SOURCE: Harsch Investment Properties

Harsch Investment Properties

November 21, 2016 14:40 ET

Harsch Investment Properties Acquires Two Las Vegas Business Parks Located Minutes from Airport and Strip

Portland, Ore.-based real estate firm is the largest Las Vegas property owner, with approximately nine million square feet acquired over the course of 23 years

LAS VEGAS, NV--(Marketwired - Nov 21, 2016) - Harsch Investment Properties, a Portland, Ore.-based privately held real estate investment, development and management company, continued its industrial property portfolio expansion in Las Vegas by acquiring two large local business parks, totaling nearly half a million square feet and located minutes from McCarran International Airport and the Las Vegas Strip. One of the two business parks, Patrick Commerce Center, is a premier multi-tenant light industrial project in the Airport market. Its other newly acquired property, formerly Big Foot Business Park, is even larger: a nearby seven-building mixed-use office and warehouse project, which will be renamed Sunset Airport Center.

"We have invested in the Las Vegas metropolitan area for almost 23 years," said Jordan Schnitzer, president and CEO of Harsch Investment Properties. "Las Vegas is on a very steady and solid recession comeback trajectory, and we are very pleased to continue to expand our holdings in the market, serving over 1,500 tenants in the greater Las Vegas community."

In addition to these acquisitions, Harsch will soon complete the latest phase, totaling 240,000 square feet at Henderson Commerce Center. Harsch will soon begin the next expansion in Henderson of 186,000 square feet of industrial flex buildings and will start development on two mid-bay, industrial distribution buildings in North Las Vegas totaling approximately 560,000 square feet. These properties are adjacent to Harsch's two million-square-foot Speedway Commerce Center.

Patrick Commerce Center encompasses 223,033 square feet of light industrial and distribution units, as well as market-level-finished office spaces in five buildings, fronting on Patrick Lane and McLeod Drive. Current tenants include Honeywell, American Reprographics, Creative Tech Group, Athena Cosmetics, TCS John Huxley, Zitro USA, H.I.S. International, ACCO, Ministerios Victoria Inc., Vital Communication, and numerous others.

Sunset Airport Center includes three two-story office buildings and four industrial buildings, comprising 273,301 total square feet. The center is occupied with a diverse set of local and national tenants, including Domino's Pizza, United Blood Services, Anthony & Sylvan Pools, Napa Valley Pottery & Floral and Sweetours charter coach and limousine. Space options range in size from 1,200 square feet to 8,000 square feet for offices, and up to 10,000 square feet for industrial tenants. The center's address is 6325-6375 S. Pecos Road, a highly trafficked, six-lane arterial at the intersection of Sunset Boulevard.

Both properties are minutes from the 215 Beltway, Interstate 1-5, U.S. Route 95, and the master planned community of Green Valley.

"These two business parks will provide additional opportunities to help us grow many more local and regional businesses within the McCarran Airport submarket," said John Ramous, Harsch senior vice president and regional manager of the Las Vegas office. "With a local portfolio of nine million square feet, we remain strongly committed to this city, its vibrant business community and its continued prosperity."

Colliers International served as the listing brokers for both properties. Rick Putnam and Bret Hardy from Southern California and Dan Doherty and Spencer Pinter from Las Vegas served as exclusive investment advisors for Patrick Commerce Center. Suzette LaGrange and Kara Walker, also from Las Vegas, represented Sunset Airport Center.

About Harsch Investment Properties
Harsch Investment Properties is a privately held real estate company that acquires, manages and develops properties for its own portfolio. Founded in 1950, the company owns and operates 24 million square feet of office, multi-tenant industrial, multi-family and retail properties in six western states. Headquartered in Portland, Ore., Harsch has regional offices in Las Vegas, Seattle, Portland, the San Francisco Bay Area, Sacramento, and San Diego. More information can be found by going to http://www.harsch.com.

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