Lone Mountain Distribution Center 1 & Pama Distribution Center 1
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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% $1.40 90% $1.20 80% $1.19 NNN 70% $1.00 $0.90 NNN 60% $0.80 50% 40% $0.62 NNN $0.60 $0.52 NNN 30% $0.40 20% Percent Epiring $0.20 10% 0% 42% 19% 24% 0% 15% $0.00 Currently Vacant 2020 2022 2023 2025 Foot Rent PerSuare Minimum Percentage Suare Feet Epiring Proected Maret Rent At Epiration Weighted AverageContract Rent At Epiration 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 » Camino Eldorado Pkwy N 5th St Only 4.0 miles from Nellis Air 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 t S 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 Pabco Rd E Warm Springs Rd 582 W Warm Spr in 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 e Paseo Verde P k d d wy r R 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 o E Silverado Ranch Blvd r e i C e g SILVERADO t e n n e r C 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.