North Las Vegas industrial complex sells for $ 135 million

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After filling the project with tenants during the pandemic, a developer cashed in on an industrial complex in North Las Vegas, selling it for more than $ 130 million.

Matter Real Estate Group has announced the sale of Matter Logistics Center @ West Cheyenne, a five-building business park near the North Las Vegas Airport. The San Diego-based company broke new ground in the summer of 2019 and, according to a press release, praised “the gist” of the project after the coronavirus outbreak disrupted everyday life.

The sale of $ 135 million to Los Angeles investment firm Ares Management Corp. concluded at the end of July, according to real estate records.

Developers have been building warehouses in southern Nevada for years, often north of Las Vegas, and by all accounts, the industrial sector in the valley has held up well since the pandemic struck. hard on the economy last year.

Investors pushed forward new industrial projects in the Las Vegas area amid the pandemic and, as seen with the Ares deal, are still buying buildings.

The Matter Logistics Center, on Cheyenne Avenue between Decatur Boulevard and Simmons Street, spans 41 acres and has over 727,900 square feet of space. It is fully let to about twenty tenants.

Matter – whose other companies include the 40-acre UnCommons mixed-use project under construction in the Southwest Valley – completed the hull of the Cheyenne industrial complex in the third quarter of 2020, a representative said.

The pandemic was on and the economy had been plunged into turmoil, but Matter eventually ended up “surprising in the amount of demand and activity” for his project, said Tom van Betten, vice president of strategic partnerships of the firm.

Tenants at the park include an ottoman maker, clothing and accessories company, carpet company, pool chemicals company and volleyball facility, van Betten said.

Gregg Boehm, Managing Director of Ares Real Estate Group, said the company appreciates the opportunity to acquire a high quality business park fully leased to a diverse mix of tenants in a range of unit sizes.

He said the purchase brings Ares’ real estate holdings in the Las Vegas area to just under 3 million square feet, all of which is industrial space, and the valley’s warehouses are in the process of shrinking. be absorbed.

“We are very convinced of the continued growth of the market,” said Boehm.

Matter bought most of the project site in 2018 from wireless communications giant Qualcomm, which acquired the land in 2005 and unveiled plans for a “high-security facility” that would help track and protect ” high-risk and high-value goods “. . “

In one news at the time, Qualcomm said it provided mobile communications and tracking services to carriers that transport “ammunition and other sensitive cargo.”

The project was not built.

In August 2019, when Matter announcement that he broke new ground on the Cheyenne installation, the developer described it as a $ 70 million project.

This story has been updated to reflect when the project shell was terminated.

Contact Eli Segall at [email protected] or 702-383-0342. To follow @eli_segall on Twitter.

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