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David Gilbert’s Clarion Partners buys Vegas Industrial Portfolio for $336M

Golden Triangle Industrial Park (Credit: Cushman & Wakefield)

David Gilbert’s Clarion Partners has acquired Golden Triangle Industrial Park, a 2.4 million-SF industrial portfolio in North Las Vegas from the International Union of Operating Engineers for $335.6 million, CPE first reported. The complex is 95% leased to 24 tenants.

Portfolio breakdown: The 130-acre site is located off of Interstate 15, and comprises Class A facilities constructed between 1999 and 2007. One of the buildings involved in the deal is the 200,953-SF warehouse at 4980 Statz Street, which is fully leased to MANN+HUMMEL, Morgan Termite, and Pest Control. Other properties in the industrial park range from 78,702 to 392,040 SF.

Industrial is the new retail: A general lack of available space has driven up both rents and sale prices nationwide. Average rents across the country were $6.47 per SF in February, a 5.1% year-over-year increase. Sales in the first two months of the year averaged $112 per SF, according to a CommercialEdge report.

Brokers: Cushman & Wakefield’s Donna Alderson, Greg Tassi, and Nicholas Abraham have represented the previous owner in past leasing deals, but it was unclear who brokered the sale. [CPE]

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