Despite news reports about industrial vacancies, the southern Nevada industrial real estate market is showing strength, according to Hayim Mizrachi, CCIM, president and principal of MDL Group, a Las Vegas based commercial real estate firm specializing in brokerage and property management.
Mizrachi said the industrial market is enjoying a rebound in Las Vegas. In fact, the industrial properties that MDL Group are leasing have occupancy in excess of 90 percent.
"The media has hyped up that the medical marijuana industry could absorb the glut of vacant industrial space. Properties that are well managed and well marketed against the competition are leasing up just fine," he said.
MDL Group tenant Bill Rebensdorf of the Anaheim, California-based RMC Manufacturing, which manufactures parts for aerospace, motorcycle aftermarket, and alternative fuel carburetion systems, relocated to Nevada in the last year.
For Rebensdorf, the main consideration in moving to Las Vegas was the lower cost of living, less traffic, quality of life for his family and the opportunity to buy a much larger home, nearly twice the size, and at nearly two-thirds the cost of his home in California.
Also important in his consideration was a more business-friendly environment, which would allow him to slowly transition and move at least one of his businesses out of California. Due to current demand and heavy work flow at his California facility, he opted to start a secondary facility, Sin City Manufacturing, in order to accommodate the needs of his existing customers, and assist with overflow from his California plant.
In searching out a location for his company, he was looking for something in proximity to his home, and his children's schools. After having entertained several locations, he found the Whitney Ranch Business Park, located in Henderson and managed by the MDL Group.
Beyond having the space and electrical power he would require, the primary selling point was the park being clean, busy, well lit and well maintained, with very neighborly tenants and very reasonable lease rates and terms.
Whitney Ranch Industrial, where he has his office, is now 100 percent occupied. The three multi-tenant building property totaling 56, 559 square feet was 72 percent occupied at the start of the listing. Harsch Quail Industrial Center, which is comprised of two multi-tenant industrial buildings totaling 80,000 square feet, was only 53 percent occupied at start of the listing, is now 100 percent occupied.
* Harsch Green Valley Business Center was 62 percent occupied at the start of listing and is now 100 percent occupied. Harsch Green Valley Business Center is a three building multi-tenant industrial complex totaling 291,953 square feet.
* Westwood Industrial Park, a multi-tenant small-bay industrial park totaling 25,978 square feet, was only 26 percent occupied at the start of listing and is now 100 percent occupied.
* Arville Commerce Center, a five building multi-tenant industrial and office project totaling 90,023 square feet, was only 50 percent occupied at the start of listing and is now 100 percent occupied.
* Harsch Post Commerce Center was 76 percent occupied at the start of listing and is now 99 percent occupied. Harsch Post Commerce Center is a six building multi-tenant industrial and office complex totaling 140,038 square feet.
* Davidsohn Industrial Park is comprised of five multi-tenant industrial buildings totaling 178,450 square feet at 4915-4995 Steptoe Street. The industrial park was 53 percent occupied at the start of the listing and is now 87 percent occupied.
* Harsch Henderson Commerce Center | Warm Springs was 82 occupied at the start of listing and is now 93 percent occupied. The center consists of five buildings totaling 390,514 square feet of flex/office, light distribution space and warehouse.
* Harsch Valley Freeway Commerce Center is comprised of four multi-tenant industrial buildings totaling 228,000 square feet. Harsch Valley Freeway Commerce Center was only 60 percent occupied at the start of the listing and is now at 88 percent occupancy.
About MDL Group: Founded in 1989, MDL Group is one of the leading commercial real estate services providers in southern Nevada. The company provides services including property management, facilities management, brokerage and leasing, real estate investment advisory, construction management, and development services. MDL is headquartered at 3065 S. Jones Blvd., suite 201 in Las Vegas, NV and has more than 30 employees. Click Here to View Our Listings