Las Vegas Industrial Market Report
Second Quarter 2020
Inventory
Total Industrial inventory in the Las Vegas market area amounted to 146,306,771 square feet with 6,407,129 square feet under construction.
Sale Activity
In the second quarter, 27 industrial transactions closed with a total volume of $177,000,000. The 27 buildings totaled 1,400,000 square feet and the average price per square foot equated to $130.00 per square foot. Average Cap Rate were 6.4%.
That brings the total for the 2020 calendar year to 68 transactions totaling $424,000,000 sales volume. The total square footage sold was 3,300,000 square feet for an average price per square foot of $128.00. The average Cap Rate was 6.2%
Mark of a Market.
One of the largest transactions that has occurred within the second quarter in the Las Vegas market is the sale of Tropical Distribution Center at 6001 E. Tropical Parkway, occupied by Amazon. This 855,000 square-foot industrial building sold for $110,000,000 or $128.7 per square foot. The property sold on 5/11/2020. The Buyer was Preylock Tropical Distribution Center LLC. The Seller was PHI Beltway Land LLC.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.
