HARMON INDUSTRIAL COMPLEX

DATE ACQUIRED

Oct. 2014

DATE SOLD

Jan. 2017

LOCATION

Las Vegas, NV

SIZE

137,603 SF

TENANTS

29

PROJECT SUMMARY
MARKET

The Las Vegas Metropolitan industrial market started 2014 on a good note with the fifth consecutive quarter of positive absorption and lower vacancy rates. The overall vacancy rate decreased 60 basis points from last quarter to 9.6%. Construction activity is dominated by expansions and build-to-suits although speculative construction may be on the horizon for “big box” distribution buildings due to the lack of inventory and strong user demand. Smaller building speculative construction is further out as rents would need to increase significantly to justify the required economic returns.

The U.S. Bureau of Labor Statistics reported that in January the unemployment rate in Clark County was 8.9% or 130 basis points lower than January 2013. UNLV’s Center for Business & Economic Research said that the revised 2013 employment growth shows that employment grew at 3.4% in Nevada, double that of the U.S. employment growth of 1.7%. The report also mentioned that the employment growth was across all major employment sectors “suggesting the growth is sustainable.”

The Southwest submarket is the largest and most desirable submarket in the Las Vegas valley due to its proximity to the strip and high end residential communities. 1st quarter net absorption in the Southwest totaled 330,946 square feet making up 70% of the total 1st quarter absorption for the Las Vegas Metro. Average asking lease rates in the Southwest remained flat from the 4th quarter 2013; however, lease rates are expected to increase with continued positive net absorption, and user demand.

PROJECT PHOTOS
BKM CAPITAL PARTNERS

 

Headquartered in Newport Beach, California, BKM Capital Partners is a 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 structured financing, 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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