Search
 

Monster Cable Leases 230,000-SF Warehouse

LAS VEGAS-The maker of cables for connecting audio and video devices inks a five-year lease that will put its national distribution core at the Las Vegas Corporate Center.

By Brian K. Miller | Updated on March 07, 2008

LAS VEGAS-Monster Cable Products Inc. has leased 229,320 sf of warehouse and distribution here from ProLogis for its national distribution center, according to CB Richard Ellis, which represented the tenant. The 64-month lease is valued at $6.36 million or $0.43 per sf per month, which compares to an average of $0.52 or $0.53 per sf per month for warehouse-distribution space in that submarket, according to the separate reports from Applied Analysis, a locally based research and business advisory firm, and the national brokerage firm Grubb & Ellis.

Monster’s new distribution center is located at 3837 Bay Lake Trail, within Las Vegas Corporate Center in North Las Vegas. CBRE broker Donna Alderson, who represented Monster, says the negotiated lease rate is a market rate for that size of a lease in the North Las Vegas submarket. “That is an extremely large tenant for our market,” Alderson says. “That is why the lease rate was so competitive.”

The Valley-wide vacancy rate for warehouse/distribution space ended the year at 4.4% (1.77 million sf) and the average triple-net asking rate for such space was about $0.63 per sf per month. With an asking rate in the low $0.50s per sf per month, North Las Vegas is the least expensive submarket in the region for warehouse/distribution space. Near McCarran International Airport at the south end of the Las Vegas Strip, the average triple-net asking rate for warehouse/distribution space is more than $1 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.