91°F
weather icon Clear

2 companies sign major leases at North Las Vegas industrial park

Updated April 18, 2024 - 7:14 pm

In another sign of Las Vegas’ strong industrial market, an upcoming industrial park in North Las Vegas has secured two preleases that total over half a million square feet.

A “major HVAC supplier” leased a 397,000-square-foot building at Windsor Commerce Park, which is under construction near the North Las Vegas Airport, according to the developer, Lincoln Property Co. The developer declined to release the name of the suppler.

Roughly 160,000 square feet in another building at the park was leased by a third-party shipping company, according to the developer. Real estate analytics company CoStar Group Inc. identified the tenant as OSM Worldwide.

OSM Worldwide is an approved shipping partner with the United States Postal Service for domestic packages.

A company spokesperson said OSM Worldwide is expected to move its operations from another 74,000 square feet space in North Las Vegas to the Windsor Commerce Park by August. OSM Worldwide needed to move to a larger space because of increased package demand and space requirements for its automated technology, the spokesperson said.

“Having tenants commit to Windsor Commerce Park well before construction is complete underscores the significant pent-up demand in Las Vegas for this kind of modern, class A industrial product,” said David Krumwiede, a senior executive vice president for Lincoln Property Co., in a statement.

These preleases take up about 35 percent of the space slated for Windsor Commerce Park, which is set to include eight class A buildings that will total roughly 1.58 million square feet on 87 acres in North Las Vegas. The Windsor Commerce Park should finish construction by the spring of 2025.

The Las Vegas Valley has recently cracked the top 10 nationally for new industrial space under construction with more than 11 million square feet of space being built, according to data from CommercialSearch. This high ranking shows Las Vegas is “one of the hottest emerging industrial markets in the nation,” said John Orsak, a senior vice president for Lincoln Property Co., in a emailed statement.

“This market’s close proximity to Southern California only adds to its viability,” he said. “Some key advantages include numerous airport options as well as interstate access that places Las Vegas easily within a half-day truck drive of the Ports of Los Angeles and Long Beach. It is an exciting geography to work within, with tremendous long-term potential.”

The Windsor Commerce Park is the first ground-up industrial project in Nevada for Dallas-based Lincoln Property Co. The company manages more than 4.5 million square feet of industrial space in the state. Plans for this industrial park were first announced in 2022. CBRE Group Inc. is handling leasing activity at the park.

Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.

Don't miss the big stories. Like us on Facebook.
THE LATEST