Northpoint Business Center In Las Vegas Commercial Real Estate Sale
Northpoint Business Center Las Vegas commercial real estate primary tenants at the 421,000-square-foot industrial complex include International Truck with 267,000 square feet and American Tire Distributors with 87,000 square feet.
Northpoint Business Center real estate in Las Vegas, a 421,000-square-foot industrial complex at 3101 N. Lamb Blvd., has been sold to I&G Direct Real Estate for $33.2 million.
Northpoint Business Center is one of the larger industrial developments built on speculation in Southern Nevada, which means it was built without commercial tenant lease commitments.
Lauth Co. of Indianapolis, completed construction of Northpoint in September.
I&G is part of J.P. Morgan Fund making its first acquisition of industrial real estate in Las Vegas, Nevada.
Although the Las Vegas commercial market is perceived as overpriced, property values will continue to rise, Alderson said.
Las Vegas chases Southern California prices. As long as their values are going up, our values are going up. Industrial vacancy rates dropped below 3.5 percent in the fourth quarter.
Austin Lehr, western regional partner for Lauth, said Las Vegas was part of a national expansion for Lauth when the company closed escrow on the 20-acre real estate site in late 2004. Lauth also built a truck terminal for Yellow Roadway Corp. at Decatur Boulevard and Post Road in addition to several office projects in Las Vegas. Source: LV Review
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Northpoint Business Center Las Vegas commercial real estate sale.