A New York investment firm bought two sprawling industrial buildings in North Las Vegas as part of a multistate portfolio deal.
Clarion Partners acquired Lone Mountain Corporate Center, an industrial complex off Craig Road near Interstate 15, for $67 million, property records show.
The sale, by developer Pauls Corp., closed March 13.
Spanning 37 acres and roughly 700,000 square feet, Lone Mountain Corporate Center opened within the past few years, part of a wave of largely speculative big-box industrial projects in Southern Nevada. And like other developers, Pauls filled its buildings with tenants.
The buildings – located at 4660 Berg St. and 2855 E. Lone Mountain Road – are fully leased, said Donna Alderson of CBRE Group, Pauls’ listing broker for the project.
Clarion, which boasts nearly $45 billion in assets under management, acquired the complex as part of a 3.76 million-square-foot portfolio purchase.
The other properties it acquired were in Denver, Dallas and Atlanta, according to Natalie Evertson, Clarion’s vice president of corporate communications and events.
Lone Mountain Corporate Center’s first building was completed in 2016, and the second debuted last year, Alderson said.
She declined to name the tenants but confirmed they include Virgin Hyperloop One. The high-speed-transit startup, which has a test track at Apex Industrial Park, said in summer 2016, when it was known as Hyperloop One, that it was opening a 105,000-square-foot manufacturing plant at Lone Mountain.
According to Alderson, Lone Mountain was Pauls’ first industrial project in the Las Vegas area. The Denver-based developer is “still interested in the market” and in building something else here, she said, adding the company is looking for land.
Pauls President Brian Pauls did not return calls seeking comment.
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Follow @eli_segall on Twitter.