LAS VEGAS – Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, CCIM and Jerry Doty from the industrial team at Colliers International | Las Vegas are pleased to announce EastGroup Properties’ $25,473,110 acquisition of Southwest Commerce Center, their third industrial asset in Las Vegas.
“This acquisition brings our Las Vegas portfolio to 754,000 square feet, all located within the southwest submarket. We are extremely pleased with the prime location and high-quality of these assets,” said Mike Sacco, vice president of EastGroup Properties.
The property was developed by Brass Cap Development and built by LM Construction Company. The industrial complex consists of three concrete tilt up buildings totaling ±195,947 SF.
Located in the highly sought-after southwest valley submarket, Southwest Commerce Center is less than three miles from Allegiant Stadium, the Las Vegas Strip and the I-15 and I-215 freeways.
This submarket continues to become an exceedingly desirable location, bolstered even further by the stadium which is currently under construction in the heart of the submarket.
The recently completed project pre-leased two of the three buildings during construction. Building B, a ±71,100 SF building was leased to Rentex, an audio visual and computer rentals company. Ghost, a sports supplement company, leased Building C consisting of ±23,546 SF for their west coast manufacturing and distribution facility.
“A forward sale of this caliber solidifies the strength of the current Las Vegas industrial market. EastGroup’s pursuit of this opportunity shows the robust appetite of institutional buyers” said Paul Sweetland, SIOR a lead broker on the transaction.
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About EastGroup Properties
EastGroup Properties, Inc. (NYSE: EGP) is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company’s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup’s portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 45 million square feet. https://www.eastgroup.net
About Brass Cap Companies
Brass Cap Companies was established in 2015 by prominent members of the Las Vegas commercial real estate industry combining development, construction and brokerage expertise. Brass Cap Companies specializes in real estate investment, development and management with a focus on industrial and retail development and consulting.
About LM Construction Company
LM Construction Company was founded in 1996 by Larry Monkarsh, a third-generation contractor and builder. The company offers an array of commercial design and contracting services including but not limited to industrial, manufacturing and retail. They have completed close to five million square feet of commercial buildings throughout Las Vegas and they have now expanded into Utah, Idaho and Arizona.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.