Red Rock Development Breaks Ground on Food Logistics Property

LAS VEGAS-The Las Vegas industrial real estate market may be one of the slowest to recover, but Red Rock Developments recently held a groundbreaking on a new 180,235 square foot food storage and distribution building for Nicholas and Company. Hansen-Rice is the contractor and financing and long term ownership were provided by Lexington Realty Trust.  

Red Rock was represented in lease negotiations with the tenant in house by John Barker, and by Gabriel Silverstein, of Angelic Real Estate.  Nicholas was represented by Kyle Roberts, of Newmark Grubb ACRES from Salt Lake City, UT.  The lease transaction was the largest dollar value member-to-member transaction of the quarter within SIOR.  Silverstein and Louis D’Lando of Angelic also represented Red Rock in the $29 million financing and sale transaction with Lexington.  It was the latest of several projects on which Red Rock ended up paired with Lexington.  “The strength of our relationship with Lexington not only helped get to the best economics on the transaction, but allowed us to meet some very demanding timing needs of the tenant to fund pre-development costs even before the lease was signed,” said Barker, “and to fully negotiate most of the key documents in under a month.”