Central Las Vegas industrial park sells to California firm
Mojave Industrial Park has sold to a California company for $25.5 million.
The 175,000-square-foot industrial business park is located in the downtown south area of Las Vegas, south of Interstate 515 and northeast of Nevada State Route 582. The site was sold to commercial real estate agency Intersection Equities LLC, which is based out of San Diego, along with a fund managed by Equity Resource Investments, according to an announcement from the buyers.
MDL Group represented the seller, Mojave 15 LLC, in the deal, and Erik Sexton and Camila Rosales of NAI Vegas represented Intersection Equities.
This is the second Las Vegas industrial acquisition for Intersection Equities, as they acquired Arville Business Park, a 31,000-square-foot, two-building industrial park in October of 2021, selling it in late 2022 for $8.4 million.
The Mojave Industrial Park was originally built in 1975 and remodeled in 2006. It currently has seven tenants which include a commercial bakery and a logistics company. The park has four buildings on five separate parcels, totaling 9.1 acres. According to a press release from Intersection Equities, the property is located within an infill industrial area of Central Las Vegas, which saw 15 percent annual rent growth in 2022 and has a 1.6 percent vacancy rate.
Anton Myskiw, a senior associate with Intersection Equities, said in an email to the Las Vegas Review-Journal that they are excited about the purchase. This is the fifth industrial asset purchase made by the joint venture.
“In addition to addressing all deferred maintenance, we plan to make strategic capital improvements focused on enhancing the functionality and aesthetics of the industrial park for current and prospective tenants.
“Mojave Industrial Park marks Intersection’s second industrial acquisition in Las Vegas, which is a strategic market for Intersection. This off-market transaction created a unique opportunity to enter the infill Central Las Vegas submarket at a cost basis we believe to be well below replacement cost.”
Intersection Equities owns more than 1.4 million square feet of commercial real estate across seven states in the western portion of the country.
