One of many projects unveiled last year was by SunCap, which announced plans in February 2021 for a six-building, 730,000-square-foot industrial complex in North Las Vegas with partner Diamond Realty Investments.Įfforts to get an update on that project from SunCap were unsuccessful Monday. “We’re seeing unprecedented demand,” Cushman & Wakefield broker Donna Alderson said.Īlderson noted that she has worked in industrial real estate since 1986 and has never seen this kind of appetite for such properties. Southern Nevada’s industrial vacancy rate shrank to just 2.3 percent at the end of last year, the lowest since Colliers began keeping records in 1999, the firm said. Almost all of that consisted of warehouse and distribution space, and most of it was in North Las Vegas, brokerage Colliers International reported. Southern Nevada’s yearslong warehouse-construction boom has only ramped up since the pandemic hit, as the coronavirus outbreak sparked an accelerated shift to online shopping that has fueled demand for distribution buildings.ĭevelopers finished 6.2 million square feet of industrial projects in Southern Nevada last year. Michael Wenaas, chief investment officer at GID Industrial, said in a release that with strong leasing “fundamentals” and record-low vacancy, Las Vegas “is a natural fit for our growing industrial portfolio.” The land, at the northeast corner of Cheyenne Avenue and Commerce Street, sold for $20 million, brokerage Cushman & Wakefield announced, saying it represented SunCap in the deal and was hired to lease out the project.Ĭonstruction of the project, called SunPoint Commerce Center, is expected to start this summer, GID said. More than a year after it unveiled plans for a warehouse project in North Las Vegas, a North Carolina developer is pushing ahead with another one in the city.Ĭharlotte-based SunCap Property Group teamed up to acquire 26 acres with plans for a two-building, 467,000-square-foot industrial complex, according to a news release last week from project partner GID. The current portfolio includes over 46,000 residential units, 20 million square feet of industrial space, and one million square feet of retail and office space.Real estate firms SunCap Property Group and GID teamed up to acquire 26 acres in North Las Vegas, seen above, with plans for a 467,000-square-foot industrial complex. With corporate offices in Atlanta, Boston, Dallas, New York, and San Francisco, GID is an experienced real estate private equity investor and manager supported by an integrated operating platform and has 60+ years of experience across multiple asset classes. GID's existing and under-development properties are valued at over $25.8 billion as of December 31, 2021. GID is a privately-held, vertically-integrated real estate company that owns and operates a portfolio of multifamily and industrial assets, and develops mixed-use projects across the United States. To learn more about GID Industrial, visit gid.com/industrial. "We expect that SunPoint Commerce Center will provide much-needed infill opportunities in this area."Ĭonstruction will begin on this summer, with shell completion expected in 2024, and project completion expected by summer 2025. "With strong leasing fundamentals and record low vacancy, Las Vegas is a natural fit for our growing industrial portfolio," says Michael Wenaas, Chief Investment Officer of GID Industrial. Commerce St., the properties will feature 32' foot clear height, 104 doors and up to eight suites. Located at the corner of Cheyenne Avenue. The partnership will develop SunPoint Commerce Center, comprising of two light industrial buildings totaling 467,000 square feet. LAS VEGAS , Ap/PRNewswire/ - In a joint venture partnership, GID Industrial and SunCap Property Group announced today that they have acquired 26± acres in the North Las Vegas submarket.
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