Las Vegas Industrial Market Report
Third Quarter 2020
Total Industrial inventory in the Las Vegas market area amounted to 149,046,312 square feet, up 5,527,010 square feet from one year ago. There is currently 3,855,179 square feet under construction.
In the third quarter, 56 industrial transactions closed with a total volume of $251,508,339. The 56 buildings totaled 2,114,805 square feet and the average price per square foot equated to $130.16 per square foot. Average Cap Rate were 8.8%.
That brings the total for the 2020 calendar year to 154 transactions totaling $712,697,028 in sales volume. The total square footage sold was 6,053,035 square feet for an average price per square foot of $126.76. The average Cap Rate was 6.5%
Mark of a Market.
One of the largest transactions that has occurred within the third quarter in the Las Vegas market is the sale of Tropical Distribution Center at 6260 E. Ann Road, occupied by Saphora. This 715,460 square-foot industrial building sold for $88,500,000 or $123.70 per square foot. The property sold on 9/22/2020. The Buyer was TAF Tropical Center LP. The Seller was PHI Aspen Land LLC.
The information in this post has been sourced by and is credited to ©2020 CoStar Group, Inc.