Japanese investor to develop an industrial park in Las Vegas

SunCap Property Group and project partner Diamond Realty Investments have plans to develop an industrial park called SunPoint West, located in North Las Vegas.

The six-building property will offer buildings ranging in size from 55,473 square feet to 238,057 square feet for single- or multi-tenant users. The project will break ground in April and is scheduled to be done by 2021.

Diamond Realty is the real estate investment arm of Japanese conglomerate Mitsubishi Corp.

Demand from tenants and developers is driving the Las Vegas industrial market, according to JLL. About 3.3 million square feet of new industrial inventory was delivered in the fourth quarter 2020. This construction brought much-needed large blocks of available space to the market, allowing deals to get done. Increased competition for space pushed deals to get done much quicker than normal while also applying upward pressure to asking rents.

A steady pipeline of new inventory continues into 20