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12/11/24
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SoCal-based GF Properties acquired Sunset 215 West, a two-building, 80k sf industrial portfolio in Southwest Las Vegas. The buildings, suited for corporate office and industrial warehouse use, are located at 6475 and 6485 W. Sunset Rd. The assets were sold by Dalfen Industrial for an undisclosed figure.
The portfolio was completed in 2017. Building 1 (6475) is 35k sf and 100% leased to a single tenant. Building 2 (6485) contains 45k sf and is 100% leased to two tenants. The UFC, an organization that promotes mixed martial arts events, occupies approximately 70% of the project.
While the vacancy rate across the entirety of the Las Vegas industrial market sits at 7.0%, the vacancy rate in the Southwest Submarket, where Sunset 215 West is located, currently stands at 2.3%. The submarket has enjoyed over 1MSF of positive net absorption through Q3 2024 and benefits from proximity to major transportation infrastructure such as the I-215 Fwy and Harry Reid International Airport.
Michael Kendall, Gian Bruno, Kenny Patricia and Kylie Jones with ,Colliers’ West Industrial Capital Markets Team represented both parties in the transaction. Dan Doherty, Paul Sweetland, Jerry Doty and Chris Lane provided local market expertise.
“The buyer, who was in a 1031 exchange, is representative of a wave of California-based investors seeking to place capital out of state,” said Kendall, U.S. Capital Markets Board of Advisors, Industrial Lead. “With strong leasing fundamentals and a favorable legislative environment towards industrial businesses, Las Vegas has been a highly targeted location for investors interested in diversifying their portfolio.”
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