News
Construction Milestone Reached at Dermody Properties’ LogistiCenter at Las Vegas Boulevard
Dermody Properties, a national industrial real estate owner-operator headquartered in Reno, Nevada, announced today that it reached a construction milestone with the tilt-up and placement of the first wall panels for its 546,480 SF industrial facility on Las Vegas Boulevard near North Walnut Road. The building will be completed on time by the end of the second quarter of this year.
“We’re very happy with the progress United Construction has made and we appreciate the support and cooperation from Clark County and our neighbors,” said George Condon, Partner, Dermody Properties West Region Office. “Las Vegas is located at the heart of the 11-state western region. That, coupled with its transportation network which offers two-day delivery time to a market containing more than 50 million people makes it an ideal choice for a variety of internet fulfillment centers or manufacturing operations.”
LogistiCenterSM at Las Vegas Boulevard will feature 36 feet of clear height and above-standard auto and trailer parking. The facility will be e-commerce-ready and is ideal for distribution, manufacturing and warehouse operations. LogistiCenterSM at Las Vegas Boulevard is suitable for up to four tenants. The site, which offers captivating views of the Las Vegas skyline, also offers an additional eight to nine acres of excess land for retail or office building development. The Doherty Industrial Group at Colliers International has been retained by Dermody Properties to market the location for lease. Adam Malan, Director, and Deana Marcello, Senior Brokerage Associate, of Logic Commercial Real Estate are representing the site’s excess acres of land.
“Dermody Properties has a long history of designing quality, state-of-the-art facilities that exceed the needs and expectations of industrial users,” said Susan Borst, Senior Vice President, Doherty Industrial Group at Colliers International. “Many of the existing buildings in North Las Vegas that were designed by Dermody over the years continue to be occupied today by top brand companies such as Bed, Bath and Beyond, Amazon, and Monster Cable to name a few.”
The Las Vegas market is experiencing its largest quarterly expansion of industrial inventory since the first half of 2008. This is in direct response to an overall market vacancy of only 5.6 percent. Several factors are contributing to the area’s broad-based recovery including the establishment of many businesses in the past year, the region’s record-breaking tourism levels, and billions of dollars in planned construction activity.
United Construction Company is the design-build contractor on the project.