Baltimore-based company continues rapid local growth to power the DTC economy and meet the changing needs of the modern consumer
Cushman & Wakefield represents both Tenant and Landlord in transaction
LAS VEGAS, Nev., November 10, 2020 – Cushman & Wakefield announced today the firm represented Whitebox, a modern commerce marketplace and fulfillment partner for DTC brands and manufacturer, in a lease expansion totaling 350,528 square feet at the newly developed Golden Triangle Logistics Center in North Las Vegas, Nevada. Whitebox celebrated their official grand opening at the property located at 3049 E Washburn Rd on November 5, after signing the lease this summer. Whitebox recently reported 4.5x year-over-year growth in revenue Q2 2020 versus Q2 2019. The transaction reflects another significant increase in local occupancy by the fast-growing and award-winning company, which expanded more than fourfold in the area.
Alma Cuevas, Jason Griffis and Zac Zaher with Cushman & Wakefield represented Whitebox in the transaction.
Whitebox’s new North Las Vegas facility consists of an entire freestanding building as part of Phase I of the Golden Triangle Logistics Center development. The project is owned and being developed by Golden Triangle Industrial Park LLC, which was represented in the lease by Donna Alderson, SIOR with Cushman & Wakefield in collaboration with Kevin Higgins, SIOR and Jake Higgins with CBRE.
Headquartered in Baltimore, Maryland, Whitebox’s new lease is reflective of the company’s rapid growth in Southern Nevada. As ecommerce marketplaces have seen explosive growth in 2020, Whitebox has seen impressive growth of their own: revenue for Whitebox in Q1 2020 closed out 40% higher than in Q4 2019, with revenue increasing another 78% between Q1 and Q2 2020. Additionally, the company reports that direct-to-consumer shipments grew more than 300% over the first half of the year and had 141% growth year-over-year from 2018 to 2019.The company’s local operations began in a modest 13,000 sf of space in February 2019, before quickly expanding into approximately 81,000 sf by October 2019.
“Whitebox originally selected Las Vegas in early 2019 as its West Coast hub largely due to real estate costs, a business-friendly environment, and logistics advantages”, said Alma Cuevas, Director.
Marcus Startzel, CEO Whitebox Technologies, said, “We built our tech-enabled fulfillment network with modern commerce in mind. Our proprietary technology enables both advertising and logistics services for our brand partners. By leveraging insights from both the marketplace activity data and logistics and inventory data generated from those transactions, we have seen incredible growth in the past year. This growth drove our need for additional capacity – adding another fulfillment center to our network enables us to better serve our clients increasingly sophisticated sales and logistics needs.”
The Golden Triangle Logistics Center is a 2.2 MSF state-of-the-art logistics/distribution project being developed on a speculative basis. Phase I will include two buildings comprising ±652,000 sf with delivery slated for Q3 2020.
Whitebox’s facility is strategically located in the heart of the North Las Vegas submarket, providing easy access to I-15, I-215, and US-95. It is less than 15 miles to McCarran Airport and approximately 10 miles from the Las Vegas Strip.
The company also has fulfillment operations in its hometown of Baltimore and in Memphis, Tennessee.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Whitebox
Whitebox delivers modern commerce success for brands in a consumer-first economy. The only company to both “move stuff and sell stuff,” they eliminate ecommerce complexity, create opportunities others can’t and eliminate costs others won’t so brands and their customers can develop strong and lasting relationships.
Whitebox helps brands win wherever customers are today and tomorrow. Their proprietary technology is powered by the fusion of data from selling and moving products in the same ecosystem, unlike siloed platforms and partners. Whitebox’s Factory Floor to Front Door™ means brands can scale faster, grow smarter and exceed expectations. Learn more at whitebox.com