Las Vegas Industrial Market Report
Second Quarter 2023
Total Industrial inventory in the Las Vegas market area amounted to 170,123,161 square feet, up 9,792,260 square feet from one year ago. There are currently 14,561,457 square feet under construction.
In the second quarter, 25 industrial transactions closed with a total volume of $232,794,356. The 25 buildings totaled 987,228 square feet and the average price per square foot equated to $228.72 per square foot. The average Cap Rates were 6.7%.
That brings the total for the 2023 calendar year to 53 transactions totaling $394,540,361 sales volume. The total square footage sold was 29,930 square feet for an average price per square foot of $237.62. The average Cap Rate was 6.3%
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 CapRock Tropical Logistics Phase II at 6325 North Beesley Dr. This 249,085 square-foot industrial building sold for $46,299,552 or $185.88 per square foot. The property was sold on 5/30/2023. The Buyer was Stockbridge Capital Group, LLC. The Seller was Ares Management Corp.
The information in this post has been sourced by and is credited to ©2023 CoStar Group, Inc.