Kevin Higgins, a senior vice president at Voit Real EstateServices who represented the building ownership, says that the dealclosed quickly considering the difficult market and that it is oneof the largest industrial leases signed in the market since 2008 interms of square footage and dollar value. The building is locatedwithin Hughes Cheyenne Center, a master-planned business park,situated in the North Las Vegas business district with immediateaccess to the 15 freeway.

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Eric Smyth, founding principal of CIP Real Estate, points outthat the lease fills the largest vacancy within CIP Real Estate'sLas Vegas portfolio. The space will enable Cox to consolidate itsoperations, reduce expenses and increase efficiencies as itcontinues to expand its business.

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Cox, which was represented in the lease by first vice presidentJeremy Green of CB Richard Ellis, has operated in the region formore than 40 years and is the dominant cable provider in the area.The total consideration for the long-term lease is approximately$5.5 million.

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The Las Vegas industrial market totals nearly 104 million squarefeet, according to a year-end 2009 market report by Voit, whichpegs the vacancy there at 13.7%. The Las Vegas market shares someattributes with industrial markets nationally but also differs insome respects, according to the Voit report. It notes that althoughthe consensus among economists is that the national economy beganto expand nearly six months ago, "Southern Nevada has yet to reachthe same conclusion."

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Like the rest of the US, Las Vegas will rely on the job marketas"the number one indicator to watch" as its recovery will likelyspark new confidence and business investment that will provide alift for the industrial sector. The industrial sector in Las Vegas,according to the Voit report, "remains well-positioned to takeadvantage of economic improvements given the relatively low-costenvironment for distributors and manufacturers seeking alternativelocations."

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