CBRE Arranges $3.7 Million Sale of 19,512-SF Las Vegas Industrial Property

CBRE has arranged the sale of a 19,512-square-foot industrial warehouse in Las Vegas. Next Century Rebar LLC purchased the property from MSC Valley LLC for $3.7 million.

CBRE’s Tyler Ecklund represented the seller in the transaction.

The property was built in 1970 and is located at 3020 S. Valley View, within the West Central submarket and proximate to Interstates 215 and 15. The two-story building features 18-foot clear height, concrete tilt-up construction, four drive-in doors and Valley View frontage.

“This sale of a 50-year-old facility in need of repair illustrates how strong the industrial occupier market remains in spite of headwinds facing other types of real estate investments,” said Ecklund. “In a market this tight, users are forced to think outside the box to find facilities that can accommodate their businesses.”

According to CBRE Research, the Las Vegas industrial market saw 2 million square feet of industrial space delivered to the market during Q1 2023, with pre-leasing over 98%. The average lease rate achieved was also $1.03 per square foot, a 37.3% year-over-year increase.