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| Property Type: | Industrial Warehouse |
| Property Name: | Aabacus Industrial Park |
| Property Address: | 3240-3280 W. Sunset, Las Vegas, Nevada 89118 |
| GLA: | 82,729 sqft. | Acreage: | 1.94 | Year Built: | 2007 |
| Seller: | Morgan Family Investments LLC | Buyer: |
| List Price: | $11,500,000 | Sale Price: | Cap Rate: | 9.0% |
| Listing Date: | 12/01/2008 | Contract Date: | |
| Closing Date: | Phil & Stu Represent: | Seller |
Although prices have tended to be high in the Las Vegas valley for industrial property because of limited space, this has changed dramatically with the economic downturn. There are compelling reasons to locate in Las Vegas because it is a geographical hub to Los Angeles, San Diego, Reno, Phoenix and Salt Lake City. This makes Las Vegas an obvious choice for warehousing and some manufacturing. Tenants are legitimately concerned about the long-run availability of industrially zoned property at feasible prices, making this an opportunity for savvy buyers and sellers wishing to reposition their holdings.
Las Vegas Valley industrial vacancy have risen well above 10% since a low of 4.4% at mid-year 2007. The average asking rate has been $0.82 per sf, but prices are soft. The highest vacancy rate is in R&D/flex space and the lowest vacancy is in warehouse/distribution space.
The R&D/flex market (industrial space built out for office or lab use) vacancy rates are above 10%.
The Las Vegas Valley’s industrial market has a total inventory of over 94 million square feet.
If your industrial property has an overlay zoning like MUD1 or H1, then the industrial property value dwarfs your building value.
Rather than establishing their businesses in the Greater Las Vegas Valley, some industrial developers are looking at nearby outlying areas, such as Apex, Pahrump, Moapa and Mesquite. These towns could become ‘industrial/business suburbs’ to Las Vegas. While some of these areas lack current infrastructure, the benefits of locating in this hub make Las Vegas a great place for expansion.
Locating large-scale distribution firms and complimentary manufacturers to the Las Vegas valley requires a firm knowledge of the industrial market. Let PR Properties Group’s expertise in the Las Vegas Industrial Real Estate market limit your risk and help you make the right decision.
