Spanish Ridge Industrial Center, located at 8875 W. Hacienda Avenue & 5365, 5425 S. Riley Street, sold for $54,800,000.
Newly built in 2023, the center comprises of three Class A industrial buildings, spans 230,899 square feet and is situated on 12.91 acres adjacent to the Las Vegas Beltway (CC-215). All three buildings are 100% leased to five tenants at the time of sale.
Newmark Executive Managing Directors Andrew Briner and Bret Hardy represented the sellers, CapRock Partners and Ares Management Corporation (NYSE: ARES) in the transaction. The buyer was EastGroup Properties, Inc. (NYSE: EGP), a publicly traded real estate investment trust (REIT).
According to Newmark Research, as of Q4 2023, annual absorption of space in Las Vegas measured 6.0 million square feet, and vacancy sat at 3.6% - one of the tightest industrial markets in the nation. The construction development cycle remains strong; 8.4 million square feet delivered throughout 2023 with 16.9 million square feet currently underway.
