Lincoln Property Co. Enters Nevada Market, Buys Hughes Airport Center for $72M
LAS VEGAS — The Desert West Region of Lincoln Property Co. (LPC) has acquired its first-ever asset in Nevada. The company purchased Hughes Airport Center, a six-building industrial portfolio located in Las Vegas’ airport submarket. An undisclosed seller sold the asset for $72 million.
At the time of sale, the 425,752-square-foot industrial complex was 98 percent occupied. The property 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.
Located at 890 and 950 Pilot Road; 111, 1151 and 1181 Grier Drive; and 6700 Paradise Road, the portfolio offers unit sizes ranging from 4,352 square feet to 86,674 square feet, with the ability to support a variety of uses including distribution, warehouse, office and flex. The asset also features 3.5 acres of on-site parking with near-immediate access to McCarran International Airport and interstates 215 and 15.
Darla Longo and Barbara Emmons of CBRE’s National Partners team represented the seller. Kevin Higgins of CBRE will handle leasing for the property, while LPC, in partnership with its affiliate Lincoln Harris, will lead all property management services.
LPC’s Desert West Region includes Arizona, Nevada, Utah and New Mexico, and the company is focused on growing its footprint in the region.