Multi-tenant industrial building located in the Southwest submarket, and six miles from the Las Vegas Strip
LAS VEGAS – Colliers Las Vegas’ Doherty Industrial Group announced today it successfully completed the $40.5 million sale of a 331,471-square-foot industrial property at 7900 W. Sunset Road in Las Vegas. Doherty Industrial Group’s Dan Doherty, SIOR, Paul Sweetland, SIOR, Chris Lane, SIOR and Jerry Doty, SIOR and Colliers’ Capital Markets specialists Michael Kendall and Gian Bruno represented the seller, Panattoni Development, one of the nation’s premier industrial real estate developers.
Southwest Corporate Campus, located in the highly southwest Las Vegas industrial submarket, totals 331,471 square feet and was 100% leased at the time of the sale. Built in 2007, the property sits on approximately 17.82 acres with an additional 4.85 acres of developable land.
A joint venture between the Brookhollow Group and PCCP purchased the property for $40,500,000.
“Over the past five years, the southwest submarket has evolved into a favoured location for high-profile tenants and institutional investors, becoming the second-largest industrial submarket in the Las Vegas MSA. With its close proximity to the Strip, airport, and interstates, as well as convenient access to the entire valley, the southwest continues to be a major draw for buyers.”
-Dan Doherty, SIOR, Executive Vice President at Colliers Las Vegas
“Infill, investment-grade industrial purchasing opportunities like this are extremely difficult to find in today’s market. The property’s highly functional design, exceptional urban-proximate location, and cash flow from a well-constructed rent roll all contributed to the robust interest expressed by many industrial investors.”
-Michael Kendall, Executive Managing Director | Colliers Capital Markets- Western Region
Over the past year, Doherty Industrial Group has secured a total of $494 million in transactions, resulting in 12.2 million square feet of secured industrial property and a total of 161 transactions. Colliers’ Capital Markets secured 1.2 billion in sale volume in the last twelve months, representing 7 million square feet and more than 2,000 acres of land.
For more information about Doherty Industrial Group, visit http://industrial.vegas.
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Stephanie Ceccarelli | MassMedia
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