Dermody Properties Acquires 158,166 Square Feet of Prime Logistics Real Estate in Las Vegas
We recently acquired Pama Distribution Center I at 1385 E. Pama Ln. and Lone Mountain Distribution Center I at 2628 E. Lone Mountain Rd., both in Las Vegas.
The two multi-tenant, concrete tilt-up buildings offer a combined total of 158,166 square feet with ample dock high and grade-level doors and abundant parking. Both buildings are fully leased.
The buildings are strategically located in the North Las Vegas and Airport submarkets, which have had limited competing developments completed during the current cycle. Las Vegas is seeing record demand, with nearly 40% of under-construction product preleased at the end of Q2 2019.
“These facilities each offer a unique opportunity in this highly sought-after area of the West,” said John D. Ramous, Partner in Nevada for Dermody Properties. “Nevada’s business-friendly environment and the access that Las Vegas provides to the western states make properties like these highly desirable for our customers.”
Both properties are within 5 miles of Interstate 15 and Interstate 215 and surrounded by a fast-growing Las Vegas population, with more than 2.2 million people within 25 miles. Pama Distribution Center I sits adjacent to McCarran International Airport.
“Las Vegas continues to be one of the fastest-growing industrial markets in the United States, and it’s an area where Dermody Properties has been active for more than four decades,” said Douglas A. Kiersey, Jr., President of Dermody Properties. “These two properties are excellent additions to our portfolio of offerings for our customers.”