(LAS VEGAS) – Hines, the international real estate firm, together with funds managed by Oaktree Capital Management, L.P. (“Oaktree”), today announced they have started construction on a 670,650-square-foot industrial/logistics warehouse situated on 33.5 acres adjacent to the Las Vegas Motor Speedway in the City of North Las Vegas.
Hines and Oaktree became active in Las Vegas in 2012 with the acquisition of the Summerlin Office Portfolio, a 28-building campus totaling 1.1 million square feet which the firms successfully renovated, leased, and sold in nine separate transactions. The firms also purchased and later sold 2500 N. Buffalo Drive, a two-story office building totaling 87,095 square feet on 7.3 acres. The investment in the Class A industrial/logistics Raceway warehouse development demonstrates both firms’ continued belief in the Las Vegas real estate market.
Raceway Logistics Center will be a state-of-the-art Class A distribution warehouse capable of meeting the needs of modern logistics service providers. It will feature 36-foot clear heights, 101 dock-high loading doors (with 185-foot truck courts allowing for ample trailer storage), along with the ability to accommodate up to 526 car parking stalls. The parking plan can be adjusted to allow for more trailer parking and less car parking should a user desire.
Martin Harris was selected as the general contractor for the project, and construction is projected to be completed during the summer of 2019. Hines will market the building for either lease or sale and has awarded the leasing assignment to Dan Doherty of Colliers International.
With direct access to the I‐15 corridor, Southern Nevada has proven to be a strategic geographic location as a west coast distribution hub—as it is within a one-day truck drive to over 60 million consumers.
Doug Metzler, Hines senior managing director who heads the firm’s Los Angeles and Las Vegas offices, explains, “Over the past several years we have witnessed Las Vegas’ emergence as a vibrant logistics market. Many nationally recognized e-commerce and logistics firms are choosing Las Vegas due to its proximity to the I-15 corridor, a plentiful labor pool and its business-friendly environment. Raceway Logistics Center will capitalize on the demand for state‐of‐the‐art Class A distribution warehouse space.”
“We are enthusiastic about the unique opportunity to develop a Class A industrial/logistics facility in Las Vegas,” said Ambrose Fisher, managing director at Oaktree. “The Oaktree/Hines partnership is well-capitalized, and we believe this latest endeavor will be an extension of the success we’ve experienced in the Las Vegas market.”
Oaktree is a leader among global investment managers specializing in alternative investments, with $124 billion in assets under management as of September 30, 2018. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.