LONE MOUNTAIN DISTRIBUTION CENTER 1 PAMA DISTRIBUTION CENTER 1
LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 2628 E. LONE MOUNTAIN ROAD, NORTH LAS VEGAS, NV | 1385 E. PAMA LANE, LAS VEGAS, NV
TWO HIGH-QUALITY, MULTI-TENANT INDUSTRIAL BUILDINGS TOTALING 158,166 SF 100% LEASED TO 5 QUALITY TENANTS STRATEGICALLY LOCATED WITH ACCESS TO MULTIPLE FREEWAYS
A CBRE NATIONAL PARTNERS INDUSTRIAL INVESTMENT OPPORTUNITY The Offering
CBRE, Inc. is exclusively offering for sale Lone Mountain Distribution Center 1 & Pama Distribution Center 1, a unique opportunity totaling 158,166 SF located in Las Vegas, NV. Both concrete tilt-up buildings are in the sweet spot of the Las Vegas market, and offer dock-high and grade level loading and concrete loading bays.
The buildings are strategically located in the North Las Vegas and Airport submarkets, which have had no competing developments completed during the current cycle. Las Vegas is seeing record demand, with nearly 40% of under construction product preleased at the end of Q2 2019. Furthermore, 75% of new completions in the second quarter were preleased. These market dynamics have resulted in 12.5% Las Vegas rental growth over the past year alone.
Offers will be accepted on the properties individually as well as on a portfolio level.
PROPERTY SUMMARY
LONE MOUNTAIN PAMA DISTRIBUTION THE STATE OF NEVADA RANKED FIRST NATIONALLY TOTAL DISTRIBUTION CENTER 1 CENTER 1 IN YEAR-OVER-YEAR EMPLOYMENT GROWTH AT NEARLY 3.5% (COMPARED TO THE NATIONAL 2628 E. Lone Mountain Road, 1385 E. Pama Lane, ADDRESS - AVERAGE OF 1.7%). North Las Vegas, NV Las Vegas, NV
SUBMARKET North Las Vegas Airport -
TOTAL RENTABLE AREA 79,337 SF 78,829 SF 158,166 SF
ACREAGE ±4.08 AC ±4.83 AC ±8.91 AC
COVERAGE 44.6% 37.5% 40.7% NUMBER OF BUILDINGS 1 / 2 1 / 3 2 / 5 / UNITS OCCUPANCY 100% 100% 100% Suzohapp Gaming (10/22) TENANTS (LEASE WorldPac, Inc. (10/23) Allison Payments Systems - EXPIRATION) Tectonics Industries, LLC (7/20) (9/20) CALTROL, INC. (5/25) DOCK-HIGH DOORS 7 10 17
DRIVE-IN DOORS 7 8 15
CLEAR HEIGHT 27’ 25’ 25’-27’
YEAR BUILT 1998 1999 1998/1999 PAMA DISTRIBUTION CENTER 1
1 LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS TWO HIGH-QUALITY, MULTI-TENANT BUILDINGS
LONE MOUNTAIN DISTRIBUTION CENTER 1 »» High-quality, concrete-tilt up industrial building totaling 79,337 SF with 27’ clearance »» 49K & 30K SF units are in the sweet spot of the market »» 2 points of ingress/egress and drive around access offering excellent accessibility »» Secured rear yard with 7 DH / 7 GL doors with concrete aprons for the dock doors »» 2,000 Amps of power, coupled with drive-in doors, accommodates manufacturing tenants LONE MOUNTAIN DISTRIBUTION CENTER 1 »» Attractive storefronts with rear loading
PAMA DISTRIBUTION CENTER 1 »» High-quality, concrete-tilt up industrial building totaling 78,829 SF »» 25’ clearance and units ranging from 16-38K SF which are in high demand »» Abundant covered parking »» 3 points of ingress/egress along Pama Lane offering excellent accessibility »» 10 DH / 8 GL doors with concrete loading bays »» Generous car parking with 168 spaces
PAMA DISTRIBUTION CENTER 1
2 LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS FULLY LEASED WITH STAGGERED ROLLOVER & PRICED BELOW REPLACEMENT COST
»» 100% leased to 5 tenants with staggered rollover offering steady cash flow and units (16-50k SF) in the sweet spot of the Las Vegas market »» 16% below-market rents offering upside to NOI upon tenant rollover »» Both buildings are priced below their replacement costs, estimated to be in the $135 PSF range for Lone Mountain Distribution Center 1 and $200 PSF range for Pama Distribution Center 1
MARKET RENT AT EXPIRATION VS. WEIGHTED AVERAGE CONTRACT RENT AT EXPIRATION
100% $1. 0 90% $1.20 80% $1.19 NNN 70% $1.00 $0.90 NNN 60% $0.80 50% 0% $0.62 NNN $0.60 $0.52 NNN 30% $0. 0 20%
Percent E piring $0.20 10% 0% 42% 19% 24% 0% 15% $0.00
Currently Vacant 2020 2022 2023 2025 Foot S uare Rent Per Minimum Percentage S uare Feet E piring Pro ected Mar et Rent At E piration Weighted AverageContract Rent At E piration
STRONG MARKET DYNAMICS
»» Las Vegas is on track to exceed the gross absorption reported for 2018 (7.4 MSF) and 2017 peak (9.7 MSF) with 5.3 MSF at the end of the second quarter »» Strong user and investor demand- average Las Vegas market rents have grown 4.3% from Q1 2019 and 12.5% year-over-year »» North Las Vegas is the largest and fastest-growing submarket with 79% of Q2 2019 net absorption; the Airport submarket is already extremely tight with 0.8% vacancy for mid-bay product »» Estimated Las Vegas population growth from 2019-2024 of 1.7% is more than double the projected U.S. growth rate of 0.7%
NEARLY 40% OF LAS VEGAS PRODUCT UNDER CONSTRUCTION WAS PRELEASED AT THE END OF Q2 2019 AND 75% OF NEW COMPLETIONS IN THE SECOND QUARTER WERE PRELEASED
3 LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS Regional Map 15
95 LONE MOUNTAIN 604 DISTRIBUTION CENTER 1 LONE MOUNTAIN DISTRIBUTION CENTER 1 I-15 ±1.0 miles I-215 ±4.6 miles NELLIS AFB 573 610 North Las Vegas Airport ±7.5 miles
SR-95 ±7.7 miles 15 574 The Strip ±11.9 milesSUN CITY NORTH LAS VEGAS UNLV ±12.6 miles AIRPORT 95 NORTH LAS 612 147 McCarran International Airport ±14.2 miles VEGAS SUMMERLIN 596
PAMA DISTRIBUTION CENTER 1 I-215 ±1.7 miles 159 LAS VEGAS 159 CANYON GATE McCarran InternationalCALICO Airport BASIN ±2.7 miles 515 167 I-15 ±3.5 miles 589 SUMMERLIN THE LAKES THE WINCHESTER 612 The Strip ±3.5 SOUTHmiles STRIP SR-593 ±4.2 miles 595 592 582 UNLV ±4.5 miles SPRING VALLEY SR-95 ±11.8 miles CLARK COUNTY PARADISE North Las Vegas Airport ±14.3 miles 15 WETLANDS PARK MCCARRAN PAMA DISTRIBUTION CENTER 1 INTERNATIONAL AIRPORT WHITNEY 564 RANCH
RHODES RANCH BLUE DIAMOND GREEN HENDERSON 215 VALLEY SOUTH ENTERPRISE 160 SILVERADO 582 RANCH 11 MACDONALD RANCH SEVEN HILLS BOULDER CITY
4 LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS 15 W Elkhorn Rd y Bruce Woodbury Beltway a w lt Local Map - eLone Mountain Distribution Center 1 B y N Lamb Blvd r Aliante Nature u b d Discovery Park
N Decatur Blvd o E Deer Springs Way Deer Springs Way o N Pecos Rd
N Bradley Rd W ce ru B
al Pkwy N Lawrence St W Centenni E Centennial Pkwy Clayton St Walnut Rd
Revere St 15 Donna St Bruce St »» Only 4.0 miles from Nellis Air Camino Eldorado Pkwy N 5th St
N Commerce St E Azure Ave Force Base and 7.5 miles from Losee Rd E Tropical Pkwy the North Las VegasW Tropical Pkwy Airport W El Campo Grande Ave »» Just 7.9 miles to Downtown Las W Ann Rd E Ann Rd Vegas via I-15 Shadow Creek W Hammer Ln Golf Course N Goldfield St
W Washburn Rd E Washburn Rd LONE MOUNTAIN DISTRIBUTION CENTER 1 610
W Lone Mountain Rd E Lone Mountain Rd Losee Rd Berg St 15 Craig Ranch Regional Park Clayton St N Decatur Blvd Ferrell St N M.L.K. Blvd
Valley Dr 573 573 Allen Ln 1.0 mi Revere St N Lamb Blvd
W Alexander Rd N Commerce St E Alexander Rd
N Walnut Rd NELLIS AFB N 5th St
W Gowan Rd E Gowan Rd 604
Losee RdLas Vegas Fwy 574 E Cheyenne Ave N Nellis Blvd Civic Center Dr 95 Sunrise Vista Michael Way NORTH N Pecos Rd LAS VEGAS Golf Course AIRPORT SUNRISE MANOR 612
W Carey Ave E Carey Ave Revere St S t
d NORTH LAS
a
t s
e
l VEGAS g N Lamb Blvd
n 147 E N M.L.K. Blvd N Decatur Blvd SURROUNDED BY QUICKLY GROWING LAS15 VEGAS POPULATION ON/OFF E Owens Ave N Bruce St 596 N Mojave Rd 5 MILES Ed Fountain25 MILES D St Park N Eastern Ave N Main St 336,766 W Washington Ave2,203,950 E Washington Ave Lorenzi Gary Reese Park 579 Freedom Park 95 515 E Bonanza Rd 5 LONE MOUNTAIN DISTRIBUTIONLAS CENTER VEGAS 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS Local Map - Pama Distribution Center 1 589 612
»» Ground zero location adjacent to E Twain Ave E Twain Ave McCarran International Airport THE STRIP and just 1.4 miles to I-215 E Flamingo Rd J i
LAS VEGAS 592 592 m
m
y »» Only 3.5 miles to the Las Vegas
D E Harmon Ave 582 u E Harmon Ave r S Pecos Rd a “Strip” and approximately 8.6 nt e B UNIVERSITY OF NEVADA lvd miles from Downtown Las Vegas 593 593 E Tropicana Ave with excellent connectivity via PARADISE WHITNEY I-215, I-15 and I-515 E Haclenda Ave S Sandhill Rd
Spencer St E Hacienda Ave S Nellis Blvd Palm St S Pecos Rd
MCCARRAN S Eastern Ave 515 15 INTERNATIONAL E Patrick Ln AIRPORT 564 WHITNEY E Sunset Rd Galleria Dr
Paradise Rd
2.0 mi 562 RANCH E Sunset Rd 1.7 mi E Pma Ln
W Sunset Rd 215 PAMA DISTRIBUTION CENTER 1 E Warm Springs Blvd 582 Pabco Rd E Warm Springs Rd W Wa rm Sp rin Sp gs arm rin Marks St W g Rd E s Rd E Robindale Rd N Stephanie St
S Las Vegas Blvd Paradise Rd Paradise
N Gibson Rd Center St E Windmill Ln W kwy 160 in ill P dm N Major Ave 160 HENDERSON W V S Water St GREEN an W 515 a ge Gilespie St Gilespie ne VALLEY SOUTH 215 n S
Bermuda Rd Bermuda t
E Pebble Rd r
S Eastern Ave D
Palo Verde Dr
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11 e d k 215 S Gibson Rd y R
v a c SURROUNDED BY QUICKLY GROWING LAS VEGAS POPULATION w ON/OFF
n a e e l e r l Gr r t a
e Pollock Dr D V c e E Richmar Ave a S g R Pacific Ave e r t l S l 5 MILES 25 MILES S Maryland Pkwy D S
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366,546 2,207,788 a RANCH o C d a E Pyle Ave n W Horizon Ridge pkwy ro Heather Dr o C
6 LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS Site Plan - Lone Mountain Distribution Center 1 116 112
376’
Worldpac, Inc. Tectonics Industries, LLC 30,000 SF 49,337 SF 200’ Exp. 10/23 Exp. 7/20 Existing: $0.49 NNN Existing: $0.47 NNN Market: $0.54 NNN Market: $0.54 NNN
7 Doc igh Doors 7 round Level Doors
E. Lone Mountain Roa
7 LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS
Site Plan - Pama Distribution Center 1 Escondido Street Escondido 10 Doc igh Doors 8 round Level Doors Covered Par ing Areas
E. Pama Lane
61’7
50 5 68 3 SuzoHapp Allison Caltrol, Inc.
GamIng Payment Sys. 38,334 SF 11 9
126 5 24,167 SF 16,328 SF 19,000 SF Office 12,281 SF Office 1,792 SF Office Exp. 5/25 Exp. 10/22 Exp. 9/20 Existing: $0.78 NNN Existing: $0.84 NNN Existing: $0.62 NNN Market: $1.00 NNN Market: $0.85 NNN Market: $0.90 NNN 562 8
8 LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 CBRE | NATIONAL PARTNERS LONE MOUNTAIN DISTRIBUTION CENTER 1 & PAMA DISTRIBUTION CENTER 1 2628 E. LONE MOUNTAIN ROAD, NORTH LAS VEGAS, NV | 1385 E. PAMA LANE, LAS VEGAS, NV
CAPITAL MARKETS ADVISORS LOCAL MARKET EXPERTS DEBT & STRUCTURED FINANCE ADVISOR REBECCA PERLMUTTER FINKEL, CFA DONNA ALDERSON, SIOR CBRE | Senior Vice President CBRE | Senior Vice President VAL ACHTEMEIER Lic. 01838624 Lic. 17096 CBRE | Executive Vice President +1 310 922 5237 +1 702 369 4866 Lic. 01868169 [email protected] [email protected] +1 213 613 3109 [email protected] BRETT HARTZELL GREG TASSI CBRE | Executive Vice President CBRE | Senior Vice President Lic. 5876 Lic. 56472 +1 206 292 6100 +1 702 369 4853 [email protected] [email protected]
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“Offering integrated real estate capital markets solutions from strategy to execution – delivered by a seamless national partnership.” © 2019 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.