Southwest valley industrial complex sells for $54M
An industrial complex in the southwest Las Vegas Valley has sold to EastGroup Properties, a Mississippi- based real estate investment trust, for $54.8 million.
The 230,899-square-foot Spanish Ridge Industrial Center, which consists of three class A industrial buildings on just under 13 acres in the Spring Valley area of Las Vegas, was built by California-based CapRock Properties in 2023, according to a news release from real estate brokerage Newmark, which represented the buyer in the deal.
The center, at 8875 W. Hacienda Ave., is 100 percent leased. Names of the tenants weren’t immediately available.
“The Las Vegas industrial market has experienced tremendous growth in recent years with many users seeing it as a more price-conscious alternative while still being connected to important southwest markets,” Newmark said in a recent report.
The vacancy rate for industrial space in the Las Vegas Valley sits at 3.6 percent, which is “one of the tightest industrial markets in the region,” the report said.
Approximately 16.9 million square feet of industrial space is currently under construction in the valley.
According to its website, EastGroup owns industrial properties in 12 states across the country, including five others in the Las Vegas Valley.
Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.
