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After filling the task with tenants during the pandemic, a developer has cashed successful connected a North Las Vegas concern complex, selling it for much than $130 million.
Matter Real Estate Group announced that it sold Matter Logistics Center @ West Cheyenne, a five-building concern parkland adjacent North Las Vegas Airport. The San Diego-based steadfast broke crushed successful summertime 2019 and, according to a quality release, leased “the bulk” of the task aft the coronavirus outbreak upended regular life.
The $135 cardinal sale, to Los Angeles concern steadfast Ares Management Corp., closed successful precocious July, spot records show.
Developers person been connected a warehouse-construction spree successful Southern Nevada for years, often successful North Las Vegas, and by each accounts, the concern assemblage has held up good successful the vale since the pandemic dealt a crushing stroke to the system past year.
Investors person pushed up with new concern projects successful the Las Vegas country amid the pandemic, and, arsenic seen with the Ares deal, are inactive buying buildings.
Matter Logistics Center, connected Cheyenne Avenue betwixt Decatur Boulevard and Simmons Street, sits connected 41 acres and features much than 727,900 quadrate feet of space. It is afloat leased to immoderate 20 tenants.
Matter — whose different ventures see the 40-acre mixed-use UnCommons project being built successful the southwest vale — finished operation of the Cheyenne concern parkland astir the aforesaid clip the pandemic started, said Tom van Betten, the firm’s vice president of strategical partnerships.
“It was truly scary,” helium said, but added the steadfast yet ended up “surprised by the magnitude of request and activity.”
The park’s tenants see a beanbag manufacturer, a covering and accessories company, a rug company, a pool-chemicals steadfast and a volleyball facility, van Betten said.
Gregg Boehm, managing manager astatine Ares Real Estate Group, said the institution liked the accidental to get a high-quality concern parkland that is afloat leased to a divers premix of tenants successful a scope of portion sizes.
He said that the acquisition brings Ares’ existent property holdings successful the Las Vegas country to conscionable nether 3 cardinal quadrate feet, each of which is concern space, and that warehouses crossed the vale are being absorbed.
“We consciousness precise beardown astir the continued maturation of the market,” Boehm said.
Matter purchased the bulk of the task tract successful 2018 from wireless-communications elephantine Qualcomm, which had acquired the onshore successful 2005 and unveiled plans for a “high-security facility” that would assistance way and support “high-risk and high-value cargo.”
In a news release astatine the time, Qualcomm noted it provides mobile communications and tracking services for carriers that transport “munitions and different delicate loads.”
The task wasn’t built.
In August 2019, erstwhile Matter announced that it broke crushed connected the Cheyenne facility, the developer described it arsenic a $70 cardinal project.
Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.
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