Las Vegas electrical engineering firm buys southwest valley industrial building
A 48,681-square-foot industrial warehouse building finished in July has already been sold to a Las Vegas electrical engineering and design studio for $12.3 million.
PSI Commerce Center Phase II Building 1, a class A flex industrial warehouse building, was sold to Nevatronix, a company that focuses on precision sheet metal fabrication, wire harnessing, circuit boards and 3D printing along with electro-mechanical assembly. The building is located just over a mile from the 215 Interchange via Rainbow Boulevard, close to Summerlin.
Tyler Ecklund of CBRE Group Inc. represented the seller, PSI Warm Springs, LLC, and Erik Sexton with NAI Vegas represented the buyer in the transaction.
“Building 1 adds much-needed class A flex industrial inventory to the Southwest submarket, one of the tightest submarkets in the Las Vegas region,” said Ecklund. “As an owner-user, the buyer will benefit from a plethora of advantages, from strong fundamentals to the area’s abundance of amenities and access to the 215 Beltway.”
Industrial real estate is picking up steam in Southern Nevada, according to a new report from Colliers, a global commercial real estate company. A splurge of new inventory is hitting the market and pre-leasing rates are climbing.
According to CBRE, the region’s industrial market added 3.2 million square feet of inventory in the second quarter of this year, and most of this space was already pre-leased at completion.
CBRE noted in a press release for the sale that the Las Vegas industrial market recorded 3.1 million square feet of net absorption in the second quarter of 2023, bringing the year-to-date total to 4.9 million square feet. The industrial market’s vacancy rate remains at a near-record low, despite having risen 30 basis points in the first half of 2023.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.