LAS VEGAS – Colliers International | Las Vegas announced the sale of South15 Airport Center buildings C and D – the final buildings in the first phase of the industrial project by Panattoni Development Company.
Colliers International’s Doherty Industrial Group including Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, SIOR, CCIM and Jerry Doty, SIOR brokered the sale between Panattoni Development Company and Black Creek Group, a leading real estate investment management firm headquartered in Denver.
This is a consecutive purchase by Black Creek Group as they acquired building B, a ±482,300-square-foot building, at South15 Airport Center in November 2018. This building was fully leased to Smith’s Food and Drug.
Expanding its footprint in the West Henderson Submarket by 266,560 square feet, Black Creek Group purchased buildings C and D in September from Panattoni Development Company, a significant developer in both the national and international real estate markets.
“We look forward to leasing these quality assets on behalf of Black Creek Group as they continue to expand their footprint in the market with these two outstanding class A industrial building purchases.” Paul Sweetland, SIOR, Senior Vice President at Colliers International | Las Vegas.
Both recently purchased properties are currently available for lease. Building C totals ±183,560 square feet and is divisible to ±31,200 square feet. Building D totals ±83,000 square feet and is also divisible to ±41,500 square feet.
“Panattoni Development Company has paved the way for new development in the West Henderson Submarket aiding it to become a real estate mecca that continues to attract high profile companies including Amazon, Raiders, FEDEX and Smith’s Food and Drug,” Sweetland, SIOR, continued.
For more information regarding sale and leasing options at South15 Airport Center, contact Doherty Industry Group.
About Colliers International:
Colliers International (NASDAQ, TSX: CIGI) is a leading real estate professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
About Black Creek Group
Black Creek Group is a leading real estate investment management firm that has bought or built over $21 billion of investments throughout its more than 25-year history. The firm manages diverse investment offerings across the spectrum of commercial real estate – including industrial, multifamily, office and retail – providing a range of investment solutions for both institutional and wealth management channels. Black Creek Group has seven offices across the United States with approximately 300 professionals. More information is available at blackcreekgroup.com.
About Panattoni Development
Panattoni Development Company is a significant developer in both the national and international real estate markets. A very significant portion of this activity is in the area of build-to-suit assignments. It has completed 125 million square feet in this category. With offices throughout the United States, Canada and Europe, the firm has developed more than 376 million square feet of investment grade product since inception. Panattoni enjoys long-term, strategic capital programs and relationships with a diverse base of institutional and private equity partners. Over the last five years alone, Panattoni has capitalized over 82 million square feet in ground up development and value-add projects across its domestic operations. Our broad network of capital providers positions the company to execute a business plan with projects ranging from single phase, single building to large, long term, multi-phased developments. During 2019, our business plan provided for over $1.9 billion in total project capitalization placed with Panattoni through its equity and debt relationships.
Maddie Skains, MassMedia