CHEYENNE AIRPORT CENTER

PROJECT SUMMARY

DATE ACQUIRED

Nov. 2014

LOCATION

Las Vegas, NV

SIZE

172,329 SF

TENANTS

22

YEAR BUILT

2004-2006

MARKET

The subject property is located in the North Las Vegas submarket, along the Cheyenne Technology Corridor. The Cheyenne Technology corridor was conceived as a partnership between the City of North Las Vegas and five developers. These developers created a variety of work space and attracted large technology oriented tenants such as Spacecraft Components, California Plasticard, Inc., Emory Riddle University, Federal Express, MedicWest Ambulance, Schwan’s Home Delivery, U. S. Foods, Wirtz Beverage Group and Cox Communications. In total, the area incorporated 5.2 million square feet of space and attracted 10,000 jobs to the area. Also in the area, the Department of Veterans Affairs (a tenant in the subject property) built a $600 million facility to provide veterans with skilled care and a community living center. In addition, a master planned community called Aliante is currently being developed and will include 1,165 residential units.

The subject property has seven primary competitors totaling 1.2 million square feet. Many of these competitive properties have been hampered by their high basis and contain 69% occupancy. The most competitive property is adjacent to the subject and owned by LBA. LBA acquired their property in 2006 at approximately $160 psf. With such a high basis, LBA has been reluctant to lower lease rates and make the necessary improvements. This gives BKM the opportunity to “poach” tenants (such as was the case of the subject’s current tenant Atlas) away from this competitor.

PROJECT PHOTOS
BKM CAPITAL PARTNERS

 

Headquartered in Newport Beach, California, BKM Capital Partners is a real estate fund manager specializing in the acquisition and improvement of value-add multi-tenant industrial properties in metro areas across the Western U.S. Combining a deep knowledge of this niche industrial product type with in-house capabilities including on-site property management, asset management, and leasing to reposition and institutionalize light industrial assets, the firm continues to build on its proven track record, generating strong results with high levels of transparency and engagement for investors. 

Learn more about BKM Capital Partners »

BKM MANAGEMENT COMPANY

 

BKM Management Company manages a portfolio of 8.2 million square feet of multi-tenant industrial properties for BKM Capital Partner’s private and institutional investors. With a focus on “boots on the ground” execution at the property level, BKM has in-house capabilities for both property management and leasing. The teams at the property level are focused on ensuring the tenants thrive and that the properties managed in the most efficient way.

 

 

 

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CONTACT US

Phone: 949.566.8800

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