Majority of the 725,000 square foot North Las Vegas industrial project leased during COVID-19
LAS VEGAS – Matter Real Estate Group, a community-minded development firm with projects throughout the Las Vegas Valley, today announced the sale of Matter Logistics Center @ West Cheyenne to a fund managed by a subsidiary of Ares Management Corporation, which acquired Black Creek Group’s U.S. real estate investment advisory and distribution business on July 1, 2021.
Matter challenged conventional assumptions by not only leasing the bulk of the project’s 725,000 square feet of light and high-bay distribution spaces during COVID-19 but also with some of the highest rents in the North Las Vegas sub-market. In less than a year since the first lease was signed, the team negotiated and secured leases for 20 businesses ranging from manufacturing and distribution centers to a volleyball club.
“The fact that we were able to lease over 700,000 square feet at Matter Logistics Center @ West Cheyenne while much of the world was hitting pause shows the value our tenants saw in what we created,” said Tom van Betten, Vice President of Strategic Partnerships for Matter Real Estate Group. “We are thrilled to have closed this deal and look forward to transitioning our focus to our next project.”
“As an active buyer in Las Vegas market we are thrilled to add this Class A, five-building industrial park to our holdings,” said Gregg Boehm, Managing Director, Ares Real Estate Group. “The North Las Vegas industrial market continues to show opportunity for growth and we believe demand will continue to remain strong given its growing population and easy access to many major western markets.”
Colliers’ Capital Markets team led the disposition effort on behalf of Matter Real Estate, in partnership with the Doherty industrial group.
“It was a flawless execution by all parties involved,” said Mike Kendall, Executive Managing Director, Colliers Capital Markets. “Matter had the vision and plan to deliver best-in-class product that was extremely well received by the market, and the buyer had the insight and expertise to appreciate the value that Matter created and capitalize on the opportunity.”
Matter Logistics Center @ West Cheyenne provides an in-fill location for industrial users in an under-served area. Located within the thriving North Las Vegas Airport sub-market, just five miles from the Las Vegas Strip, the site services many different distribution and tourism industries, including light manufacturers. Spanning 41 acres, Matter Logistics Center @ West Cheyenne is comprised of five buildings with immediate access to multiple freeways, an expanded labor pool and more than 500,000 residents within a five-mile radius.
Matter Real Estate is developing several projects throughout the Las Vegas Valley, including Matter Park @ West Henderson, adjacent to the new Las Vegas Raiders headquarters and training center. The $90 million development spans 37 acres with seven buildings offering office, flex and showroom space, in addition to warehouse and distribution space. Currently, Matter has more than $500 million in development projects underway in Las Vegas. For more information, visit www.MatterRealEstate.com.
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About Matter Real Estate Group
Matter Real Estate Group is a real estate development company created to elevate the everyday human experience, enabling people, businesses and communities to thrive. The company is led by three partners, Jim Stuart, Matt Root and Kevin Burke, each with more than 20+ years of experience in the development of place making projects combining design, construction and operating strategy all under one roof. The team behind Matter strongly believes that development can be a curated experience designed around business needs while at the same time focusing on flexibility, purpose and inclusiveness. Headquartered in San Diego, Matter focuses on developing within the Western United States, primarily within Las Vegas. More information is available on the website at www.MatterRealEstate.com, on Facebook at @MatterRealEstateGroup, Instagram at @MatterRealEstateGroup and LinkedIn at Matter Real Estate Group.
