MDH Companions has acquired a portfolio of two industrial properties in Las Vegas. The acquisition represents the Atlanta-based firm’s first transfer into the Nevada market. Hyperlink Logistics offered the belongings for $94 million, in keeping with CommercialEdge.
Dawn Industrial Park One and Two whole greater than 509,000 sq. ft. The bigger of the 2 buildings, 3101 Marion Drive, totals greater than 271,600 sq. ft and dates from 1997, based mostly on CommercialEdge knowledge. The opposite constructing, the 237,600-square-foot 4601 E. Cheyenne Ave., is of the identical classic. Put collectively, the buildings are at the moment 78 p.c leased to 10 tenants.
The belongings characteristic 24- to 30-foot clear heights, dock-high loading, ESFR sprinklers and evaporative cooling programs, as is frequent on this a part of the nation, although they’re banned in new industrial buildings. Floorplans between 20,000 sq. ft to 89,000 sq. ft are at the moment out there, with Jerry Doty of Colliers Worldwide representing the brand new proprietor.
MDH Companions’ James Hwang oversaw the acquisition for the corporate, with Newmark’s Bret Hardy and Andrew Briner representing Hyperlink Logistics.
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The corporate has been on an acquisition roll lately. In 2024, MDH acquired greater than 9 million sq. ft of business house in numerous markets, together with a close to year-end deal that noticed it purchase a portfolio of 12 buildings starting from 140,300 sq. ft to 1 million sq. ft.
Provide overshoots industrial demand in Las Vegas
Preleasing on newly accomplished industrial tasks in Las Vegas fell dramatically within the fourth quarter of 2024, bringing the market’s emptiness to eight.6 p.c, in keeping with Colliers knowledge. A 12 months earlier, emptiness was roughly 3 p.c, and all through 2022 and far of 2023, the speed hovered round 2 p.c.
Web industrial absorption within the fourth quarter of 2024 was 467,260 sq. ft, Colliers famous. That introduced internet absorption for the whole thing of 2024 to 4.7 million sq. ft, a lower of 38.9 p.c in contrast with 2023.
Even so, builders are nonetheless fairly lively within the Las Vegas industrial market, with 5.9 million sq. ft slated for completion throughout 2025, Colliers reported. Solely 2.5 p.c of that house preleased.
