In recent Las Vegas leasing activity, there have been 12 transactions valued at $8.56 mil at a portfolio of properties owned by a joint venture of Oaktree Capital and CIP Real Estate and located within Hughes Airport Center.
The deals were transacted over nine months and collectively represent more than 148k sf of new occupancy at the center, a 3.3 msf, master-planned office and industrial park strategically located adjacent to Sunset Rd in the Airport submarket. The bulk of these leases were transacted during the first quarter of 2016 and totaled more than 106k sf of space, with an aggregate lease value of over $6 mil.
According to Garrett Toft, first vice president, brokerage industrial services, CBRE, the Las Vegas economy has picked up significantly, and new tenant demand is accelerating. “Correspondingly, both office and industrial space in the airport area is being absorbed very quickly with specific unit sizes now in short supply,” he said.
These recent lease transactions included:
• VeriFone Inc, a global leader in secure electronic POS solutions, takes 3k sf for $375k
• LabCorp of America, a provider of leading-edge medical laboratory tests through a national network of laboratories, takes 7.8k sf in $371k deal at 731 Pilot Rd
• Climatec, a leading provider of advanced building technologies and energy solutions, takes 10.4k sf in $813k deal at 770 Pilot Rd
• Credit One Bank, one of the nation’s largest and fastest growing credit card issuers, took 17.5k sf in $730k deal at 600 Bermuda Rd
• Medical Transportation Management, a manager of non-emergency medical transportation, took 15k sf in $1 mil deal at 750 Pilot Rd
• North American Video, a provider of complex security solutions primarily focused on the gaming industry, took 15.3k sf in $635k deal at 731 Pilot Rd
• Action Link, a provider of unique in-store sales development model, logistical implementation and function built upon three pillars: Store Readiness, Staff Readiness and Shopper Readiness, took 12.3k sf in a $438k deal at 823 Pilot Rd
• Geotab, a proven industry leader in fleet management and vehicle tracking technology, also known as telematics, took 25.6k sf in a $1.9 mil deal at 770 Pilot Rd
• Harris Consulting Engineers, a provider of superior engineering services in HVAC, electrical, plumbing, architectural lighting and technology design, took 8k sf in a $622k deal at 680 Pilot Rd
• CanvasPop, the web’s most innovative provider of custom, high-quality canvas printing services, took 24.7k sf in a $1 mil deal at 831 Pilot Rd
• Harman International, a designer and engineer of connected products and solutions for automakers, consumers and enterprises worldwide, including connected car systems, audio and visual products, took 3k sf in a $198k deal at 815 Pilot Rd
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