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October 22, 2020
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TEXAS/SOUTHWEST NEWS
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Vegas Industrial Portfolio Purchased by Nicola Wealth Management

1/17/20

Nicola Wealth Management, an investment firm located in Vancouver, BC acquired a 276.4k sf industrial portfolio in Las Vegas from CapRock Partners and CenterSquare for an undisclosed amount.

The portfolio sale consisted of three multi-tenant industrial projects: The Park @ Arville at 4350 Arville St (160.3k sf), Valley View Commerce Center at 5130-5230 S. Valley View Blvd (73.4k sf) and Valley View Business Park at 3021 Valley View Blvd (42.7k sf). The portfolio was 98% leased to 66 tenants from a diverse group of industries that service the local Las Vegas economy at the time of the sale.

Encompassing more than 17 acres, the portfolio consists of 13 buildings in three parks located no more than five miles apart adjacent to Interstate 15, the Las Vegas Strip, the new Raiders Allegiant Stadium, and McCarran International Airport. Developed between 1974 and 1989, the properties feature 15’ to 20’ clear height and all units have roll-up doors. Suite sizes range from 1k sf to 14k sf.

Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg, and Bryce Aberg from Cushman & Wakefield’s National Industrial Advisory Group (IAG) represented the seller in the transaction. Chiate pointed out that the portfolio presented an opportunity to acquire a critical mass of well-located, multi-tenant stabilized assets with diversified cash flow in Southwest Las Vegas, a rapidly growing industrial market.

Market fundamentals are exceedingly strong in Las Vegas with a third quarter 2019 vacancy rate of 5.2%, according to Cushman & Wakefield research.






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