Clarion Partners Pays $336M for Las Vegas Industrial Park
The 2.4 million-square-foot Golden Triangle Industrial Park sold for the first time in 20 years, fetching nearly $140 per square foot.
Clarion Partners has acquired a 2.4 million-square-foot industrial portfolio in North Las Vegas, Nev., Clark County records show. The company paid $335.6 million for Golden Triangle Industrial Park, which, according to CommercialEdge data and the property’s website, has been under the ownership of the International Union of Operating Engineers for the past 20 years.
Golden Triangle Industrial Park is located on a 130-acre site off Interstate 15. The industrial park comprises Class A properties constructed between 1999 and 2007 and is 95 percent leased to 24 tenants.
One of the properties involved in the transaction is the 200,953-square-foot warehouse at 4980 Statz St. The building features 30-foot clear heights, six grade-level and 36 dock-high loading doors and a parking ratio of 0.5 spaces per 1,000 square feet. The property is fully leased to MANN+HUMMEL and Morgan Termite and Pest Control, according to CommercialEdge.
Other buildings in the industrial park range from 78,702 to 392,040 square feet. The properties all feature ESFR sprinklers, 30-foot clear heights and gated truck courts. The park is rail served. CommercialEdge data shows that, prior to the sale, the properties were managed by Transwestern with Cushman & Wakefield overseeing marketing efforts.
An industrial hotspot
Clarion Partners has long been active in North Las Vegas. The company bought the nearly 700,000-square-foot Lone Mountain Corporate Center in early 2018 and is actively developing new space. The investor-developer delivered a 200,000-square-foot property at Silver State Commerce Center late last year and has another three buildings totaling 842,779 square feet underway. Those are expected to deliver this summer.
According to CommercialEdge data, five other industrial properties have also changed hands since the start of the year, totaling just over 740,000 square feet. Las Vegas’s industrial sector had been growing in importance even before the pandemic: The market’s modest price points and relative proximity to Southern California and Phoenix put it in a strong position for future growth.
According to the latest CommercialEdge industrial report, a general lack of available space has driven up both rents and sale prices nationwide. Average rents across the country were $6.47 per square foot in February, a 5.1 percent year-over-year increase. Sales in the first two months of the year averaged $112 per square foot.
