Lincoln Property Company expands with major industrial portfolio buy
Ramping up a strategic expansion effort, the Desert West Region of Phoenix-based Lincoln Property Company (LPC) has purchased its first-ever asset in Nevada. Called Hughes Airport Center, the industrial portfolio totals 425,752 square feet and six buildings within the desirable Las Vegas airport submarket.
At 98 percent occupancy, Hughes Airport Center is located in one of the most supply-restricted submarkets in Las Vegas. It is part of the larger 3.3 million-square-foot Hughes Airport Center master-planned business park, which includes office and industrial product across 420 acres.
“The fundamentals that attracted us to Hughes Airport Center are the same that are driving our regional expansion strategy,” said Lincoln Property Company Executive Vice President David Krumwiede. “Our focus is on maximining the opportunities of the Desert West, which ranks near the top in the nation for population growth, quality of life, workforce, infrastructure and strong and steady demand.”
LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico. The company is focused on growing their footprint in each of these states, expanding an already award-winning presence in Arizona that includes almost 6 million square feet of development, more than 10 million square feet of acquisitions and 7 million square feet of office, industrial and retail product currently under management.
“Between its diverse occupancy, location and quality, the Hughes Airport asset fits perfectly within our existing portfolio,” said LPC Vice President of Real Estate John Orsak. “It represents some of the best industrial product in Las Vegas and a level of stability that will return value across market cycles.”
The Hughes Airport Center portfolio is located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road. It sits within the Las Vegas infill Airport submarket, where vacancy is just 1.6 percent and there is minimal new construction activity due to lack of land.
Unit sizes within the Hughes Airport portfolio range from 4,352 to 86,674 square feet, with the ability to support a range of uses including distribution, warehouse, office and flex. Tenants at Hughes Airport Center enjoy 3.5 acres of on-site parking and near-immediate access to McCarran International Airport, I-215 and I-15, making the project equidistant from the area’s major employment bases.
CBRE’s National Partners Team, led by Darla Longo and Barbara Emmons, represented the seller. CBRE’s Kevin Higgins is the exclusive leasing broker. LPC will lead all property management services for the asset in partnership with its affiliate, Lincoln Harris.
LPC continues to actively evaluate new commercial real estate investment and development opportunities across the Desert West region. For more, contact Krumwiede or Orsak at 602.912.8888.