Las Vegas Commercial Real Estate Wrap-Up – May 2020

LogistiCenter at Speedway. Image courtesy of Dermody Properties

In May, Las Vegas’ commercial real estate took some steps forward. Although the city’s casinos are slated to open June 4, the metro’s hospitality industry will likely face challenges for quite some time. Despite myriad challenges, the city continued to grow in importance as a regional distribution hub, breathing life into its industrial sector, both in terms of development and sales. Here’s our May list of Las Vegas must-reads:

1. DEAL – Amazon Fulfillment Center sells for $110 million.

Preylock Holdings purchased the 855,000-square-foot Tropical Distribution Center 1, the largest Amazon-leased facility in Nevada, from VanTrust Real Estate. Goldman Sachs provided $68 million in acquisition financing for this transaction, according to Commercial Observer. The building—Las Vegas’ largest industrial completion of 2019—delivered in May at 6001 E. Tropical Parkway.

2. DEAL – West Las Vegas office building changes hands.

Real Estate Services Group sold Rainbow Corporate Center, an 87,771-square-foot property. A private investor bought the Class B asset for $15 million. Located on 3.4 acres at 500 N. Rainbow Blvd., the three-story building delivered in 1997. The property has a parking ratio of 6 spaces per 1,000 square feet and also includes a number of electric vehicle-charging stations.

3. DEVELOPMENT – NDL Group Inc. completes Henderson aviation facility.

The company delivered the 105,000-square-foot All in Aviation training campus in partnership with Lone Mountain Aviation. The property, located at Henderson Executive Airport, has a 37,516-square-foot main office and maintenance hangar, 16 “T” hangars for small personal aircraft and nine box hangars for mid-size business jets. Building features include a two-story lobby, training rooms and a library.

4. PEOPLE – SRS Real Estate names head of new Vegas office.

Managing Principal Frank Volk has more than 15 years of experience in the local market, specializing in retail within the city’s tourist areas, including the Strip. He joined SRS from Newmark Knight Frank, via the RKF acquisition. During his 14-year tenure with RKF, he worked on many notable projects including the marketing and leasing of the 1.8 million-square-foot Town Square.

5. DEVELOPMENT – Dermody Properties delivers North Las Vegas warehouse.

The 251,800-square-foot LogistiCenter at Speedway occupies 14 acres at 6565 Nascar St. in the center of the Interstate 15 corridor. Built under the guidance of general contractor United Construction Co., the structure has 32-foot clear heights, 52 loading docks and eight grade-level doors. Dermody plans to break ground on a 150,000-square-foot industrial project near McCarran Airport in July.