First Quarter 2020 Las Vegas Industrial Market Report

March 13, 2020
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Las Vegas Industrial Market Report

First Quarter 2020

Total Industrial inventory in the Las Vegas market area amounted to 145,964,160 square feet, up 5,486,475 square feet from one year ago. There is currently 5,600,887 square feet under construction.

Sale Activity

In the first quarter, 56 industrial transactions closed with a total volume of $288,000,000. The 56 buildings totaled 2,456,837 square feet and the average price per square foot equated to $123.12 per square foot. The average Cap Rates were 6.1%.

Tallying all industrial building sales.

Mark of a Market.

One of the most significant transactions that has occurred within the Las Vegas market was the sale of Hughes Airport Center at 1151 Grier Drive. This 102,116 square-foot industrial building sold for $18,000,000 or $176.3 per square foot. The property sold on 3/31/2020 as part of a  portfolio sale. The Buyer was Lincoln Property Company. The Seller was Bprep Hughes Airport LLC.

The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.

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