Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has acquired 4141 Distribution Circle, a 127,000-square-foot building in North Las Vegas. An expansion is currently underway on the property, named Distribution Circle Commerce Center, and is expected to be complete in the first quarter of 2021.
Distribution Circle Commerce Center is strategically located on 12.91 acres in the North Las Vegas submarket. Upon completion of the expansion, the building will offer a total of 226,157 available square feet and feature a 29- to 32-foot clear height, 50’ x 50’ column spacing, 37 dock high doors, three drive-in doors, LED lighting and an ESFR fire protection system.
“Nevada’s labor costs are among the lowest in the Southwest region of the country,” said John Ramous, Partner in Nevada for Dermody Properties. “This property is located in a market that currently employs more than 55,000 workers in logistics and manufacturing, and we expect to see continued growth.”
With immediate access to Interstate-15, Distribution Circle Commerce Center is also in close proximity to Interstate-215 and US-95. It is located less than 20 miles from McCarran International Airport and within a two-day truck drive of 23 percent of the U.S. population.
Xavier Wasiak, Rob Lujan and Jason Simon of JLL are the leasing agents for the property.
“The collective focus of Dermody Properties is to continue offering logistics solutions that will enhance our customers’ manufacturing, warehousing and distribution operations,” said Timothy Walsh, Partner and Chief Investment Officer for Dermody Properties. “This property, especially once the expansion and renovation is complete, will be a preeminent opportunity in this market where Dermody Properties has been active for many years.”