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June 20, 2024
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HVAC/R Equipment Distributor Pays $267/sf for Nevada Owner/User Building


A 17.8k sf office/warehouse building located at 7440 Commercial Way in Henderson, NV sold for $4.75 mil ($267/sf). The buyer, R.E. Michel Company, one of the nation's leading wholesale distributors of HVAC/R equipment, parts and supplies, will occupy the entire building.

18k sf Built in 2001 and situated on 1.19 acres, the property features just under 4k sf of office space, 28’ clear height, one dock-level door, one grade level-door and 31 parking stalls. The asset is located just east of U.S. 95/I-515 and south of Warm Springs Rd. The location also allows easy access to the 215 fFwy. It is 12 miles from Harry Reid International Airport.

Joe Leavitt, Chris Lexis and James Griffis with Avison Young represented the seller, Diamond Mountain Properties LLC. The buyer was self-represented.

“With a 1.7% vacancy rate for the greater Las Vegas area and an extremely low .7% vacancy rate in Henderson, the industrial market remains very strong,” said Griffis.

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