PATRICK COMMERCE CENTER

PROJECT SUMMARY

DATE ACQUIRED

May 2014

DATE SOLD

Nov. 2016

LOCATION

Las Vegas, NV

SIZE

223,009 SF

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
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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