SunCap Property Group and Colony NorthStar Purchase North Las Vegas SiteMarch 2018
SunCap Property Group and Colony NorthStar have formed a joint venture and purchased 40 acres in Las Vegas, NV. The site is located at the southeast corner of the intersection of N. Las Vegas Boulevard and N. Lamb Boulevard.
Plans call for development of a Class A light industrial campus to be named SunPoint Crossing. The campus will accommodate 752,838 square feet across three buildings. Planned buildings are divisible to 35,000 square feet. Buildings feature tilt-up concrete construction, 32-foot clear heights, ESFR sprinklers, plentiful dock-height and grade level doors with trailer parking throughout.
Construction is slated to begin in Summer 2018 with delivery of shell buildings in Summer 2019.
This is SunCap's third project in the Las Vegas Valley since the company's inception in 2009. In 2014 SunCap completed a 295,000-square-foot distribution center in Henderson, NV and in 2016 SunCap developed SunPoint Business Center, an industrial facility at 2695 Lamb Boulevard. SunPoint Crossing represents the second interaction between Colony Northstar and SunCap. Colony Northstar purchased SunPoint Business Center in 2017.
"As evidenced by our history of development and investment here, SunCap firmly believes in the strength of the Las Vegas market," said Mike Orr, SunCap Property Group, "We are excited about this partnership with Colony and intend to expand the relationship into other markets."
Jeremy Green and Tyler Ecklund with CBRE's Las Vegas office will be responsible for marketing the development to prospective tenants.
"Supply in this North Las Vegas market is limited with high demand for Class A industrial space," commented Jeremy Green, CBRE First Vice President. "SunPoint Crossing fulfills a recognized need in a submarket that absorbed over 5.7 million square feet in 2017."