SAN DIEGO--(BUSINESS WIRE)--Jul 20, 2023--
Intersection Equities, LLC announces the acquisition of Mojave Industrial Park, a 175,000 square foot, industrial business park in Las Vegas, NV. The asset was purchased for $25.5 million. MDL Group represented the Seller, Mojave 15, LLC., and Erik Sexton and Camila Rosales of NAI Vegas represented the Buyer, a joint venture between Intersection Equities, LLC and a fund managed by Equity Resource Investments, LLC.
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Mojave Industrial 1601 Palm Street, 1624 S. Mojave Rd, 1730 S. Mojave Rd, and 2830 Ferne Drive, Las Vegas, Nevada 89104 Mojave Industrial is a 174,847 square foot (SF), Class B, multi-tenant flex industrial Property located in Las Vegas, Nevada. Built in 1975 and remodeled in 2006, the project features 4 total buildings on 5 parcels. The Property is comprised of 9 total suites, each featuring an office and warehouse component. Building 1601 Palm features 28-foot ceiling heights, while the other 3 buildings feature 22-foot ceiling heights. The Property features a total of 24 dock doors: 11 doors featured at 1601 Palm; 9 doors featured at 1624 South Mojave; 1 door featured at 2830 Ferne; 3 doors featured at 1730 South Mojave. (Photo: Business Wire)
Built in 1975 and remodeled in 2006, the project includes 4 buildings on 5 separate parcels totaling 9.1 acres. The property is comprised of 9 total suites ranging in size from 4,000 SF to 28,000 square feet, and it features a total of 24 grade-level doors with ceiling heights ranging from 22 - 28 feet. The property is located within an infill industrial area of Central Las Vegas, which experienced 15.0% annual rent growth in 2022 and maintains a 1.6% vacancy rate. Additionally, the property is located just 2.2 miles from Downtown Las Vegas, 3.2 miles from The Strip, and 5.0 miles from Harry Reid International Airport, with immediate access to Interstate 515 and SR 582.
“We are thrilled to acquire our fifth industrial asset through a new partnership with ERI, who shares our conviction in the fundamentals underlying the small bay industrial sector,” said Intersection Senior Director of Acquisitions, Eric DeWees.
“Mojave Industrial Park marks Intersection’s second industrial acquisition in Las Vegas, which is a strategic market for Intersection. This off-market transaction created a unique opportunity to enter the infill Central Las Vegas submarket at a cost basis we believe to be well below replacement cost,” Anton Myskiw from Intersection added.
About Intersection
Intersection CRE, Inc. (“Intersection”), maintains a geographically diverse portfolio of 31 assets totaling 1.4 million square feet across seven states in the Western United States. Intersection operates offices in San Diego, Carlsbad, and Salt Lake City. To learn more, visit www.intersectioncre.com.
About Equity Resource Investments
Equity Resource Investments, LLC is a U.S. focused real estate private equity firm based in Cambridge, MA. To learn more, visit https://www.erillc.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20230720143623/en/
CONTACT: Natalie Baylon
T: 619.329.0002
nbaylon@intersectioncre.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA NEVADA
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY
SOURCE: Intersection Equities, LLC
Copyright Business Wire 2023.
PUB: 07/20/2023 01:53 PM/DISC: 07/20/2023 01:51 PM
http://www.businesswire.com/news/home/20230720143623/en
