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Colliers Negotiates $117 Million Sale of 10 Fully Occupied Industrial Buildings in Las Vegas to Invesco and TA Realty

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Global Institutional Investment Firms Acquire Prized Portfolios in North and Southwest Markets of City

Global Institutional Investment Firms Acquire Prized Portfolios in North and Southwest Markets of City

LAS VEGAS  – Leading global commercial real estate services and investment advisory firm Colliers International has negotiated the sale of 10 fully leased industrial buildings in Las Vegas on behalf of its client, a private family trust. The buildings were sold to two of the nation’s leading real estate investment firms in two transactions totaling $117 million. The buyers were Invesco Real Estate and TA Realty Advisors.

 

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Invesco, the Atlanta-based global investment firm, purchased four of the trust’s buildings totaling 651,210 square feet in North Las Vegas, which is the largest industrial market in the region, and has been targeted by institutional investment firms and developers as a premium growth market, attracting both domestic and foreign investment capital over the last several years. With a total base of more than 48.1 million square feet, developers have some 2.9 million square feet under construction and another 8.2 million square feet on the drawing boards. 

“Over the past 12-18 months, Las Vegas has become one of the more highly sought-after industrial investment markets in the Western United States,” said Colliers Capital Markets Executive Managing Director Michael Kendall, one of the lead  brokers on the two transactions. “These two sales to Blue Chip investors such as Invesco and TA Realty are strong indicators that this trend will continue.”

Boston-based TA Realty,  meantime, purchased the remainder of the portfolio, acquiring six of the trust’s fully occupied buildings totaling approximately 350,000 square feet in the Southwest Las Vegas submarket, which has become even more desirable since the NFL’s Raiders, formerly of Oakland, have started construction on a new stadium there. It is slated for completion in 2021.  

Colliers’ Kendall and Associate Gian Carlo Bruno, both based in the firm’s Orange County, Calif. office in Irvine, partnered with a team of industrial brokers from the brokerage firm’s Las Vegas office, to complete the mega-deal. That team included Spencer Pinter,  Dan Doherty SIOR, Paul Sweetlands SIOR, Chris Lane CCIM and Jerry Doty on this assignment and the successful sale. 

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About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.