The Las Vegas-based industrial team of Kevin Higgins, SIOR; Garrett Toft, SIOR; Sean Zaher; Jake Higgins; Michael McCoy and Kelsey Higgins at CBRE reported a record year in 2020. The team completed 92 transactions encompassing over 7.6 million square feet and nearly $850 million in consideration.
“Our team is extremely fortunate to have sustained success throughout 2020, as demand for industrial properties in southern Nevada has persisted through the pandemic and even accelerated,” said Mr. Toft, Executive Vice President, CBRE.
Notable deals from the year include the sale of the 855,000-square-foot Tropical Distribution Center in May. The building was acquired for $110 million and is fully leased to a global ecommerce company.
In August, the team brokered a 632,324-square-foot lease for a global package delivery company at Prologis I-15 Speedway Logistics Center. The next month, the team arranged the $88.5 million sale of a 715,000-square-foot facility in North Las Vegas to personal care and beauty products retailer – Sephora.
In October, the team brokered the sale of 67 acres of developable land in North Las Vegas to an undisclosed buyer for $35 million. Once fully developed, the site will consist of approximately 1.6 million square feet of industrial product.
The team’s most-recent large deal was a 650,000-square-foot pre-lease signed in December by a global ecommerce retailer. The build-to-suit facility is being constructed on a 63-acre site in Las Vegas and will provide approximately 2,500 jobs for the region once fully operational.
“In today’s scarce land market, finding good opportunities has become much more challenging. As a result of our strong relationships with investors, we were able to advance dozens of projects in 2020, which will create substantial employment opportunities for our region,” added Mr. Zaher, Vice President, CBRE.