Lincoln Property Co. Enters Nevada Market with Major Industrial Portfolio Buy

Six-building Hughes Airport Center positions LPC in the heart of Las Vegas

Ramping up a strategic expansion effort, the Desert West Region of Lincoln Property Company (LPC) has purchased its first-ever asset in Nevada. Called Hughes Airport Center, the industrial portfolio totals 425,752 square feet and six buildings within the desirable Las Vegas airport submarket.

At 98 percent occupancy, Hughes Airport Center is located 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.

David Krumwiede

“The fundamentals that attracted us to Hughes Airport Center are the same that are driving our regional expansion strategy,” said Lincoln Property Company Executive Vice President David Krumwiede. “Our focus is on maximining the opportunities of the Desert West, which ranks near the top in the nation for population growth, quality of life, workforce, infrastructure and strong and steady demand.”

LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico. The company is focused on growing their footprint in each of these states, expanding an already award-winning presence in Arizona that includes almost 6 million square feet of development, more than 10 million square feet of acquisitions and 7 million square feet of office, industrial and retail product currently under management.

“Between its diverse occupancy, location and quality, the Hughes Airport asset fits perfectly within our existing portfolio,” said LPC Vice President of Real Estate John Orsak. “It represents some of the best industrial product in Las Vegas and a level of stability that will return value across market cycles.”

John Orsak

The Hughes Airport Center portfolio is located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road. It sits within the Las Vegas infill Airport submarket, where vacancy is just 1.6 percent and there is minimal new construction activity due to lack of land.

Unit sizes within the Hughes Airport portfolio range from 4,352 to 86,674 square feet, with the ability to support a range of uses including distribution, warehouse, office and flex. Tenants at Hughes Airport Center enjoy 3.5 acres of on-site parking and near-immediate access to McCarran International Airport, I-215 and I-15, making the project equidistant from the area’s major employment bases. 

CBRE’s National Partners Team, led by Darla Longo and Barbara Emmons, represented the seller. CBRE’s Kevin Higgins is the exclusive leasing broker. LPC will lead all property management services for the asset in partnership with its affiliate, Lincoln Harris.

LPC continues to actively evaluate new commercial real estate investment and development opportunities across the Desert West region. For more, contact Krumwiede or Orsak at 602.912.8888.

About Lincoln Property Company

Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services. LPC has approximately 8,000 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America. Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations. It currently has more than 403 million square feet of commercial space under leasing and/or management. Lincoln is also one of the nation’s largest apartment developers, having developed more than 209,000 multifamily units and currently managing more than 165,000 multifamily units.

LPC’s Desert West Region, which includes Arizona, Nevada, Utah and New Mexico, is based in Phoenix and has been operating since 2001. In that time, the regional office has developed almost 6 million square feet, acquired more than 10 million square feet and manages approximately 7 million square feet of commercial space, including major, award-winning and LEED Certified developments and investments. In 2019, the company reached new benchmarks, completing two of the highest-priced metro Phoenix office and industrial transactions with the sale of the Waypoint office campus and the sale of Lincoln Logistics 40 to Nike, as well as launching the Union office campus in Mesa, new buildings at The Grand at Papago Park Center in Tempe and the Park303 industrial/e-commerce park in Glendale. It is consistently ranked among Phoenix’s top commercial real estate firms for both development and property management, including its latest recognition as the NAIOP Arizona 2018 Owner/Developer of the Year and recent designation as an Arizona Republic Top Companies to Work for in Arizona. To learn more about Lincoln Property Company, please visit www.lpc.com or www.lpcphx.com

Latest News

Stay up to date with our newsletter!

+ +