2023 was a banner year for RCG Group. In addition to our Annacis Island (Greater Vancouver) development coming to fruition, we triumphed in the expansion of our US portfolio with an acquisition in a new market for RCG, Las Vegas!
Vegas market shines bright
RCG’s continuing search for opportunities to grow its industrial portfolio with best-in-class warehouse/distribution properties meant business-friendly Vegas was appealing from the get-go. Gordon Walker, Sr. VP of Development & Acquisition, notes that Nevada enjoys tax benefits, California companies are relocating to Vegas at an exponential rate (28% of industrial lease deals in 2021 alone) and east-coast clients are continually seeking western US distribution opportunities.
“Vegas has driven record expansion in its industrial market over the last 10 years and RCG wants to participate in that”.
—Gordon Walker, SVP Development & Acquisitions
Enter stage left: Lincoln Commerce Center
A 2023 state-of-the-art-built industrial warehouse with 102,168 SF on 4.98 acres at 2970 Lincoln Road. Its strategic position in the heart of the Las Vegas’s 68.4 million SF industrial submarket is key. With 2.4 miles proximity to the Interstate 15, same day or 2-day truck access to 17+ major US metropolitan areas is ensured.
Abundant features include 32-foot ceiling height, 60’x52’ column spacing, skylights, ESFR sprinklers, LED warehouse lighting, dock & grade loading, copious 4,000 amp power and a 130-foot secured truck court.
100% lease to InProduction, Inc.
Our property is home to a national tenant and leading provider of temporary spectator and stadium seating, staging and structures for hospitality and entertainment events including the F1 Las Vegas Grand Prix. We look forward to our ongoing partnership with them.
Market growth & promising asset valuation
The Las Vegas Valley industrial market has grown from 100 million SF in 2015 to 165 million SF today! Lincoln Commerce Center contributes to the nearly 10 million SF of new construction in 2023 where new industrial projects averaged 79% pre-lease on construction completion. Similar to Greater Vancouver, Las Vegas experiences land supply constraints due to the ownership and control of surrounding lands by the US Government. Limited available in-fill sites support strong rental growth and asset valuations long-term.
RCG Group welcomes the potential to grow our Las Vegas portfolio.
