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2/13/24
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EastGroup Properties Inc closed on the acquisition of Spanish Ridge Industrial Park, a 230.9k sf multi-tenant industrial property in Las Vegas, in a $54.8 mil ($237/sf) transaction. The property, consisting of three state-of-the-art, Class A industrial buildings, was 100% leased to five investment-grade credit tenants at the time of sale.
Constructed in 2023, Spanish Ridge Industrial Park sits on 12.9 acres at 5425 and 5365 S. Riley St and 8875 W. Hacienda Ave. It is within a block to the Las Vegas Beltway (CC-215) and less than seven miles from the I-15 freeway, providing convenient access to major local and regional transportation routes and the region's skilled labor pool.
Spanish Ridge Industrial Park’s three buildings are 133.1k sf, 75.8k sf and 22k sf in size. They feature a clear height of 24 feet to 30 feet, ESFR sprinklers, warehouse evaporative coolers, ample power, 128-foot to 180-foot 100% concrete truck courts, and a combined 50 dock-high doors and 11 grade-level doors, in addition to five office spaces approximately 2k sf in size.
The property was developed and sold by a joint venture between CapRock and Ares Management Real Estate funds. Andrew Briner and Bret Hardy with Newmark, with support from Rob Lujan and Jason Simon with JLL, represented the sellers in the transaction.
The Las Vegas Industrial Market has experienced tremendous growth in recent years with many users seeing it as a more price-conscious alternative while still being connected to important Southwest Markets, according to Newmark Research. As of Q4 2023, annual absorption of space in Las Vegas measured 6 msf, and vacancy sat at 3.6% - one of the tightest industrial markets in the nation. The construction development cycle remains strong; 8.4 msf delivered throughout 2023 with 16.9 msf currently underway.
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