LAS VEGAS – The Riffel Jones Industrial Team at Colliers Las Vegas announced it sold all six units at Escondido Airport Park, a 31,000 square-foot light industrial warehouse complex located in the Airport Submarket.
Despite the pandemic challenges, brokers Brian Riffel, SIOR and Tyler Jones secured five buyers for the newly constructed warehouse developed by their client, Forte Specialty Contractors for transactions totaling more than $6.6 million.
“It’s a great accomplishment for us during this pandemic to sell out our client’s premiere industrial complex in the competitive Airport submarket which has extremely low vacancy rates for light industrial warehouses,” said Brian Riffel, executive vice president of Colliers Las Vegas.
Escondido Airport Park, located near Spencer Street and Sunset Road, features three freestanding buildings that accommodates two units each and also boasts rare yard space. The buyers include local businesses within the hospitality, construction and retail industries.
“The success we have been able to secure at Escondido Airport Park during the pandemic shutdown allows our client to carry that momentum into future development sites throughout the valley,” Riffel continued.
Riffel Jones will continue to work with Forte Specialty Contractors to develop similar properties as demand and optimism remain high for the Las Vegas industrial sector.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading diversified 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.