Las Vegas Industrial Market Report
Fourth Quarter 2020
Inventory
Total Industrial inventory in the Las Vegas market area amounted to 150,871,758 square feet, up 5,624,524 square feet from one year ago. There is currently 3,717,601 square feet under construction.
Sale Activity
In the fourth quarter, 61 industrial transactions closed with a total volume of $318,575,725. The 61 buildings totaled 2,194,895 square feet and the average price per square foot equated to $153.21 per square foot. The average Cap Rate was 6.2%. That brings the total for the 2020 calendar year to 212 transactions totaling $1,031,272,753 sales volume. The total square footage sold was 8,219,403 square feet for an average price per square foot of $133.91. The average Cap Rate was 6.3%
Mark of a Market.
One of the largest transactions that has occurred within the fourth quarter in the Las Vegas market is the sale of Amazon Distribution Center located at 12300 Bermuda Road. The 616,150 square foot office buildings sold for $101,753,330 or $165.14 per square foot. The property sold on 10/09/2020. The Buyer was Stockbridge Capital Group, LLC. The Seller was Panattoni Development Company, Inc.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.
