Dermody Properties Leases 148,635 SF in Las Vegas to Southern Enterprises
Dermody Properties recently leased nearly half of its latest Las Vegas industrial development project to Southern Enterprises, one of the nation’s leading home furnishing designers and manufacturers. The company anticipates fulfilling 25 percent of its direct-to-consumer orders from the facility and creating 10+ new jobs when fully operational.
Southern Enterprises has leased 148,635 square feet of LogistiCenterSM at Cheyenne, a 381,804-square-foot distribution facility occupying 20 acres at 4025 East Cheyenne Ave. in Las Vegas. This will be Southern Enterprises’ first facility in Las Vegas and will function as a distribution center serving the company’s customers nationwide. The company currently has corporate headquarters in Dallas, Texas and a distribution facility in Carlisle, Pennsylvania.
Dermody Properties and its joint venture partner, Hillwood Investment Properties (Hillwood), broke ground on LogistiCenterSM at Cheyenne in May 2015, and Southern Enterprises expects to occupy its portion of the facility in November 2015.
Dermody Properties has been involved in the Las Vegas industrial market since 1974 and has developed more than four million square feet in the market since that time.
“The success of our business is driven by our ability to quickly deliver our products to our customers,” said Gary Horowitz, Chief Financial Officer for Southern Enterprises. “Strategically, Nevada, and more specifically a Las Vegas location, helps us reach that objective for our West Coast consumers. Dermody Properties really listened to what we wanted to achieve and we could not be happier with the outcome.”
LogistiCenter at Cheyenne Rendering
LogistiCenterSM at Cheyenne is in close proximity to FedEx and UPS and is located two miles east of Interstate 15. The facility’s location in the North Las Vegas submarket will enable Southern Enterprises to reach nearly all of its customers within one or two business days.
“We are excited to welcome Southern Enterprises to LogistiCenterSM at Cheyenne and to Nevada,” said George Condon, Partner, Dermody Properties West Region Office. “Delivery times are becoming increasingly crucial for many businesses. We know that Nevada is one of the best places for companies that need to reach their customers quickly, and we believe that LogistiCenterSM at Cheyenne will help them do so cost effectively and efficiently.”
Hillwood Investment Properties is Dermody Properties’ strategic financial partner on LogistiCenterSM at Cheyenne.
“We are very excited to have LogistiCenterSM at Cheyenne be selected by Southern Enterprises for their expansion into the Las Vegas market and to serve their western U.S. customer base,” said Chris Brown, Senior Vice President, Hillwood. “The leasing activity for this project continues to remain strong and we are hopeful the building will be fully leased shortly.”
West Region Development Director Brendan Egan managed the project for Dermody Properties, and Nevada-based United Construction Company is the general contractor on the project. Colliers International Las Vegas Vice President Susan Borst and Executive Vice President Dan Doherty represented Dermody Properties in the lease, and Paul Chaffee, Will Chaffee and Mark Miller of NAI Global represented Southern Enterprises.