Las Vegas industrial park sells for $100M

A ascendant warehouse proprietor has purchased a Las Vegas concern parkland for $100 million, adding to its already extended existent property holdings successful Southern Nevada.

Prologis acquired a 441,569-square-foot concern analyzable called Safari Business Park, which consists of 5 buildings connected Dean Martin Drive adjacent the Interstate 15-Blue Diamond Road interchange, brokerage steadfast Cushman & Wakefield announced Thursday.

Cushman, which represented Prologis successful the deal, said the concern parkland was astir 82 percent leased astatine the clip of sale, by an entity named Black Bongo LP.

It did not denote the acquisition price, but Clark County records bespeak the concern analyzable sold for $100 million.

By each accounts, Southern Nevada’s concern assemblage has held up good since the coronavirus pandemic dealt a crushing stroke to the system past year, successful nary tiny portion due to the fact that of an accelerated displacement to online buying that has fueled request for warehouse space.

Developers person pushed up with plans for large warehouse projects successful the Las Vegas country amid the pandemic, and investors person been buying buildings.

Among the transactions, VanTrust Real Estate acquired astir 350 acres successful North Las Vegas successful March with plans to physique a 4.5 million-square-foot concern park, and Ares Management Corp. purchased a astir 730,000-square-foot concern analyzable successful North Las Vegas for $135 million successful July.

San Francisco-based Prologis, led by Chairman and CEO Hamid Moghadam, boasts a portfolio of 995 cardinal quadrate feet successful 19 countries.

It presently owns astir 12 cardinal quadrate feet successful the Las Vegas area, Mathias Hughes, vice president and concern serviceman astatine Prologis, said successful a connection to the Review-Journal.

Hughes said Prologis owns 10 buildings adjacent Safari Business Park, and its determination offers “unparalleled access” to I-15 and the Strip.

According to Hughes, request for concern abstraction successful the portion is “robust.” The marketplace has accelerated amid the pandemic, mostly due to the fact that of changing user habits and the “drastic displacement toward online shopping,” helium said.

Contact Eli Segall astatine esegall@reviewjournal.com oregon 702-383-0342. Follow @eli_segall connected Twitter.