(To read more on the industrial market, click here.)

LAS VEGAS-The Mammoth Airport Business Park here has changed hands for $32.1 million. The 273,400-sf industrial and office park covers 14.6 acres at the intersection of Sunset Avenue and South Pecos Road.

The 135-tenant business park is comprised of three two-story office buildings and four single-story industrial buildings. The buildings are broken into 165 separate units ranging in size from 945 sf to 7,857 sf. Occupancy at the time of sale was 87%.

The Las Vegas Valley saw 1.5 million sf of new industrial deliveries offset by 2.1 million sf of absorption during the third quarter, pushing vacancy down to 3.4% from 4.1% at the start of the quarter, according to locally based Applied Analysis. The market's lowest recorded vacancy rate, 3.3%, came earlier this year at the end of the first quarter.

The seller of Mammoth Airport Business Park was Mammoth Equities Capital Group LLC of San Juan Capistrano, CA, which was acting on behalf of 29 individual investors that owned the asset as tenants-in-common. RMI Investment Services LLC of Las Vegas was the buyer.

Mel Koich and Scott Owens of Lee & Associates represented the buyer. Alan Pekarcik and Dan Vittone of Voit Commercial Brokerage's Irvine office represented Mammoth.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.