Lincoln Property Co. Enters Nevada Market with Industrial Portfolio Buy
Lincoln Property Company (LPC) purchased Hughes Airport Center, its first-ever asset in Nevada. The industrial portfolio totals 425,752 square feet and six buildings within the desirable Las Vegas airport submarket. The deal value was undisclosed.
LPC’s David Krumwiede says, “The fundamentals that attracted us to Hughes Airport Center are the same that are driving our regional expansion strategy.”
The portfolio is located at 890 and 950 Pilot Rd.; 111, 1151 and 1181 Grier Dr.; and 6700 Paradise Rd., within the Las Vegas infill Airport submarket. The 98%-occupied property is in one of the most supply-restricted submarkets in Las Vegas. It is part of the larger 3.3-million-square-foot Hughes Airport Center master-planned business park, which includes office and industrial product across 420 acres.
LPC’s John Orsak said, “Between its diverse occupancy, location and quality, the Hughes Airport asset fits perfectly within our existing portfolio.”
CBRE’s Darla Longo and Barbara Emmons represented the unnamed seller. CBRE’s Kevin Higgins is the exclusive leasing broker.
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