PATRICK COMMERCE CENTER

PROJECT SUMMARY
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DATE ACQUIRED

May 2014

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DATE SOLD

Nov. 2016

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LOCATION

Las Vegas, NV

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SIZE

223,009 SF

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TENANTS

39

MARKET

The property is located in the Airport submarket of Las Vegas. This submarket tends to be favored by a combination of distribution and service tenants. Distribution tenants such as UPS, FedEx, CEVA, and Masco enjoy the area’s central location and proximity to the Airport and I-15 freeway. Service tenants enjoy the proximity to the Las Vegas strip, the 117 acres Town Square retail development, and deep/affordable labor pool.

The area is dominated by eight competitive properties totaling 3.6 million sq ft. These properties are currently 79% occupied and have been gaining absorption as the market recovers. Five of these properties have a basis too high to effectively spend leasing capital. Two properties (Huges Airport Cener I and Airport Commerce Center) have traded within the last two years at $87 psf and $77 psf.

AIRPORT SUBMARKET
  • 15 million sq. ft. submarket

  • 16.5% vacancy rate

  • 89,000 sq. ft. of positive net absorption YTD (0.5%)

  • Rents have seen a modest increase

LAS VEGAS INDUSTRIAL MARKET
  • 106 million sq. ft.

  • 16.2% vacancy rate

  • 1.6 million sq. ft. of positive net absorption YTD (1.5%)

  • Vacancy is decreasing steadily

  • Rents appear to be increasing

PROJECT PHOTOS