CBRE has completed the $35 million sale of 501 Parkson and 740 Cape Horn, two freestanding industrial warehouses totaling 105,593 sq. ft. in Henderson, Nev. to a private buyer.
Tyler Ecklund and James Griffis with CBRE’s Las Vegas office represented the seller, Unilev Capital, a California-based real estate investment company, and their investment partner, Palladius Capital Management via a separately managed account. Unilev’s investment team is led by Raymond Levy, Ian Konowitch and Peter Berges.
“We were happy to execute on this sale and generate an impressive return to our investors,” said Peter Berges, Vice President of Investments, Unilev Capital. “Given the shifting investment landscape, this was a well-timed exit for us and a win for all parties involved. We want to thank CBRE for a great execution on their sale efforts, the buyer for performing flawlessly, and of course to our partners and investors for their continued trust in us to deliver strong returns.”
“A spectacular execution all-around,” said Nitin Chexal, CEO of Palladius Capital Management. “We are fortunate to have great partners like the Unilev team and have been building a sizable industrial portfolio with them. We also greatly appreciate the hard work CBRE put into the sale process, especially Tyler Ecklund and his team."
Situated on 17.78 acres of paved secure yard, the facilities were built in 2007 and have been fully leased since by Ferguson Enterprises and Ferguson Waterworks, which operate separately while sharing the yard space. 501 Parkson is 89,900 sq. ft. and features 17 dock doors and a 26’ clear height. 740 Cape Horn is 15,693 sq. ft. and features one dock door and a 26’ clear height. Both have open warehouse space, showrooms, office space and separate employee and customer restrooms. The buildings share 175 parking spaces.
“501 Parkson and 740 Cape Horn is a unique asset in the Henderson submarket,” said CBRE’s Ecklund. “With such a low building coverage ratio, it offers the new owner the opportunity to add value to the site in the future while providing stable cash flow in the near term.”
The warehouses are less than one mile of the US 95/Interstate 515 Interchange via Parkson Road or North Gibson Road to West Sunset Road, making it an ideal location for distribution, customers and employees commuting.
Ecklund continued, “The opportunity to replicate this property would be difficult due to the lack of land within the submarket and the greater Las Vegas area.”
The overall vacancy for industrial product dropped below one percent to .9 percent for the first time in the market’s history according to CBRE’s Las Vegas Q2 2022 industrial market figures. There was still strong leasing activity throughout the market, with a 96 percent prelease rate in projects that delivered during the 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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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 Unilev Capital
Co-Founded in 1993 by Raymond Levy, Unilev Capital Corporation is a privately held real estate investment firm that specializes in the acquisition of well-located, income producing commercial properties in the United States. Unilev typically focuses on core plus to value-add return profiles depending on the deal. Unilev Capital acquires properties through off-market and market-negotiated transactions that have ultimately resulted in an impressive track record for itself and its investors.
Unilev Management Corporation is a full-service management company providing integrated due diligence, asset management, property management, accounting and engineering services.
Unilev is headquartered in Beverly Hills, California with affiliated offices in Texas, Colorado and Minnesota.
For additional information, visit unilev.com.
About Palladius Capital Management
Palladius is a tactically contrarian real estate investment manager that leverages institutional best practices, technology and operational expertise to drive value creation for institutional and individual investors. Led by a team of commercial real estate, finance and technology veterans, Palladius pursues value-add and core-plus strategies targeting multifamily, student housing, hospitality and other thematic investment strategies through its affiliates. Based in Austin, TX, Palladius manages and operates real estate across the U.S. and is focused on building a highly progressive platform that promotes diversity and inclusion. To learn more, visit www.palladius.com.