CBRE has arranged the $13.9 million sale of PSi Commerce Center Phase I, a 73,247-square-foot, two-building flex industrial property in Las Vegas, to Credi Gramercy, which will occupy the space as an owner/user. The property will be used as a bakery and food preparation facility.
Tyler Ecklund with CBRE represented the seller, Parting Seas Investments, a privately held real estate investment and property management firm.
Located in Las Vegas’ Southwest submarket, PSi Commerce Center Phase I includes one 48,568 square-foot warehouse at 7175 Belcastro Street and one 24,679 square-foot industrial/flex warehouse at 7255 West Arby Avenue. It is located approximately one mile from the South Rainbow Boulevard and Interstate 215 interchange.
“Recognizing the lack of true Class A flex industrial space in the market, Parting Seas Investments built some of the highest quality industrial assets the Las Vegas market has seen to date,” said Mr. Ecklund. “It was no surprise that the project was fully leased within one month of completion and I anticipate similar success for Phase II of the development, which will be underway this year.”
Phase I received the Spotlight Award for Industrial Park Under 100,000 square feet from the NAIOP Southern Nevada Chapter in 2020. Phase II of the project, located on the adjacent site with frontage on Warm Springs Road, has an anticipated completion date of September 2022. CBRE’s Ecklund is marketing Phase II for lease or sale.
According to CBRE Research, the Las Vegas industrial market had 10.1 million square feet of properties under construction as of Q2 2021, about 50 percent of which is preleased. Additionally, the overall vacancy rate continued to decline, from 3.8 percent to 2.8 percent quarter-over-quarter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Parting Seas Investments
Parting Seas Investments has continuously worked to establish itself as a leader in the new era of conscious development. We understand that access to support, capital, and representation is limited in early-growth stages. By looking beyond the surface for possible solutions we can establish honest partnerships that allow for flexibility and long-term success. We look forward to bringing more intentional solutions and sustainable beauty to our community for the partners we work with for years to come.