In a joint-venture partnership, GID Industrial and SunCap Property Group have acquired more than 26 acres in the North Las Vegas submarket. The partnership will develop SunPoint Commerce Center, comprising two light industrial buildings totaling 467,000 square feet.
The seller and the financial terms were undisclosed.
Located at the corner of Cheyenne Avenue. and North. Commerce Street, the properties will feature 32-foot clear height, 104 doors and as many as eight suites.
“With strong leasing fundamentals and record low vacancy, Las Vegas is a natural fit for our growing industrial portfolio,” said Michael Wenaas, CIO of GID Industrial. “We expect that SunPoint Commerce Center will provide much-needed infill opportunities in this area.”
Construction will begin on this summer, with shell completion expected in 2024, and project completion expected by summer 2025.
