Cushman & Wakefield | Commerce Negotiates Lease of Largest Industrial Speculative Building in the Las Vegas Market in 8 Years
LAS VEGAS—Jan 7, 2015—The Las Vegas office of Cushman & Wakefield | Commerce today announced that Global Industrial Distribution of New York has signed a lease for a 464,203 square foot speculative industrial building in the Prologis Las Vegas Corporate Center at 3700 Bay Lake Trail, North Las Vegas. The Las Vegas industrial team at Cushman & Wakefield | Commerce, Danielle Steffen, Art Farmanali, SIOR and Amy Ogden represented the Tenant.
“This is one of the largest industrial transactions of the year in 2014 for the Las Vegas area since the recession,” said Michael Dunn, Market Leader for the Las Vegas office of Cushman & Wakefield | Commerce. “It serves as a benchmark as we go into 2015 with an increasingly strong confidence in the market in general and specifically in the industrial sector of the market. This lease also demonstrates a resurgence in activity and attention from investors and developers on a national level. We expect to see more developers follow in the wake of this transaction and begin to launch more speculative industrial buildings in the near future to meet the pent up demand.”
Global Industrial Distribution is a distributor for various electronics, office supplies and other equipment. The Prologis Corporate Center will be a LEED Certified building and construction is currently underway. Construction is expected to be completed in Q2 of 2015 and Global Industrial Distribution is expected to occupy the building by July.
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, headquartered in Salt Lake City, Utah, is an independently owned and operated member of the Cushman & Wakefield Alliance with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company Cushman & Wakefield | NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. Together the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. Cushman & Wakefield | Commerce and C&W | NorthMarq are part of the Cushman & Wakefield platform, which is the world’s largest privately-held commercial real estate services firm with 250 offices in 60 countries globally. www.cushmanwakefield.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.