Prologis Buys Las Vegas Industrial Park

Safari Business Park. Image courtesy of Cushman & Wakefield

Prologis has expanded its Las Vegas metro area footprint with the acquisition of Safari Business Park, a five-building industrial park totaling 441,569 square feet in the city’s Enterprise submarket. Safari Properties sold the asset in a transaction facilitated by Cushman & Wakefield.

The buyer also appointed Cushman & Wakefield to jointly lease the industrial park, which was 82 percent leased at the time of the sale with unoccupied suites ranging between 10,280 and 15,303 square feet.

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Located at 7650-7850 Dean Martin Drive, the multi-tenant buildings were developed between 2002 and 2004. The industrial complex features 29-foot clear heights, sky lights and truck courts ranging between 140 and 360 feet, CommercialEdge data shows. Safari Business Park also provides 92 dock high doors, 4 grade level doors and is equipped with ESFR fire sprinkler system. The tenant list includes New Life Office, EagleRider, Grace Gymnastics and SubZero Recovery.

Located next to Prologis’ Warm Springs Distribution Center 6, Safari Business Park offers major street exposure to Interstate 15. McCarran International Airport is 4 miles northeast, while downtown Las Vegas is 10 miles away.

Logistics powerhouse keeps busy

In April, Prologis launched its LEED v4 Volume Program for the U.S. logistics sector. All of Prologis’ new projects nationwide will be assessed for LEED certification under the new version of the program launched in 2014.

In May, the logistics REIT closed a lease for its 440,000-square-foot facility underway in Phoenix, with HelloFresh. The complex that is expected to come online at the end of the year will become the meal kit company’s largest shipping and fulfillment center in the U.S.