Beedie’s First US Development Breaks Ground

Beedie recently broke ground on the approximately 261,700-square-foot Pioneer Business Center in Las Vegas, and the Canadian developer has just tapped CBRE to serve as exclusive marketing agent for the project, which will hold the distinction of being the largest, for-sale industrial condominium property to be built in the Las Vegas market.

Pioneer will take the shape of two condominium buildings at 6370 & 6340 South Pioneer Way, near Interstate 215 and Interstate 15, and within close proximity to Harry Reid International Airport.

“The owner/user demand is the strongest we have seen in our market,” Sean Zaher, first vice president with CBRE, told Commercial Property Executive. “We have seen a significant increase in California companies looking to relocate their operations to Las Vegas, which is a trend we believe will continue.”

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Zaher, along with CBRE colleagues Kevin Higgins, Garrett Toft, Jake Higgins and Kelsey Higgins, will market and sell Pioneer Business Center. The project will be a state-of-the-art destination featuring all the bells and whistles, including LED warehouse lighting, dock and grade loading, three-phase power and ESFR sprinkler systems.

Building 1 will be a 122,500-square-foot warehouse facility offering units as small as roughly 7,800 square feet and as large as 13,060 square feet, with 28-foot clear heights. Building 2, designed for larger users, will encompass a total of just over 139,200 square feet and provide units ranging in size from approximately 13,200 square feet to nearly 20,600 square feet, with 32-foot clear heights.  

“The owner/user product is an underserved sector within our market and Pioneer Business Center will provide opportunity for those businesses,” Zaher added. “Beedie Development is raising the standards of industrial ownership and Pioneer Business Center is a product that any business would be smart to own.”

Las Vegas by the numbers

Like much of the national industrial market, the overall industrial market in Las Vegas is thriving, coming off a record-breaking year. The metro logged its highest-ever annual net absorption, with 10.5 million square feet in 2021, according to a fourth quarter report by CBRE. And the monthly average asking lease rate rose by nearly 9 percent in the fourth quarter of 2021 to $0.98 per square foot, marking another record high.

“The Las Vegas market has seen tremendous growth over the past six years, driven by an increasing demand for e-commerce. The market has grown over 40 percent within that time period,” Zaher noted. “We have seen an acceleration in demand over the past few years not only from e-commerce/distribution users but manufacturers, cold storage users, pharma users, etcetera. Most of the development has been focused on for-lease product, with limited development servicing the owner/user market.”

Pioneer marks Beedie’s debut in the U.S. Both Building 1 and Building 2 are on schedule to be ready for occupancy in the fourth quarter of 2022.