Link Logistics Pays $80M for Las Vegas Industrial Portfolio

Skyline Industrial Portfolio. Image courtesy of Colliers

Link Logistics has acquired the Skyline Industrial Portfolio, a six-building assemblage totaling 350,712 square feet and 18.4 acres, in the southwest submarket of Las Vegas. Colliers represented the undisclosed private seller. The transaction was valued around $80 million.

Skyline’s six buildings are at:

• 3555 Ponderosa Way (69,144 square feet)
• 6065 S. Polaris Ave. (162,860 square feet)
• 5435 Procyon St. (39,992 square feet)
• 5440 Procyon St. (39,916 square feet)
• 5480 Procyon St. (23,800 square feet)
• 3950 W. Oquendo Road (15,000 square feet)

The portfolio is fully leased to a diversified rent roll of 14 tenants from various employment sectors, according to Colliers.

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Colliers’ Western Region Industrial Capital Markets Group, consisting of Michael Kendall, Gian Bruno and Kenny Patricia, partnered with Colliers’ Las Vegas market experts Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty in marketing the portfolio.

The Las Vegas industrial market continues to boast solid fundamentals and strong demand, said J.R. Cisneros, vice president of investments for the Las Vegas market at Link Logistics, in a prepared statement. He added that acquiring this portfolio fits with Link’s “market investment strategy of adding high-quality infill properties to our Las Vegas footprint.”

Active everywhere

The Las Vegas industrial space market is tight, at 4.2 percent overall—and just a super-tight 0.7 percent for Class A space—according to a first-quarter report from JLL.

Net absorption in the first quarter was nearly 1.4 million square feet, on an inventory of 111.8 million square feet. A record 12.9 million square feet of space is currently under construction; better yet, 38 percent of that is preleased.

Meanwhile, Link has been active all across the country recently.

In January, it sold a seven-building, 376,218-square-foot industrial portfolio in suburban Minneapolis–St. Paul to Biynah Industrial Partners. JLL Capital Markets represented the seller and arranged an acquisition loan.

In March, Link landed GXO Logistics as a full-building tenant for a 611,000-square-foot warehouse in South Brunswick, N.J. Link will renovate the property, built in 1989, before GXO takes occupancy.

And in a $263 million deal just last month, Link sold a seven-property, 851,131-square-foot industrial portfolio in Orange County and Los Angeles County, Calif., to a joint venture of George Urban Advisors, Five Horizons Partners and DRA Advisors.