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10/04/24
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A private institutional investment firm sold a two-property, infill logistics portfolio in separate deals to two different buyers. The properties, both in the greater Las Vegas area, were purchased by an Ares Management Real Estate fund and BKM Capital Partners.
Airparc Heights, Henderson, NV |
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In one of the transactions, Ares acquired Airparc Heights, a six-building Class A business park at 3225-3255 Sunridge Pkwy and 1065-1085 Alper Center Dr in Henderson. Spanning 339.2k sf, the project was delivered in 2022 and gained full occupancy within one month of delivery, highlighting the strength of the emerging West Henderson submarket.
“Ares has conviction in the Las Vegas market and is bullish on the long-term Industrial fundamentals that we believe will lead to continued growth in the region,” said Gregg Boehm, Managing Director at Ares. “The Airparc Heights opportunity allowed us to purchase functional Class A real estate and increase our footprint in a high barrier to entry location with demonstrated industrial tenant demand.”
The second sale was for Escondido Business Park, a two-building, 153.4k sf property located at 6620 Escondido St in Las Vegas. Constructed in 1995, the property was acquired by BKM Capital Partners for $21 mil, as previously reported by RENTV on September 17. BKM plans to implement a $4.4 mil capital improvement program to execute both structural and cosmetic improvements to the property, as well as speculative tenant improvements to turn the two large units into nine warehouses ranging from 7k sf to 31k sf each.
Michael Kendall and Gian Bruno of the Colliers West Industrial Capital Markets Team marketed the portfolio and led the disposition and acquisition processes for all involved parties. Colliers’ Dan Doherty, Paul Sweetland, Jerry Doty, Chris Lane, Brian Riffel and Tyler Jones provided local market expertise.
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