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LAS VEGAS-Marnell Properties this week broke ground for a 200,928-square-foot air freight logistics center located at McCarran Airport’s new Terminal 3. Situated on 19.15 acres, Marnell Air Cargo Center is slated for completion in late 2010. R&O Construction is the general contractor. The total development cost is approximately $29 million.

Marnell Properties president Brad Schnepf tells GlobeSt.com the building is 75% preleased to the freight and mail-sorting operations of FedEx Corp., Southwest Airlines, Worldwide Flight Services, Allegiant Air, UPS and others. The current asking rate for the available space is $1.50 per square foot per month, triple net, Schnepf says. Completion is slated for late 2010.

Greg Wells, president of investments for parent company Marnell Corrao and Assoc. tells GlobeSt.com that project financing was led by Mutual of Omaha bank with Meadows Bank as a key participant. The financing was executed prior to any signed leases and was funded when nearly 60% of the leases were executed. Wells says loan provides Marnell Properties with flexibility to convert the current construction loan into a permanent loan, eliminating any uncertainty in the future associated with the capital markets.

The Clark County Dept. of Aviation is involved in the project by way of a participatory ground lease, Schnepf says. The pro forma for stabilization of the property [+90% occupancy] is 12 months from the date of completion. The property is expected to be a long-term hold for Marnell, Schnepf says.

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