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7/10/24
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In a Las Vegas industrial buy, BLT Enterprises has acquired an 88.5k sf warehouse on 8.41 acres near the junction of the I-15 and 592, just two miles from the Las Vegas Strip. As part of the deal, the property was leased back for a term of one year to the seller, Fortune 500 food and beverage company PepsiCo.
Once the lease term ends, BLT plans to upgrade the property, located at 3131 Polaris Ave, with several enhancements for a future tenant. The infill location and low coverage makes it an ideal warehouse hub for servicing the multitude of businesses located on and around the Strip. BLT’s planned value-add improvements include upgrading onsite power and refurbishing the parking lot, which will maximize the opportunity for outdoor storage.
The Las Vegas industrial market continues to be in high demand, with asking industrial rents increasing over 10% in just one year from Q1 2023 to Q1 2024, even in the midst of a large influx of new deliveries. According to the latest data from the U.S. Census Bureau, Clark County’s population increased 3.1% between 2020 and 2023 to 2.34 million, indicating that Las Vegas will need more centrally located warehousing and distribution sites as the population continues to expand.
Since its founding, BLT has invested primarily in industrial real estate, owning and developing more than 2.5 msf of assets, the majority in Southern California. This sale-leaseback transaction is aligned with the firm’s commitment to being an owner that is able to move, adapt, and scale with its tenants.
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