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11/20/23
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Apenzell Investments LLC paid $9.58 mil for a three-tenant, 56k sf ($171/sf) industrial building in Henderson, NV. Located at 975 American Pacific Drive, the two-story property is positioned in a high-growth market and in the well-established Black Mountain Business Park.
The building has seven docks, five drive-ins, a 26’ clear height and 126 surface parking spaces. It’s accessible via three egress/ingress points, one off American Pacific Drive and two off Cassia Way. There is a population of 291,640 with an average household income of $105,000 within five miles of the industrial site.
Tyler Ecklund of CBRE’s Investment Properties represented the seller, Unilev Capital Corp and Mandalay Advisors, an affiliate of Palladius Capital Management, in the transaction.
“This acquisition by Apenzell Investments is a positive indicator for investment properties in the Las Vegas Valley,” said CBRE’s Ecklund. “Despite rising interest rates, we are still seeing demand for industrial properties with strong fundamentals.”
About 5.5 msf of industrial construction broke ground in Q2 2023, all of which was concentrated in the North Las Vegas and Henderson submarkets, according to CBRE Research. This and the 3.5 msf of space that was delivered to the market should alleviate the slight supply constraint on the current industrial market.
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