Dermody Properties, a commercial real estate developer in the industrial sector, recently announced plans for a 550,000-square-foot industrial facility in North Las Vegas, near Las Vegas Boulevard North and North Walnut Road. The move comes after completion on its nearly 400,000-square-foot LogistiCenter at Cheyenne facility in North Las Vegas at the end of 2015.
Dermody is planning to start construction on its new project, LogistiCenter at Las Vegas Boulevard, in the second quarter of 2016. The project is expected to be completed in late 2016.
“We are seeing outstanding activity in Las Vegas,” said George Condon, partner, Dermody Properties West Region Office. “We broke ground, completed construction and fully leased LogistiCenter at Cheyenne in only nine months. We look forward to continuing our expansion in the market with the addition of this Class A industrial facility on Las Vegas Boulevard.”
The Las Vegas Boulevard facility will feature 36 feet of clear height, 322 parking spaces and 53 parking spaces for trailers. The space will be ideal for e-commerce, warehouse, distribution and manufacturing operations, according to a release from Dermody. Reno-based United Construction Co. will be the design-build contractor.
Dermody’s Cheyenne facility was 100 percent leased a short time after construction came to an end, following the stride of a strong industrial submarket in North Las Vegas compared to the valley’s total vacancy average. According to a fourth-quarter report by Colliers International, the industrial market as a whole had a 5.6 percent vacancy rate. The North Las Vegas industrial submarket was nearly 2 percent lower at 3.9 percent.
The project follows Kansas City, Missouri-based Van Trust Real Estate LLC’s recent ground-breaking on its 120-acre site near Interstate 15 and Lamb Boulevard. The Northgate Distribution Center will be home to its upcoming speculative industrial project of a 558,000-square-foot distribution facility. A 247,750-square-foot warehouse is also planned on the site.
Dermody has been active in Las Vegas’ industrial market since 1974. Since then, the brand has developed more than 4 million square feet of industrial space in the city.
The privately owned firm is headed up by Michael Dermody, president and CEO. It has offices in Seattle, Reno, Chicago, northern New Jersey and Phoenix.
Real Estate Expo mixer
spotlights Zillow Group
The upcoming Real Estate Expo at Cashman Center this Friday and Saturday will feature Zillow Group at the event’s industry mixer. Zillow also is a gold sponsor of the expo, an event to bring homebuilders and real estate professionals together to showcase the available products and services around Las Vegas.
The mixer will take place April 8, after the first day of the expo from 7 to 9 p.m. Tickets are $25 and can be purchased at the door at Hall A at Cashman Center. Regular event hours for the expo are from 10 a.m. to 7 p.m.
The mixer is a special event to allow industry professionals and exhibitors at the show an opportunity to network with each other. State and local dignitaries will also be in attendance.
The Expo was developed to benefit the industry along with potential homebuyers, investors, boomerang buyers and others with a general interest in real estate. Its primary partners include Southern Nevada Home Builders Association and the Greater Las Vegas Association of Realtors. The event is also being sponsored by Las Vegas Review-Journal, Summerlin, Zippy Shell, Elite Flooring, Finance of America and Zillow, along with others.
MGM Growth Properties
MGM Growth Properties, MGM Resorts International’s real estate investment trust that will own several of MGM’s properties on the Strip, including the new Park project, announced plans for an initial public offering last month in a Securities and Exchange Commission filing. The company expects to raise $100 million; analysts think that the number could be much higher.
MGM Resorts will maintain control of the REIT, which will own 10 of the company’s properties, including seven on the Strip. The local list includes, on top of The Park, Mandalay Bay, the Mirage, New York-New York, Monte Carlo, Luxor and Excalibur. Out of state, it includes the Beau Rivage in Biloxi, Mississippi, MGM Grand Detroit and the Gold Strike in Tunica, Mississippi.
MGM Growth Properties will be traded on the New York Stock Exchange under the symbol MGP, which will own more than 24,000 hotel rooms, about 2.5 million square feet of convention space, along with retail and food and beverage outlets and 20 entertainment venues.
The REIT was approved by the Nevada Gaming Commission last month.