Las Vegas Industrial Market Report
Fourth Quarter 2019
Total Industrial inventory in the Las Vegas market area amounted to 144,147,770 square feet with 5,912,006 square feet under construction.
In the fourth quarter, 40 industrial transactions closed with a total volume of $128,317,185. The 40 buildings totaled 3,616,966 square feet and the average price per square foot equated to $121.41 per square foot. That brings the total for the 2019 calendar year to 133 transactions totaling $1,220,496,382. The total square footage sold was 11,961,710 square feet for an average price per square foot of $129.82. The average Cap Rate were 5.4%
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 Northgate Distribution Center at 5430, 5550, and 5840 Donovan Way. This 1,493,397 square-foot industrial building sold for $191,432,502 or $128 per square foot. The property sold on 9/26/19 as part of a portfolio totaling 64 million square feet located throughout the U.S. The Buyer was Blackstone REIT. The Seller was Global Logistic Properties (GLP).
The information in this post has been sourced by and is credited to ©2018 CoStar Group, Inc.