LaSalle Investment Management and Panattoni Development Company Acquire 21.5 Acres in Las Vegas
October 29, 2014 - LaSalle Investment Management, a leading global real estate investment manager, today announced it has acquired 21.5 acres of land in Southwest Las Vegas through a joint venture with Panattoni Development Company.
LaSalle and Panattoni plan to develop two state-of-the-art Class-A distribution centers totaling 416,000 square feet on the property, to be named Jones Corporate Park, which is located at the northwest corner of Sunset Road and Jones Blvd. Paul White, Managing Director, LaSalle, said: “The Las Vegas industrial market has shown considerable strength during the last 18 months with significant demand and no new supply. Panattoni identified this site which is located in the Southwest Submarket, the largest submarket in Las Vegas, and adjacent to the Las Vegas Strip. We expect to commence construction in the first quarter of 2015.” According to LaSalle’s Research & Strategy team, the availability rate for industrial supply has fallen by 2.2 percent since the fourth quarter of 2012 and 4.2 percent since 2010. In addition, rent growth is projected to increase nationally over 3 percent annually, with higher forecast rental growth in top markets as compared to long-term averages. The increasing popularity of internet retailing and a focus on improving supply-chain efficiencies by larger multinational retailers is also positively impacting demand for industrial real estate.