CBRE Named Exclusive Marketing Agent for Industrial Condo Development, Pioneer Business Center, in Las Vegas
Developer Beedie broke ground this week on the two-building, 261,751 SF facility
LAS VEGAS – March 8, 2022 – CBRE has been selected by Canadian developer Beedie as the exclusive marketing agent for Pioneer Business Center, a planned two-building, 261,751 sq. ft. industrial condo development in Las Vegas.
CBRE’s Kevin Higgins, Garrett Toft, Sean Zaher, Jake Higgins and Kelsey Higgins have been retained to market and sell the development that broke ground on Monday, March 7.
The development is located at 6370 & 6340 South Pioneer Way in Las Vegas’ Southwest industrial submarket with connectivity to the I-215/I-15 freeways and proximity to the Las Vegas Strip and Harry Reid International Airport.
Once complete, Pioneer Business Center will be comprised of two concrete tilt-up structures. Building 1 will feature units ranging from 7,791 sq. ft. to 13,060 sq. ft., 28’ clear heights and a pre-built structural steel mezzanine for additional office space or warehouse storage in select units. Building 2 is designed for larger users, featuring units ranging from 13,186 sq. ft. to 20,571 sq. ft. and 32’ clear heights.
“As the largest, for-sale industrial condominium project to be built in the Las Vegas market, this project will help the underserved owner/user sector and satisfy the increasing demand from local businesses and new businesses entering our market,” said CBRE’s Sean Zaher. “This is the project our market has been waiting for, and I have no doubt it will translate into positive economic growth for southern Nevada.”
Both buildings will feature best-in-class specifications, including dock and grade loading, LED warehouse lighting, three-phase power and ESFR sprinkler systems. The development will also provide users with room for ample truck maneuvering and designated on-site parking.
“This is our first project in the U.S. and as such, we’ve spent a considerable amount of time working with our local consultant team and CBRE to understand the market dynamics and ensure that Pioneer Business Center is positioned as a best-in-class offering,” said Beedie Vice President of Industrial Development Jorden Dawson.
Founded in 1954, Beedie is one of the largest private industrial developers and property managers in Canada, having completed more than 35 million sq. ft. of construction across the country. Pioneers of the industrial condo ownership model, Beedie’s program is well regarded and in high demand in Canadian markets. Having successfully completed more than 55 industrial condo projects, Beedie has a long track record of award-winning developments and very satisfied clients.
“Commencement of this project represents a significant milestone for our organization,” said Beedie Owner and President Ryan Beedie. “The Las Vegas market is home to so many successful businesses and we’re very excited to be able to join their ranks and offer them a means to participate in what has become one of the strongest industrial real estate markets in North America.”
The start of construction comes on the heels of a record-breaking year for Las Vegas’ industrial market. The market recorded 2.4 million sq. ft. of positive absorption for Q4 2021 and closed out the year with a record-high yearly total of 10.5 million sq. ft, according to CBRE research. Additionally, direct vacancy rates demonstrated a continued demand for new supply, falling from 2.4 percent in Q3 to a record low of 1.5 percent in Q4.
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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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.
