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Patrick Commerce Center, 102

Las Vegas, NV

223,009 sq ft

  • Five building multi-tenant business park totaling 223,009 sq ft
  • The property is situated one block east of McCarren International Airport, near the intersection of Sunset Road and Pecos Road, and is centrally located within five miles from the I-15, I-215, I-515, I-60 and the Las Vegas Strip.
  • Built in 1997, the property was 72% occupied by 22 tenants with rents below market at acquisition.
  • The property contains two product types: Distribution and Light Industrial.
  • The Industrial portion of the property contains two buildings and accounts for 65% of the NRA. With 24’ clearance, 17% office, 34 dock-high doors, and 13 suites.
  • The Flex portion of the property contains three buildings and accounts for 35% of the NRA. This portion contains 14’ clearance, 67% office, 30 ground level doors, and 21 suites.
  • The property does not contain mezzanine.

The property is located in the Airport submarket of Las Vegas. This submarket tends to be favored by a combination of distribution and service tenants. Distribution tenants such as UPS, FedEx, CEVA, and Masco enjoy the area’s central location and proximity to the Airport and I-15 freeway. Service tenants enjoy the proximity to the Las Vegas strip, the 117 acres Town Square retail development, and deep/affordable labor pool.

The area is dominated by eight competitive properties totaling 3.6 million sq ft. These properties are currently 79% occupied and have been gaining absorption as the market recovers. Five of these properties have a basis too high to effectively spend leasing capital. Two properties (Huges Airport Cener I and Airport Commerce Center) have traded within the last two years at $87 psf and $77 psf.

AIRPORT SUBMARKET
15 million sq. ft. submarket
16.5% vacancy rate
89,000 sq. ft. of positive net absorption YTD (0.5%)
Rents have seen a modest increase
LAS VEGAS INDUSTRIAL MARKET
106 million sq. ft.
16.2% vacancy rate
1.6 million sq. ft. of positive net absorption YTD (1.5%)
Vacancy is decreasing steadily
Rents appear to be increasing