FOR IMMEDIATE RELEASE
CBRE Announces Sale of 2.34-Acre Self-Storage Development Site in North Las Vegas to Madison Capital Group
Las Vegas –27, 2022 – CBRE announced the sale of a 2.34-acre self-storage development site in North Las Vegas to Madison Capital Group, a private equity real estate investment and development firm with primary focus on the multifamily and self-storage sectors, for $3.25 million.
Walter Bauer with CBRE Self Storage Advisory represented the seller, a private investor.
The site, located at 345 East Ann Road, is entitled for a multi-story, 77,000 square-foot facility consisting of 670 self-storage units ranging in size from 5’x5’ to 10’x30.’ The new owner plans to implement multiple amenities at the state-of-the-art facility, including 24-hour video surveillance cameras, ground-level drive-up units and interior climate-controlled units.
The new project will sit amidst a population of 315,936 people within a five-mile radius. Within a three-mile radius, population growth is expected to grow by 9.7 percent, according to research.
“This property drew strong interest from numerous U.S. developers,” said Bauer. “Greater Las Vegas continues to be an attractive market for investors – both for ground-up as well as already existing projects — given the strong local economy. Las Vegas continues to be one of the most sought-after locations for self-storage in the U.S.”
The Las Vegas Metro is defined as the Las Vegas-Henderson-Paradise area, containing the largest concentration of people in the state with a 2018 population of 2.2 million people across 7,910 square miles.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
