Acquisition of West Craig Industrial Center brings Las Vegas portfolio to nine buildings
LAS VEGAS, Nevada, – With the $48.6 million purchase of West Craig Industrial Center, the Desert West Region of Lincoln Property Company (LPC) has increased its newly established Nevada presence to nine buildings and almost 800,000 square feet of Class A industrial space – with more acquisition opportunities on the horizon.
“Like the Nevada industrial market itself, the West Craig logistics park is an extremely stable investment that is just hitting its stride and has a long runway ahead,” said Lincoln Property Company Senior Executive Vice President David Krumwiede. “It is a welcome addition to our regional portfolio, which we are quickly growing with institutional-quality industrial assets and developments in Arizona, Nevada and Utah.”
Delivered in 2019, West Craig Industrial Center is a brand-new, 343,820-square-foot, Class A industrial development. The project achieved rapid lease-up upon delivery and is now fully occupied.
It is located on 20 acres at 70-78 W. Craig Rd. in North Las Vegas, part of the popular Interstate 15 industrial corridor and minutes from downtown Las Vegas. The portfolio totals three buildings offering 30’ - 32’ clear height, 91 dock doors with a combination of drive-in and dock-high configurations, ESFR sprinklers and insulated ceilings.
“This is a high-demand, low-supply market that is also highly land constrained,” said Lincoln Property Company Vice President of Real Estate John Orsak. “We expect that demand to continue to strengthen in the years ahead.”
CBRE’s National Partners Team, led by Darla Longo and Barbara Emmons, represented the property seller, a partnership between Huntington Industrial Partners and Polk Street Industrial. LPC Desert West will provide property management services for the project.
West Craig Industrial Center joins the growing LPC Desert West regional portfolio, spanning Arizona, Nevada, Utah and New Mexico. The company is focused on expanding their footprint in each of these states, increasing an already award-winning presence in Arizona that includes almost 6 million square feet of development, more than 10 million square feet of acquisitions and a four-state regional property management portfolio of almost 8 million square feet of office, industrial and retail product.
To discuss new commercial real estate investment and development opportunities across the Desert West region, contact Krumwiede or Orsak at 602.912.8888.