Nicola Wealth, ViaWest Group Buy Industrial Development Sites in Phoenix and Las Vegas
The partnership plans to build 335,068 square feet in the Mesa Gateway submarket of Phoenix and 219,480 square feet in the North Las Vegas submarket
A partnership between Nicola Wealth Real Estate and ViaWest Group has acquired a shovel ready, 20.78-acre industrial development site in the Mesa Gateway submarket of Phoenix, AZ and a 12.45-acre development site in the North Las Vegas submarket of Las Vegas, NV. Both sites are an expansion of NWRE’s build to hold industrial development strategy and partnership with ViaWest.
Mesa Gateway is a quickly emerging submarket in the Southeast Valley of metro Phoenix. NWRE and ViaWest were attracted to the opportunity given its shovel ready, speed to market status, and the buildings’ multi-tenant design to accommodate mid-bay industrial users. Jackie Orcutt and her team at CBRE brokered the transaction and will be leasing the 335,068-square foot, three-building project which has been named Advanced Industrial Center. Construction has commenced and a groundbreaking ceremony will take place July 26, 2022.
In the Northern Las Vegas submarket, the partnership has acquired an infill site capable of accommodating a 219,480-square foot building upon securing entitlements and permits. Las Vegas has one of the lowest industrial vacancy rates in the western US and a limited number of well-located land sites remain. The land assemblage was sourced off market and will provide a single modern industrial building with frontage on Las Vegas Boulevard in close proximity to Interstate 15, Harry Reid International Airport and the Las Vegas Strip.
NWRE is concentrated on growing in major US markets such as Las Vegas, Phoenix, Denver, Dallas / Ft. Worth, San Francisco, Minneapolis and Seattle with a focus on acquiring income-producing properties, executing build-to-own development and value-add strategies.