INDUSTRIAL PROPERTY 9.04 ACRES - LAS VEGAS PRESS RELEASE
NAI Vegas represented the seller of a 45,659 SF industrial property on 9.04 acres for $6,143,500 in North Las Vegas. Seller Mike Brown, of Vernalis Partners, said this about working with The Larkin Industrial Group at NAI Vegas. “Thanks to NAI’s targeted efforts, we listed and sold a vacant manufacturing building at maximum value in the middle of the pandemic. Despite the difficulties created by the pandemic, the industrial team worked hard to find a buyer and guide the transaction through a challenging negotiation.” The former masonry block unit manufacturing facility was purchased by Colvin Construction company for eventual occupancy after rehabilitation of the structures and site.
Challenge.
Vernalis Partners, a regional investment outfit, had a vacant concrete block manufacturing unit. Prior to the manufacturer’s business model shift, it was a stable cash flowing investment. Vernalis needed to sell and redeploy the capital, or backfill the property.
Action.
The Larkin Industrial Group assessed the site and structure as the tenant vacated preparing for the vacancy. It was listed for sale or lease. The uniqueness and condition of the property inspired a targeted marketing campaign starting with similar manufacturing companies, bulk commodities transportation, construction, and building materials.
Results.
A local construction company that had recently purchased a building materials unit was identified. A transaction was negotiated and closed with minimal vacancy loss for the seller and opportunity for a 1031 exchange and future cash flow.
Eric J Larkin, CCIM | Office Industrial Partner
Mr. Larkin joined NAI Vegas in 2013 with 7 years of experience coming from a regional brokerage firm specializing in representing institution landlords, REITs, insurance companies, lenders, receivers, and developers. Mr. Larkin’s extensive knowledge and understanding of investment analysis, property valuations, and lease negotiations has resulted in the completion of over 100 million dollars in transactions including leases, REO and distressed debt sales, trustee sales, and short sales.
License #: BS.0073906
Michael Kenny | Vice President
Michael has worked at NAI since 2015 specializing in the sale and leasing of industrial properties with a primary focus on tenant representation. During this time at NAI, he has been honored as Rookie of the Year and has been recognized as a consistent Top Producer. Over the past several years, along with his partner Eric Larkin, has been responsible for negotiating over 185,000,000 in commercial real estate transactions totaling several million square feet.
License #: S.0178188
Leslie Houston | Sales Associate
Leslie Houston joined NAI in 2018 after seven years of experience with a third party commercial real estate database, formerly known as one of the Top 2 commercial real estate information providers. Leslie came to Vegas with an extensive real estate network from coast to coast. She possesses a very unique subset of skills which includes all property types, all listing types, analytics, and research.
License #: S.0187921
Erik Sexton | Senior Vice President
Erik Sexton joined NAI Vegas in 2017 as a Senior Vice President and Industrial Specialist. He has more than 14 years experience in the leasing and sales of industrial and office spaces. During his real estate career, Mr. Sexton has represented a diverse segment of location and national companies that include Genesis Gaming, SME Steel, Ice Now, High Impact Signs, Next Century Rebar, JAMO Performance Exhaust, Chicago Exhibit Productions, Coca Cola, and 99 Cent Stores Only. As a licensed agent, he has brokered more than 1.8 million square feet of commercial space totaling more than $179 million.
License #: S.0067183.PLLC