LAS VEGAS (January 30, 2020) – Colliers International | Las Vegas announces the $62.4 million sale of Raceway Industrial Park, a warehouse distribution facility located in northeast Las Vegas.
Colliers International’s Doherty Industrial Group including Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty in partnership with the firm’s Capital Market team Michael Kendall and Gian Bruno completed the first off market industrial sale of 2020 to Black Creek Group, a real estate investment management and development firm.
Black Creek Group purchased the ±670,798-square-foot property January 7 from Hines, a global real estate development and management firm, for $62,384,241. Raceway Industrial Park completed construction in the fourth quarter of 2019 and is located at 5605 North Hollywood Boulevard, Las Vegas, NV 89115.
Raceway Industrial Park was the first industrial project developed by Hines in the Las Vegas market. It provides tenants the opportunity to lease a cross-dock distribution building with secure truck courts and ample trailer parking. More than a third of the building was leased to a Fortune 500 company as a distribution center in December of 2019.
The warehouse distribution facility is located near North Las Vegas, the largest submarket in the valley totaling nearly 50 million square feet. North Las Vegas has experienced substantial growth year after year with 3.3 million square feet currently under construction and 9.5 million square feet planned to break ground within the next year.
“The Las Vegas valley continues to be one of the highly sought-after industrial markets with investors eager to put more capital toward the few options that come to market,” said Dan Doherty, SIOR, a lead broker on the transaction.
About Colliers International:
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn. To see the latest news on Colliers International in Las Vegas, follow @Colliers_LV on Twitter and @collierslv on Facebook or visit http://www.colliers.com/lasvegas.
About Black Creek Group
Was established in 1990 and has executed more than $19.5 billion of real estate transactions across multiple property types including office, retail, industrial and multifamily. They own 1,400 properties, developed more than $3B of properties and developed or purchased more than 20M square feet of retail in key markets throughout the North America. In 2012 they were the #1 buyer of industrial real estate and have remained at the #3 spot 2011, 2013-2016.
Hines is a privately owned global real estate development and management firm founded in 1957. They currently are located in 219 cities in 23 countries and manage $124.3 billion of assets. They develop and manage all product types.