Blackstone’s Link Logistics has completed the sale of a trio of warehouses in North Las Vegas for $175 million. The buyer, NorthPoint Development, acquired the Las Vegas Logistics Center, a substantial one-million-square-foot industrial portfolio.
According to industry sources, RGA Reinsurance Co. supported the acquisition by issuing a $112.5 million note. Colliers served as the broker for the transaction and also arranged the financing.
Located approximately five miles northeast of downtown Las Vegas, the logistics center spans 50 acres. The portfolio includes three industrial buildings: a 513,240-square-foot facility built in 2007, and two additional structures completed in 2003 and 2005, measuring 266,811 and 266,160 square feet, respectively.
At the time of the sale, the entire portfolio was fully leased, with a weighted average lease term of 3.4 years. Notably, Amazon is among the tenants and uses the site to operate its only returns-focused distribution center in the Las Vegas area.
