Cushman Brokers Full-Building Lease in Las Vegas – Commercial Property Executive

January 31, 2023

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InProduction, a provider of luxury seating and scenic production in the U.S. events industry, has signed a full-building, long-term preleasing agreement at Lincoln Commerce Center, a new Class A industrial facility in Las Vegas. Cushman & Wakefield negotiated on behalf of the tenant, while CBRE represented the landlord, EBS Realty Partners. The company expects to occupy the 102,168-square-foot building in the following few weeks, with the property in its final stages of development.

Situated on a nearly 5-acre lot within the North Las Vegas submarket, the project is 5 miles from downtown Las Vegas, 8 miles from North Las Vegas Airport and is offering easy access to interstates 15, 515 and 215.

Located at 2970 Lincoln Road, the property will feature 32-foot clear heights, dock and grade level loading, a two-story office space and ESFR sprinkler systems.

A Cushman & Wakefield team formed of Directors Jason Griffis and Alma Cuevas worked on behalf of InProduction, while CBRE Senior Vice President Sean Zaher brokered the transaction on behalf of the developer.

Las Vegas industrial continues to grow

According to a recent Avison Young Las Vegas industrial report, the market’s asking rent continued to climb in the last quarter of 2022, setting a record of $12.17 per square foot, while the year ended with an average vacancy rate of 1.9 percent, the lowest value that Las Vegas industrial has seen. Development activity also increased in 2022, with development up 45.1 percent and 6.4 million square feet delivered, the market’s construction activity is projected to double in 2023.

Another industrial project is making progress in the area: In October 2022, Trammell Crow Co. and Washington Capital Management started construction on Phase III of Golden Triangle Logistics Center, a 135-acre development in Las Vegas, while JLL Capital Markets secured a tenant at one of the project’s buildings. Earlier this month, DIV Industrial announced plans to develop a 1.7 million-square-foot logistics center in Henderson, Nev., marking its first big development.

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