February 3, 2022 9:00 AM
Newmark announces it has facilitated the sale of Interchange Industrial Center, a newly constructed, two-building, Class A industrial distribution project in Las Vegas, Nevada. The project was 100% leased at the time of sale.
Newmark Executive Managing Directors Andrew Briner, Bret Hardy, Jim Linn and Ken White and Co-Head of U.S. Capital Markets Kevin Shannon represented the seller, CapRock Partners. The buyer was PaulsCorp, a family-based developer and owner focused on industrial, commercial and residential real estate assets.
“With an unrivaled logistics location and state-of-the-art industrial design, Interchange Industrial Center is a valuable investment, offering the new owner stable income with upside potential,” said Briner.
Built in 2021, the two-building project totals 689,456 square feet and is situated on 33.56 acres at the intersection of I-15 and the 215 Freeway in North Las Vegas. The facilities are masterfully designed with modern industrial features including cross-dock configurations, 32- to 36-foot clear heights, ESFR sprinklers and ample trailer parking. The property is 100% leased to three tenants: Boxabl, Bark Box and Evanesce Packaging Solutions.
Interchange Industrial Center offers immediate access to the region’s major transportation infrastructure. The property is less than one minute from both I-15 and the 215 Freeway, 5 minutes from the Union Pacific Intermodal Terminal and 12 minutes from I-515. The project is also proximate to the Las Vegas Strip, Allegiant Stadium and McCarran International Airport.
The North Las Vegas submarket continues to be one of the fastest growing industrial submarkets in the region, according to Newmark Research. This is particularly true for warehouse and logistics space, as the submarket offers easy freeway access and more developable land at lower relative costs. During the fourth quarter of 2021, 3.4 million square feet of industrial development was underway in North Las Vegas, accounting for 54% of the greater market’s under-construction total.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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