Phoenix-based real estate investment and development firm ViaWest Group has closed on the purchase of 7.29 acres on Lamb Boulevard, just south of E. Craig Road in the North Las Vegas submarket. CBRE’s Kevin Higgins and Zac Zaher assisted with the development analysis and land acquisition.
Via West plans to develop a 121,890-square foot “mid-bay” multi-tenant industrial development, catering to small and mid-sized tenants, an under-served segment of the market. The building will have 28-foot clear height, up to 9 suites (or bays), catering to tenants in the 10,000 to 30,000 square foot range. The front-loaded building will also be cross-docked, enabling larger tenants additional loading and distribution functionality. The tentative address is 4305 N. Lamb Boulevard, Las Vegas, Nevada. The project has not yet been named.
Over the past several years, industrial property vacancy has in Las Vegas has declined from a peak of approximately 15% to a current vacancy of just over 5%. Most new development has been large warehouse distribution buildings catering to large e-commerce companies. However, as the entire market has been recovering, small to mid-sized tenants now have very few options if they are looking to either enter the market or move locations, or if they have outgrown their existing space. ViaWest Group’s goal is to fill this market need. “We are very excited to enter the Las Vegas industrial market with this project,” noted Gary Linhart, Founding Partner at ViaWest Group. “We have been looking to either buy or develop mid-bay buildings, but with 5% vacancy and very little competitive product on the horizon, we think it is time to build,” he added. Kevin Higgins stated “We believe there is an excellent opportunity for an entrepreneurial developer like Via West to take advantage of the under-serviced mid-bay market in the North Las Vegas submarket.”
ViaWest is looking to add to its investment in Las Vegas, with a focus on acquiring and building industrial properties. Kevin Higgins and Zac Zaher of CBRE’s Las Vegas office are leasing this project for ViaWest Group. Anticipated completion date is early 2018.