GFI Realty Services announced that it closed on the $20.055 million sale of a 46-acre development site located at 1361 Helm Drive in Las Vegas, NV.
The GFI team of Joshua Peck and Susan Annis represented the buyer, Invesco Real Estate. The seller was Brass Cap, a local developer.
The parcel will be improved with the construction of a 500,000 s/f industrial asset. The facility will be situated in a market where the industrial sector was able to weather the turmoil of 2020 and is trending toward growth in 2021. The pipeline of new industrial construction in Las Vegas is robust due in no small part to the boost in demand for industrial fueled by e-commerce which has seen been fueled by the Global Pandemic.
“With the recent Vegas renaissance, growth and added absorption will be needed for industrial assets especially distribution and this property checks those boxes,” said Peck.
“Vegas has a dynamic and resilient industrial marketplace, and I was very excited to partner with Invesco and Brass Cap in the expansion of the warehouse/distribution asset class there,” said Annis.
Invesco Real Estate invests in direct property and publicly traded real estate securities on behalf of institutional and individual investors around the world.
Brass Cap Development was founded in 2015 when four partners identified a growing need for industrial space in the Las Vegas Valley. Brass Cap Development has now developed nearly half a million square feet of industrial space across multiple states with another half million in the development pipeline for 2020.