegas airport submarket. The acquisition, marking Lincoln’s first-ever purchase in Nevada, went for $72 mil and represents a strategic expansion effort by the firm in the Desert West Region.

At 98% occupancy, Hughes Airport Center is located in one of the most supply-restricted submarkets in Las Vegas. It is part of the larger 3.3 msf Airport Center master planned business park, which includes office and industrial product across 420 acres.

The Hughes Airport Center portfolio is located at: 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road. It sits within the Las Vegas infill Airport submarket, where vacancy is just 1.6% and there is minimal new construction activity due to lack of land.

Unit sizes within the Hughes Airport portfolio range from 4.4k sf to 86.7k sf, with the ability to support a range of uses including distribution, warehouse, office and flex. Tenants at Hughes Airport Center enjoy 3.5 acres of on-site parking and near-immediate access to McCarran International Airport, I-215 and I-15, making the project equidistant from the area’s major employment bases.

LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico. The company is focused on growing their footprint in each of these states, expanding an already award-winning presence in Arizona that includes almost 6 msf of development, more than 10 msf of acquisitions and 7 msf of office, industrial and retail product currently under management.

“Between its diverse occupancy, location and quality, the Hughes Airport asset fits perfectly within our existing portfolio,” said LPC Vice President of Real Estate John Orsak. “It represents some of the best industrial product in Las Vegas and a level of stability that will return value across market cycles.”

CBRE’s National Partners Team, led by Darla Longo and Barbara Emmons, represented the seller. CBRE’s Kevin Higgins is the exclusive leasing broker. LPC will lead all property management services for the asset in partnership with its affiliate, Lincoln Harris.






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