(Read more on the industrial market.)

LAS VEGAS-With its existing portfolio here all but full, ProLogis of Denver is planning to break ground later this year on a 788,000-sf distribution center. The two-building complex will rise at the northeast corner of Cheyenne Avenue and Marion Drive, on a 42-acre site that once held the Sunrise Pointe Mobile Home Park. ProLogis last month paid Icon Investment Group $17.8 million for the property.

Todd Burnight, ProLogis’ market officer for Las Vegas until recently, tells GlobeSt.com land acquisition and imminent expansion is a result of its existing 3 million-sf portfolio here having been more or less full for the better part of two years. “We have enjoyed very high occupancies and quite positive rent growth,” he says. “We believe in this market.”Icon Investment Group emptied out the park and rezoned the property for industrial use prior to putting it on the market. While in escrow to acquire the property, ProLogis obtained site plan approval for its project, which is expected to be shell complete by mid-2008. One building will be 278,000 sf and the other will be 510,000 sf.

All around the site is more industrial development. Directly across the street, Panattoni Development recently completed a 500,000-sf, four-building development, and Dermody Properties has its 2 million-sf LogistiCenter in the immediate vicinity. Trammell Crow has a project just down the street. The going rate for new high-cube warehouse space in the immediate area is approximately $0.40 per sf per month.

CB Richard Ellis’ Donna Alderson and Greg Tassi have the leasing assignment for the new ProLogis project. Blakely Johnson & Ghusn of Reno is the architect/engineer. A contractor has not yet been selected.

The first quarter vacancy rate for industrial space in the Las Vegas valley was 4.4%, with the vacancy rate for distribution product caming in slightly below that, according to Applied Analysis, a locally based research and advisory firm.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.