AEW Makes $54M Purchase in Las Vegas
Investment & Development Ventures has sold IDV Speedway, a 349,875-square-foot industrial building in Las Vegas. AEW Capital Management paid $54.3 million for the Class A property, according to Clark County public records. JLL worked on behalf of the seller.
IDV Speedway came online in the first quarter of this year at 5150 N. Sloan Lane. Investment & Development Ventures had acquired the 19-acre development site in 2022 for $12.4 million, according to CommercialEdge.
Currently vacant, the facility features 36-foot clear heights, ESFR sprinkler systems, two grade-level doors, 52 dock-high doors, 179 vehicle parking spots and 67 trailer parking spots. The one-story building also includes an approximately 4,200-square-foot office component, as well as evaporative cooling and LED lighting in the warehouse area. Furthermore, the property features an additional 1.5-acre site for extra parking spaces.
IDV Speedway provides easy access to interstates 15 and 11, while being 12 miles from North Las Vegas Airport, 17 miles Harry Reid International Airport and 12 miles from downtown Las Vegas. The industrial asset is in the North Las Vegas submarket, in an area with tenants such as FedEx, Amazon, Prologis, DHL and Lowe’s.
JLL Senior Managing Director Mark Detmer with the Capital Markets team, together with Senior Managing Directors Rob Lujan and Jason Simon with the firm’s Las Vegas Markets Team, led negotiations on behalf of the seller.
Recent significant delas in Las Vegas
Las Vegas’ industrial sales volume totaled $242.3 million during the third quarter of this year, according to a CBRE report. The amount marked a 28.9 percent increase year-over-year.
In one of the largest deals of the quarter, Ares Management paid $78.9 million for AirPark Heights, a six-building, 339,000-square-foot industrial campus in Henderson, Nev. TA Realty sold the asset purchased for $53.5 million two years ago.
Earlier this year, CapRock Partners and Ares Management sold a 230,889-square-foot industrial campus in Las Vegas. EastGroup Properties acquired the asset for $54.8 million.
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