Matter Real Estate Group, a community-minded development firm with projects throughout the Las Vegas Valley, today announced the completion of Matter Logistics Center @ West Cheyenne, located at 3778 W. Cheyenne Ave. at the northeast corner of West Cheyenne Avenue and Valley Drive.
Matter Logistics Center @ West Cheyenne features more than 725,000 square feet of both light and high-bay distribution space, providing an in-fill location for industrial users in an under-served area. Matter has already leased one third of the project with commitments for another 30%. Located within the thriving North Las Vegas Airport sub-market, just five miles from the Las Vegas Strip, the site will service many different distribution and tourism industries, including manufacturers as it benefits from close proximity to a large labor pool.
“We are thrilled to announce the completion of Matter Logistics Center @ West Cheyenne, where we already have much of the development leased with a variety of tenants,” said Tom van Betten, vice president of strategic partnerships for Matter Real Estate Group. “This past year has presented many challenges and the demand for this project demonstrates the need for high-end industrial space near central Las Vegas, as well as companies’ interest in saving transportation costs versus more remote industrial parks.”
A $70 million development 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.
With some of the highest rents in the North Las Vegas sub-market, Matter Logistics Center @ West Cheyenne has proven that the need for industrial spaces has not slowed. Building C is fully leased with tenants including Advance Office & Janitorial Supplies with 11,000 square feet, Sparks Volleyball Club with 17,000 square feet, All Wall drywall tools with 19,000 square feet and Elliott Auto Supply with 11,000 square feet. Additionally, 50% of the project’s shoulder buildings have already been leased to tenants, such as Bonaire cooling systems with 18,000 square feet, Rug Inc. with 11,00 square feet, Z&Z Manufacturing specializing in hydraulic fitting with 15,000 square feet and Festival Turf with 15,000 square feet. Most recently available, the 479,000 square foot Building E has secured its first two tenants, each with 58,000 square foot spaces, Bargain Online Shops selling fine linens and Jenni Kayne providing modern essentials for the wardrobe and home.
“Our infill location is miles closer to the city center compared to many competitive industrial parks on the Speedway, offering savings on transportation and bringing companies even closer to their greatest assets: their employees,” said van Betten. “We’ve been thrilled with the reception of this project in the community and look forward to offering spaces that allow for growth of companies in Las Vegas and welcome new companies as they expand into the vibrant valley.”
The master-planned center currently has available space ranging from 11,000 square feet to over 150,000 square feet at rates of $0.53-$0.68 per square foot depending on divisibility and location.
Matter Real Estate is developing several projects in the Las Vegas Valley, including Matter Park @ West Henderson, adjacent to the new Las Vegas Raiders headquarters and training center. The $90 million development will span 37 acres with seven buildings offering office, flex and showroom space, in addition to warehouse and distribution space. The first phase at 300,000 square feet is 98% leased while phase two’s 200,000 square feet recently went under construction, scheduled to open summer 2022. Currently, Matter has more than $500 million in development projects underway in Las Vegas and other major cities including Phoenix, San Diego and Austin, Texas.