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| Barbara Emmons Perrier |
LAS VEGAS, NV – Ramping up a
strategic expansion effort, the Desert West Region of Lincoln Property Company (LPC) has
purchased its first-ever asset in Nevada.
Called Hughes Airport Center, the industrial
portfolio totals 425,752 square feet and six buildings within the desirable Las
Vegas airport submarket.
At 98 percent occupancy, Hughes Airport Center is located in one of the most supply-restricted submarkets in Las Vegas. It is part of the larger 3.3 million-square-foot Hughes Airport Center master planned business park, which includes office and industrial product across 420 acres.
“The fundamentals that
attracted us to Hughes Airport Center are the same that are driving our
regional expansion strategy,” said Lincoln Property Company Executive Vice
President David Krumwiede.
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| Darla Longo |
At 98 percent occupancy, Hughes Airport Center is located in one of the most supply-restricted submarkets in Las Vegas. It is part of the larger 3.3 million-square-foot Hughes Airport Center master planned business park, which includes office and industrial product across 420 acres.
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| David Krumwiede. |
“Our focus is on maximining the opportunities of the Desert
West, which ranks near the top in the nation for population growth, quality of
life, workforce, infrastructure and strong and steady demand.”
LPC’s Desert West
Region includes Arizona, Nevada, Utah and New Mexico. The company is focused on
growing their footprint in each of these states, expanding 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 7 million
square feet of office, industrial and retail product currently under management.
“Between its diverse
occupancy, location and quality, the Hughes Airport asset fits perfectly within
our existing portfolio,” said LPC Vice President of Real Estate John Orsak.
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| John Orsak |
“It represents some of the best industrial product in Las
Vegas and a level of stability that will return value across market cycles.”
The Hughes Airport
Center portfolio is located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier
Drive; and 6700 Paradise Road. It sits within the Las Vegas infill Airport
submarket, where vacancy is just 1.6 percent and there is minimal new
construction activity due to lack of land.
Unit sizes within the
Hughes Airport portfolio range from 4,352 to 86,674 square feet, with the
ability to support a range of uses including distribution, warehouse, office
and flex.
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| Kevin Higgins |
Tenants at Hughes Airport Center enjoy 3.5 acres of on-site
parking and near-immediate access to McCarran International Airport, I-215 and
I-15, making the project equidistant from the area’s major employment bases.
CBRE’s National Partners
Team, led by Darla Longo and Barbara Emmons, represented the
seller.
CBRE’s Kevin
Higgins is the exclusive leasing broker. LPC will lead all property
management services for the asset in partnership with its affiliate, Lincoln
Harris.
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| Hughes Airport Center Aerial, Las Vegas, NV |
LPC continues to actively
evaluate new commercial real estate investment and development opportunities
across the Desert West region.
For more, please contact Krumwiede or Orsak at 602.912.8888.
CONTACT:
Stacey Hershauer
480.600.0195
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