April 7, 2015 by Scott Walquist with KPS3
Construction starts on Warehouse/Distribution Facility in North Las Vegas Submarket
Dermody Properties has started construction on LogistiCenter℠ at Cheyenne, a 381,804 SF distribution facility on 20 acres in the Interstate 15 corridor of Las Vegas. LogistiCenter℠ at Cheyenne is located at 4025 East Cheyenne Avenue, two miles east of Interstate 15. The key West Coast markets of Los Angeles, Phoenix and Utah are all within a single-day’s drive of LogistiCenter℠ at Cheyenne, and a 17-state regional market is within a two-day drive.
“Dermody Properties has a long history of industrial development in the Las Vegas market,” said Dermody Properties CEO, Michael Dermody. “Las Vegas is the economic hub of our state and is a great platform for regional distribution.”
Construction on LogistiCenter℠ at Cheyenne is expected to be complete in October 2015. The facility will feature a 32-foot clear height, 80 trailer stalls and 248 car parking stalls.
“In today’s resurging economy, our clients are looking more and more for modern facilities in strategic markets for a good value,” said Patrick Gallagher, partner, Dermody Properties’ Southwest Region Office. “Providing this caliber of facilities, in transportation advantaged locations such as Las Vegas, has been the foundation of our company.”
LogistiCenter℠ at Cheyenne is in the North Las Vegas industrial submarket, which offers the Las Vegas Valley’s highest concentration of warehouse-distribution buildings. Interstate 15 is easily accessible from LogistiCenter℠ at Cheyenne via the Cheyenne Avenue, Craig Road and Lamb Boulevard interchanges.
Hillwood Investment Properties is the strategic financial partner on the project. The company was created in 1998 as a way to expand, develop and acquire properties outside of its flagship property, AllianceTexas in north Fort Worth. With more than 50 million square feet of development to date, Hillwood Investment Properties is committed to bringing long-term value to its customers and partners through real estate development, investments and public-private partnerships.
“We are pleased to partner with Dermody Properties on this project and others in target markets throughout the United States,” says Chris Brown, senior vice president, Hillwood Joint Ventures.
Nevada-based United Construction Company is the general contractor. Gallagher and Brendan Egan, West Region development director, managed the project for Dermody Properties.
Susan Borst, CCIM, vice president of Colliers Las Vegas, and Dan Doherty, SIOR, executive vice president of Colliers Las Vegas, are marketing the property.
Hillwood Investment Properties, a Perot company, is one of the world’s premier commercial real estate developers, investors and advisors of high-quality real estate properties that provide a significant economic impact to their region. Serving 18 markets in the U.S., Canada, Germany and Poland, the company is actively involved in development, acquisitions, construction, leasing and management of high quality, well located, flexible and functional industrial properties. For additional information, please visit www.hillwoodinvestmentproperties.com or www.hillwood.com.
United Construction Company is a national construction company established in 1978 and headquartered in Reno, Nev., with a regional office in Chicago, Ill. United Construction Company has successfully designed and built over 45 million square feet of industrial and commercial facilities and offers Design-Build, Design-Assist/CMAR, General Contracting, Construction Management, Feasibility and Due Diligence services.
