|LAS VEGAS, January 14, 2020 – Cushman & Wakefield announced today that the firm has brokered the investment sale of a 276,443-square-foot (sf) industrial portfolio in Las Vegas, Nevada.
The portfolio sale consisted of three multi-tenant industrial projects: The Park @ Arville at 4350 Arville St. (160,277 sf), Valley View Commerce Center at 5130-5230 S. Valley View Blvd. (73,429 sf), and Valley View Business Park at 3021 Valley View Blvd. (42,737 sf).
Nicola Wealth Management, an investment firm located in Vancouver, BC, acquired the portfolio from CapRock Partners and CenterSquare for an undisclosed amount.
Jeff Chiate, Jeffrey Cole, Mike Adey, Ed Hernandez, Brad Brandenburg, and Bryce Aberg from Cushman & Wakefield’s National Industrial Advisory Group (IAG) represented the seller in the transaction.
Jeff Chiate, Executive Managing Director and head of the West Region for Cushman & Wakefield’s IAG, said, “The portfolio presented an opportunity to acquire a critical mass of well-located, multi-tenant stabilized assets with diversified cash flow in Southwest Las Vegas, a rapidly growing industrial market.”
Encompassing more than 17 acres, the portfolio consists of 13 buildings in three parks located no more than five miles apart adjacent to Interstate 15, the Las Vegas Strip, the new Raiders Allegiant Stadium, and McCarran International Airport. Developed between 1974 and 1989, the properties feature 15’ to 20’ clear height and all units have roll-up doors. Suite sizes range from 1,000 to 14,000 sf.
The portfolio was 98 percent leased to 66 tenants from a diverse group of industries that service the local Las Vegas economy at the time of the sale.
Market fundamentals are exceedingly strong in Las Vegas with a third quarter 2019 vacancy rate of 5.2%, according to Cushman & Wakefield research.
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